Centrex Metals (ASX: CXM) has advised that Zhao Haiming has being appointed as an alternate director to Yin Xiaopeng on 27 August.
He replaces Qi Chaoying, who was the former alternate director. Both Zhao and Qi are directors of Wugang Australian Resources Investment, which owns 40,399,599 shares, or about 12.88% equity, in Centrex.
Centrex and its joint venture partner Wuhan Iron and Steel Group have defined an Inferred and Indicated JORC Resource of 499 million tonnes for its Fusion magnetite iron project and started a A$45 million Definitive Feasibility Study that is scheduled to be completed early in 2013.
It also expects a Pre-Feasibility Study for the Bungalow Magnetite Project, which has an Measured, Inferred and Indicated JORC Resource of 338 million tonnes to be completed late in 2012.
This is being carried out under a joint venture with Baotou Iron and Steel Group.
Centrex retains a strong cash position with A$63.6 million in cash as of 30 June 2012. This is not required for current project development as all current studies are fully funded.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.