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The Bungalow Stage 1 Scoping study currently underway is on schedule to be completed in June 2011. However, due to the encouraging results from the JV?s recent drilling program announced to ASX in November last year, and a desire to accelerate the project, Baotou has elected for an early payment of the Stage 2 PFS funds.
Following on from the recent drilling program, a revised Inferred Resource estimate is expected during March 2011.

1.3
Port Joint Venture
Centrex completed a heads of Agreement with Wugang Australian Resources Investments Pty Ltd (Wugang) in April 2010 for the formation of a Joint Venture to design and construct a deep water port northeast of Port Lincoln on land secured by Centrex in 2008. The companies continue to negotiate in good faith and it is expected that the port JV will be finalised in the first quarter of 2011.

2.2
Goulburn Skarn Project (magnetite & base metals ? NSW)
During the last quarter, Fugro Airborne Surveys Pty Ltd completed an airborne gravity and magnetics survey over the Company?s Goulburn project in the renowned Lachlan Fold Belt region of New South Wales. The interpretation and assessment of the results has been awarded to geophysical consultants ASIS International. The survey results are now scheduled to be completed in the March 2011 quarter.

3.0
DEVELOPMENT ACTIVITIES
Wilgerup Operation
The Wilgerup Mine and Rehabilitation Plan (MARP) was completed and receipted by PIRSA on 7th October 2009. The revised MARP was submitted to PIRSA in July last year, following detailed discussions to ensure all remaining issues were addressed. A further revision was completed and submitted to PIRSA during the quarter and final approval is expected during the March quarter of 2011.