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MDX - Mindax Limited

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whoops, have'nt been watching - what's up with MDX? Up 23%. Must have missed something....not complaining mind you



....well, I would have to go and open my mouth - back down to .14 now
 
I have MDX Options like a lot of others, but I am not sure what I do with them. Could someone give me a quick dummies overview of what they are and what needs to be done before they expire.
 
Not much presently.. however they will need to be converted by June 30th, or expire worthless. Closer to that date you will have to contact the registrar to receive a conversion form, and send them a cheque for 20c x amount to convert. Unless the regular shares are trading above 20c, there probably is not much point financially to convert them however.

In the quarterly, they said that drilling will commence in March.. which is what I've been waiting to hear.

This gives about 3 months for some results to come to market, and there are a few other things they are working on that should be known by then.

Essentially MDX will want as many people as possible to convert the 38M options by expiry so they gather close to $7.6m. To do this they require MDX above 20c by June 30th, so they'll be trying to get as much good news to market as possible. It may be difficult in the current climate, but several million tonnes of iron ore should just justify a lot more than 20c - personally I am confident of this, and always have been, and this is very much under the radar of most.

Red Rock is still soaking up excess shares people are dumping. Seems silly really, has MDX really does have some quite good prospects and obviously Red Rock Resources identifies this (now holding 8.65%) even if the market seems tame. They have already identified chip samples up to 63% Fe..

If we look at their report, they report 5 main areas they will be drilling

FE1: 2600m, width: 40-70m
FE2: 1250m, width: 40-70m
FE3: 1600m, width: up to 100m
FE4: 600m, width: 45-60m
FE5: 1500m, width: up to 100m (undercover)

Assuming on depth and enrichment, there may be an initial estimate anywhere from 10mt-80mt. This would value the company several times $8M. Presently, they have $2.8m cash.
 


Hey Gfresh,

I've been thinking the exact same as you, firstly in regards to drilling, I'd expect the company to go all out to get some results by the 30th of June = the option expiry

Secondly, Red Rock certainly do think MDX are tasty at 11c which to me is interesting
 
Taken from UK ADVFN Bulletin Board.

You have to remember that RRR are in the business of doing deals and Iron Ore Producers Cleveland Cliffs and Portman are next door.

From my understanding RRR strategy here is to create value through making consolidation more achievable so taking a stake in Mindax – a company with no controlling shareholders - is part of that process. (RRR,JMS,IRM,MDX)

Aside from the high grades, the market value of each tenement in the area is currently capped by the maximum size of its resource and access issues when it comes to exploitation.

Individually they are not of great interesting to a larger player as its all too fragmented. (This wont bother the geologist-run companies as they would be happy to carry on kicking rocks and getting paid for doing so – but it will bother their shareholders). So collectively there could be a far more significant value in the tenements.

I believe that MINDAX have proved difficult to deal with in this respect. (Jupiter have had access problems with Mt Hope for example)

http://www.jupitermines.com/projects/iron_ore/central_yilgarn/mt_hope.phtml


The MINDAX stake will help make cooperation between various tenements more effective.
With Iron Ore now hot on the agenda, this could get interesting…
 
These are the tenements in the area - RRR are into doing deals rather than pure exploration - no doubt they see value in bringing some of these tenements together.
 

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Hey mate thanks for the image and thanks mods for making it work

There certainly are some interesting neighbours,

I wonder what Red Roch have found on their grounds that make them like MDX so much?????

Perhaps they have found something that is close to their southern border that may appear to cross inot MDX's ground????

Who knows, maybe they just like the name Mindax :
 
Has Red Rock been buying into any other of their tenament neighbours? Maybe it's a percentage thing, Red Rock probably paid more for their lot than it is costing to get a share of Mindax's dirt.

The obvious thing is Red Rock certainly sees some value in Mindax (or at least their dirt), and it wouldn't make sense that they would throw $$$'s on the table if they didn't understand the value - and being such a close neighbour, they obviously would.
 

