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Indicated and Inferred Mineral Resource Update – Mt Forrest Iron

Tuesday, October 12th, 2010

Mindax Limited is pleased to announce that its Mt Forrest Project is a significant iron location in the emerging Yilgarn Iron Province.
The Mt Forrest Project (held by YilgIron Pty Ltd, a wholly owned subsidiary of Mindax) lies 150 km north-west of Menzies, which is on the railway line to the deepwater iron ore port of Esperance. The project covers seven Mining Leases over 50 km2 including 20 km of strike.
Highlights
• 260% increase in Potentially Beneficiable Magnetite (PBM) further marks out Mt Forrest as a significant location in the emerging Yilgarn Iron Province
• The updated PBM Mineral Resource (JORC Inferred Category), now stands at 1.01 billion tonnes (@ 31.4% Fe) up from maiden 387 million tonnes in March
• The Updated Direct Shipping Hematite-Goethite (DSO) Mineral Resource aggregates 4.5 million tonnes @ 54.3% Fe, and includes:
o 2.66Mt @ 54.2% Fe (Indicated Category), and
o 1.91Mt @ 54.3% Fe (Inferred Category).
• Drill program of 14,500 m is to commence late in October directed to increasing the size and resource status of the PBM material
• Forward planning for transport corridor underway
• Mindax joins Yilgarn Iron Producers’ Association Incorporated (YIPA Inc) to press for co-operation in infrastructure construction
(Ref 1882)

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