I have invested in CXM ... This iron ore stock has gone under everyone's radar. If they were in the Pilbara people would be lapping them up. South Aussie iron ore is not well understood.
REASONS: *Hematite iron ore mining to commence at North Wilgarup in Sept (12Mt) .. 1st shipment early next year. No marketing risk - all Wilgerup products pre-sold at benchmark international prices .. at 2-3MT p/a
*The North Hematite Pod is open to the east and at depth to the north ... resources will increase *BFS near completion *Development underway *Port handling, wharf, bulk housing sorted out - Exclusive 100 year rights to export wharf facility at Proper Bay, Port Lincoln - Previously used by BHP
*South Hematite Pod plus several untested residual gravity targets in immediate Wilgerup area suggest a strong likelihood that hematite resources will increase with further drilling.
*Bungalow Deposit 150Mt of high quality magnatite (potential 380Mt): Chinese interested - Signed Heads of Agreement with Baotou Iron & Steel for Bungalow Magnatite BIF project. Baotou will make up to A$40 million in staged payments to cover the costs to complete a Bankable Feasibility Study. Two exploration geologists employed full-time to work solely on the Bungalow Project.
*Construction of local core farm facilities were constructed to allow for the processing of diamond core on site. Next phase of exploration at Bungalow underway. Deposit is on freehold land and not subject to Native Title
*Southern Eyre Peninsula tenements - 2.3 billion tonne total magnetite iron ore exploration targets identified here ... Centrex is considering approaches from other major companies regarding investment in some of these tenements.
*Centrex is set to develop a number of iron ore mines on Eyre Peninsula in the coming years
*Cash at bank ~A$16 million
All this for a piddly $78mil MC, & SP of around 60 cents
