Micrex Development Corp. - Announcement
Edmonton, Alberta --
MICREX DEVELOPMENT CORP.
A mineral exploration and development company operating in
Canada and the United States
Section 12(g)(3) Exemption 82-4281
Micrex Development Corp. announces today that it has awarded a
contract for a High Resolution Aeromagnetic Survey of the Burmis
Magnetite Deposit in the Crowsnest Pass area to Spectra
Geoscience Corp of Calgary.
This survey is being carried out as part of a larger ore
delineation program. This program includes this aeromagnetic
survey and 3-D modeling of existing drill data.
Historical drilling concentrated on a few selected areas along
the six-mile strike length of the deposit as determined by
outcrop. Nevertheless, the Geologist in charge of that drilling
reported 17,380,000 tons proven and 27,840,000 tons indicated
with magnetite grades from 30% to 50% in the raw ore.
Micrex has chosen to aggressively pursue further expansion of the
resource because of the demands of a potential Direct Reduced
Iron market. While this DRI potential is impressive it does not
detract from the heavy media production that has been the focus
of Micrex's development to date.
The western Canadian market for iron is between 200,000 and
250,000 tonnes per year. Most of that iron comes from scrap
steel.
A Direct Reduced Iron (DRI) product made in western Canada would
be competitive with scrap in both price and quality. A steady
source of high quality DRI iron would reduce the dependence on
scrap from the US. Current estimates place the gross return at
$150 per tonne and the net at $50 per tonne.
The potential exists, therefore, to add another $10,000,000 to
$12,500,000 to the net annual return for the company from DRI and
also further income from secondary mineral production as a result
of DRI magnetite demands. Added to the $3,200,000 annual net from
heavy media production this DRI market offers a significant
potential for corporate growth.
It is essential that as a final mining plan is being prepared,
the best location for beginning the mining effort be determined.
The plan will prioritize mining areas using ore configuration,
access, and ore grade. As the mine is opened, step out drilling
will be used to guide the mining effort.
This High Resolution Aeromagnetic Survey will easily find the
highly magnetic magnetite layers that form the Burmis ore. The
high resolution will allow interpretation of the aeromagnetic
data to determine magnetic intensity, depth and orientation of
the magnetite layers that have not been drilled yet. This will
assist Micrex in its exploration effort and in its mine
development planning.
Further information may be obtained from Perry Meszaros or
S.E. Marshall at (780) 448-0922
E-mail to mixinfo@mixcorp.com Web Site www.mixcorp.com
MICREX DEVELOPMENT CORP.
Peace River Diamond Property - Burmis Magnetite Property - Fort
Steele Placer Property - Bighorn Gold Mine - Banks Gold Mine -
Mount Royal Gold Mine - Deadwood Gold Mine - Sunburst Gold
Property
THE INFORMATION CONTAINED IN THIS NEWS RELEASE HAS NEITHER BEEN
APPROVED OR DISAPPROVED BY THE CDNX STOCK EXCHANGE |
