From the quarterly ,MLX are serious about moving into phosphate...

From the quarterly ,MLX are serious about moving into phosphate in a big way .Drilling to commence at Agaton this quarter .Things are moving along here but is still under the radar .


Major Player in Phosphates:

The Metals X Group through its investments in Aragon and Agaton have built a
significant position in Phosphate and sees this sector as having substantial future and long-term growth. In the
past year phosphate prices have reacted strongly to supply-demand imbalance with phosphate rock prices
rising over 700% since January 2007 to above $350/t in early 2008.
Aragon recently announced it has entered into an agreement to acquire Territory Phosphate Pty Ltd
(Territory) for a consideration of 10 million fully paid ordinary shares and 10 million options over fully paid
ordinary shares (convertible at $0.25 on or before 30th September 2010) in Aragon Resources Ltd, subject
to shareholder approval. Territory s key assets are three granted exploration titles and one application which cover the Ammaroo and
Lady Judith Phosphate Prospects in the southern Georgina Basin and western Wiso Basin, in the Northern
Territory.Aragon considers both prospects have excellent potential for the discovery of significant phosphate deposits
as only two holes. At Ammaroo, encouraging phosphate mineralisation has been intersected in two holes
20km apart, with respective results of 45 metres @ 6.7% P2O5, including 12m @ 12.8% and then 4m @
9.16% P2O5 within the same rock unit. This initial encouraging mineralisation and the general lack of drilling
testing the prospective stratigraphy provides significant potential for a major phosphate discovery.



Agaton Phosphate Pty Ltd (75%)Agaton Phospate Pty Ltd owns a 90% interest in the Agaton Phosphate Sands Project, the vendors owning a
10% free carried interest to completion of a bankable feasibility study.The Agaton Phosphate Project ("Agaton") is located between the town of Moora and the Cooljaroo Mineral
Sands areas approximately 120km north of Perth. Unlike other major rock phosphate projects in Australia
like Phosphate Hill (Incitec Pivot) and Wonarah (Minemakers), Agaton is a phosphate sands project, with
phosphate occurring as nodules and precipitates within sedimentation phases within the Dandaragan
Trough. The phosphate mineralization is considered to have formed by precipitation during the mixing of cold
phosphate rich waters with warm continental shelf waters, as has occurred in the giant phosphate deposits
of Florida.Exploration titles were granted and land access agreements over key areas were established during the
quarter. Preliminary shallow seismic geophysics was completed during the quarter to outline the basement of
the trough and phosphate nodule trap structures. Reconnaissance drilling is planned to commence in the
ensuing quarter.