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Centrex Metals director invests in more shares through on market purchase

Published: 06:39 02 Jul 2012 BST

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Centrex Metals (ASX: CXM) non-executive director Jim Hazel has increased his shareholding in the company by 50,000 shares.

He acquired the shares on-market for a total consideration of A$10,000, providing an average entry price of around $0.20. Hazel now holds 250,000 shares in Centrex Metals.

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.


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