Micrex announces today an update on its Quebec Magnetite Property at St. Charles.
EDMONTON, ALBERTA, Jul 29, 2008 (Marketwire via COMTEX News Network) --
Micrex (TSX VENTURE:MIX) is pleased to announce that it has finalized a production finance facility and it will put its St. Charles magnetite deposit into production, with Micrex acting as the operator. This is an important step in the execution of the Company's plan to become a significant long term supplier of industrial-use magnetite in North America.
With all the necessary equipment and permitting in place, Micrex expects production to begin this fall. Local contract mining and hauling companies have provided assurances that all facets of the planned mining and crushing can be handled by local businesses and expertise sourced from within 20 miles of the mine. Micrex has finalized production and transportation contracts with the local mining contractors. The access roads are all weather and can handle B-train trucks year round. There is ample electrical power and water in the area to support the mine.
Micrex plans to produce raw crushed ore with crush sizes as specified by each customer but typically 1 inch minus. Delivery will be via a deep-water port at the St-Lawrence River, or by train from the railhead at Chicoutimi approximately 28 km from the mine site.
Customers from both eastern Canada and the eastern United States have approached Micrex to fill a growing gap in the market supply of magnetite as North American sources dry up and they are forced to access magnetite from as far away as South America.
With this significant development, Micrex has officially cancelled its previously announced contract with SMC due to failure of SMC to meet its milestone obligations as set out in the terms of the agreement.
Once into production, Micrex will generate the necessary revenue to be self-sufficient and also allow Micrex to develop and increase values on its other properties. This project marks the beginning of the transition by Micrex from an exploration and development company to a secure and reliable supplier of minerals to the marketplace.
Read more at https://mixcorp.com/stcharles.htm.
MICREX DEVELOPMENT CORP.
Peace River Diamond Property - 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.
A mineral exploration and development company operating in Canada and the United States.
SEC 12 g (3) Exemption 82-4281
SOURCE: Micrex Development Corp.
Micrex Development Corp. Perry Meszaros (780) 448-0922 Micrex Development Corp. S.E. Marshall (780) 448-0922 Email: mixinfo-1@mixcorp.com Website: www.mixcorp.com