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Mindax non-executive chair increases stake

Mindax (ASX: MDX) non-executive chair Gilbert Charles George has increased his interest in the company.

George purchased 64,200 Mindax shares on January 11 and a further 20,000 shares on January 16 this year, increasing his holding in the company to 4.31 million shares.

The consideration for the shares purchased on January 11 was A$0.145, while on January 16 the shares were purchased for A$0.135.

The total consideration for the shares purchased was A$12,009.

George also holds 250,000 unlisted options, exercisable at A$0.60 and expiring on March 31, 2012, and 1.29 million listed options with an exercise price of A$0.30, expiring on April 30, 2012.

Recent metallurgical test work at Mindax’s Mt Forrest Iron Project in Western Australia indicated potential for a direct shipping ore project, returning grades of more than 63% iron.

The company also delivered a 20% upgrade to the Indicated and Inferred regolith iron Resource at Mt Forrest, place it at 14 million tonnes at 45.3% iron.

Mt Forrest has up to 10 kilometres of untested strike length with potential grades greater than 40% iron awaiting exploration.

Mindax is making solid progress on approvals, infrastructure planning and negotiations with infrastructure providers with the aim to mine DSO in 2013 and magnetite in 2015.