EDMONTON, ALBERTA--(Marketwire - Feb. 15, 2011) - Micrex Development Corp. (News - Market indication)
The deposit on this property is primarily magnetite, but it also contains substantial amounts of other important minerals. Average concentrations are magnetite (50%), titanium oxide (15%) and apatite (10%). The apatite percentage increases to 45% in the non-magnetic fraction, which makes separation very simple. Tests done on the concentrated apatite yielded rare earths in concentrations totaling 2.6%. Also, recent tests conducted by the in-house lab of a large international mining conglomerate yielded vanadium concentrations of 0.4%.
It is important to note that the titanium oxide is discrete and not intergrowthed in the magnetite, which makes it significantly easier to separate. Recent core analyses confirm the magnetite / titanium ratio to be constant throughout the length of the cores, and the same continuity applies to the various other elements.
Micrex has also commissioned a NI 43-101 report to bring the project current to this standard. Micrex expects the NI 43-101 report to be completed by mid March.
In view of this, Micrex has hired McGill University in Montréal to test for the Bond Index of magnetite. They are currently running grinding tests to -325 mesh to determine the power consumption and time required to do this. This is essential to finalize the design of the plant to make heavy media for use in the water purification and metallurgical coal industries. Micrex intends to build this plant commencing early this year. In addition to the production of heavy media, concentrates of rare earths, titanium oxide, vanadium and apatite will also be produced.
The Micrex Magnetite projects will offer a secure, high quality source of supply to the wide range of industrial users desperate for magnetite produced locally.
What sets this property apart?
The St. Charles property is located 25 km west of the city of Saguenay, Québec (population 144,000), in a rural farming area. Important infrastructure and amenities already in place include:
- Paved road to within 1km of the property, all-weather gravel roads on the property itself.
- Electricity already supplied to existing residences on the property.
- High voltage line from the Shipshaw hydroelectric dam runs across the property.
- CN railway yard located 25 km east of the property in the City of Saguenay.
- Deep water port located only 60 km east of the property at Ports of Grande-Anse, with direct access to the St. Lawrence Seaway.
- Established contractors and experienced work force available in the local area.
This press release has been reviewed by M. Réjean Girard, geologist and head director of IOS Services Géoscientifiques Inc. and the Company's Qualified Person for this project under the meaning of NI 43-101.
MICREX DEVELOPMENT CORP.
Burmis Magnetite/Titanium Property • St. Charles de Bourget Magnetite/Titanium Property • Fort Steel Placer Property • Bighorn Gold Mine • Banks Gold Mine • Mount Royal Gold Mine • Deadwood Gold Mine • Sunburst Gold Property
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding its property and business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Micrex assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Micrex with the securities regulatory authorities, available at www.sedar.com.
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