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Centrex Metals Chairman Acquires More Shares On Market

Centrex Metals (ASX: CXM) chairman David Klingberg has increased his stake in the company to around 1.35 million shares after acquiring 100,000 shares on market.

He acquired the shares for a total of A$16,979, providing an average entry price of around A$0.17.

Most recently, Centrex has delivered a maiden Indicated Resource for the Fusion magnetite iron project, which includes 54.5 million tonnes for the Koppio deposit which hosts an overall inventory of 176.3 million tonnes.

Importantly for investors, additional resource upgrades are expected in the second half of 2012 from Fusion's other deposits, with the results forming part of the current and well advanced A$45 million Definitive Feasibility Study - due for completion in early 2013.

In total, Fusion has a Resource of 499 million tonnes, and highlighting the likelihood of upgrades in the near term - the Eyre Peninsula Joint Venture currently has an ongoing 108,000 metre diamond core drilling campaign targeting Ore Reserves for the life of mine, while also looking to define further resource potential.

Centrex's partner, Wuhan Iron & Steel Co. (WISCO), one of China's top five steelmakers, paid $78 million directly to the company for 60% of the iron ore rights to five exploration licences on the Southern Eyre Peninsula. Centrex retains a 40% interest in the joint venture.

Centrex had also delivered in May, an increased 338 million tonne Resource at its Bungalow Magnetite Project near Cowell on South Australia's Eyre Peninsula following a successful drilling campaign.

Importantly, this paves the way for the delivery of an Ore Reserve ahead of the completion of the Bungalow Pre-Feasibility Study in late 2012.

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