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Mindax Receives Encouraging Results For Mukinbudin Uranium Project In Western Australia

Mindax Limited (ASX: MDX) has received encouraging assay results from scout aircore drilling for its Mukinbudin Uranium Project in Western Australia.

The best results include: 4 metres at 233 parts per million (ppm) uranium; 4 metres at 109ppm uranium; and 104ppm uranium.

Dr Steve Ward, Mindax's managing director said: "The drilling results from the Mukinbudin area are certainly very encouraging with an impressive 51% of the drill holes intersecting anomalous uranium in the target palaeochannel.

"Building on the previous drilling successes, the spread of the elevated uranium in the recent drilling reinforces the significance and prospectivity of the Mukinbudin area and its potential to become a uranium province."

The Mukinbudin Project is located approximately 300 kilometres east of Perth and makes up the northern portion of the Yilgarn-Avon Joint Venture group of tenements with Quasar Resources Limited (an affiliate of Heathgate Resources).

The scout aircore drilling program for 2013 comprised 87 holes for a total of 7,603 metres to test unexplored regions of the target palaeochannel system.

Five new anomalies have been discovered including two locations returning results greater than 100ppm uranium from the 4 metre composite assays.

The scout drilling focussed on unexplored areas of the Yilgarn-Avon paleochannel system including neighbouring extensions.

The company has identified an Inferred Mineral Resource of 3.2 million pounds U3O8.

In April 2013, Mr Yonggang Li was appointed to the Board as a non executive director with Mr Chenfei Zhuang as an alternate. Mr Li is a Chinese businessman with significant exposure to iron ore and the Chinese market.

At the end of the March 2013 quarter, the company had around $4.6 million in cash.

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