Magnetic Resources appoints Eric Lim as non-executive director

Magnetic Resources (ASX: MAU) has appointed Singapore‐based private investor Eric JH Lim as an additional non‐executive director.

Lim currently holds 3,350,000 fully paid ordinary shares via a holding company on his own account and represents a group of Singapore‐based investors who hold a significant stake in the company.

An experienced senior executive officer, Lim presently holds the position of head of wholesale banking finance, Southeast Asia, at Standard Chartered Bank.

On August 18 Magnetic Resources announced that it will conduct crushing and screening test work to assess the potential of direct shipping ore (DSO) from the Wubin project, which is located north-east of Perth.

The test work is a follow-up to some recent high grade rock chips, with a third of the 278 samples reported greater than 40% iron.

Once the test work has been completed, Magnetic will then conduct ground gravity surveys targeting zones of reduced magnetic response on interpreted banded iron formation horizons.

Wubin currently has an exploration target of 500 to 1,000 million tonnes BIF and 50 to 100 million tonnes DSO.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18930/magnetic-resources-appoints-eric-lim-as-non-executive-director-18930.html