Micrex Development Nearing Finance Deal for Plant at St Charles Magnetite Property
Micrex Development Corp. (MIX.V) is up a penny to 18.5 cents a share this afternoon after saying it has reached an agreement in principal with a large, international company to finance construction of a plant at its St. Charles magnetite property in Quebec, adding it expects to finalize a deal shortly.
The plant is expected to produce a heavy media product of 320 mesh which can be readily used in coal production, iron sulphate production and for water purification plants.
The company has issued tenders for drilling about 8000 feet at St. Charles, allowing for a resource calculation of the property. Previous drilling hit magnetite in every hole and established a deposit approximately one mile wide and about 1,200 feet wide. The total depth of the deposit is largely unknown although some holes did not bottom out at 125 feet.
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