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.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24229/mindax-non-executive-chair-increases-stake-24229.html