I hold shares in Red Rock- they also have controlling interest in RSL - uranium explorer headed by Ian Scott. RRR is an interesting company, they are more of a mining finance house than a pure explorer and have been doling deals in UK, Zambia & Aus.

Big Chinese connection though RGM - (Aim listed Regency Mines own 45% of Red Rock - same directors).

Important points to note:
It all about the Haematite (see IRM results)
1/MDX have no controlling shareholders
2/ MDX have mining leases
3/ Portman (80% owned by Cleveland Cliffs sold in 2005 for US00m ) have 3 tenements with flatter ground - magnetics no as pronounced as RRR/MDX either.

4/ Red Rock also have a deal with Jupiter Mines (Mt Ida & Mount Hope)

I have a feeling that Red Rock want to act as a mini consolidator to get everyone on the same page in order to enhance the value the combined tenements.

I also think Portman may have their interest peaked if access can be made easier for them.

I wouldnt have thought that RIO & BHP activity and focus on Iron Ore would do any harm to the climate either.

cheers

MG

PS, should read Cleveland Cliffs bought portman for US$500m!
 
This was posted on a UK Bulletin Board - regarding Red Rock...


"There’s some interesting stuff going on with Red Rock in the Yilgarn. They are building a stake in Mindax and its just emerged that Callum Baxter & Paul Askins (directors of GGP - RRR chairman is also chairman of GGP) own abutting AXS listed IRM tenement in Yilgarn and are also major shareholders.

It looks like Red Rock are lining up the whole area as a multi million ton Iron Ore resource "parcel" for consolidation.

who would be interested??

Mt Alfred and abutting tenements are very prospective for haematite (highest possible grade Iron Ore) and the RRR move on Mindax, plus cosy arrangements with IRM, Jupiter Mines are also on side.....this would be a true Multi million ton world class resource.

Portman also own 3 abutting tenements and are 80% owned by US giant Cleveland Cliffs (Cleveland paid US$500m 2 years ago).

Portman currently direct ship 8m tons of iron ore p/y to China. It is no secret that their resources are starting to run dangerously low.

The point I am making is that at some time soon there will be an aggressive drive for resources - maybe Portman, maybe someone else, but its about being in the right place at the right time…..

If the share price goes on a run for no apparent reason – it will be because the Aussies have woken up to what’s happening here."
 
News Just in

EXPLORATION UPDATE
Mt Forrest Iron, Bulga Downs
The Company has completed a project summary paper in relation
to its Mt Forrest iron project (MDX 100%) at Bulga Downs in
Western Australia. That paper follows.
The key points that are made in the summary paper include the
following:
· It is estimated that there may be some 650-750 million
tonnes of iron stone on the Company’s property (to 75
meters depth).
· Five targets for direct shipping hematite ore have been
identified at Mt Forrest in the Bulga Downs Project and
drilling is planned for March with a view to delineating a
resource.
· Within the five target areas there may be 90 to 100
million tonnes of material. Based on the surface rock
chip sampling within these, a grade in the range of 57% to
63% Fe may be achievable.*
· Preliminary surface sampling has returned significant high
grade hematite.
· Phosphorous contents are very low averaging 0.04%
throughout the iron formation system. **
· Exploration priority is to be given to direct shipping
hematite ore with investigation of the significant
potential for magnetite ore to be undertaken at some
time in the future.
* There has not yet been any drilling of these targets and accordingly there has been
insufficient exploration to define a Mineral Resource. The target quantity and quality is
conceptual in nature. Being conceptual in nature it is not certain that further exploration
will result in the determination of a Mineral Resource.
**Phosphorus levels below 0.07% are generally required for premium grade steel
production and for blending with “high-phos” ores. They can attract a significant
premium.
 
OMG!!!!!!!!!!

MDX have just announced their target for Mount Forrest

650Mt's - 750Mt's @57%Fe - 63% Fe

With an intial DSO target of 90Mt-100Mt @ 57%Fe- 63%Fe by June July
 
Awesome announcement. What a nice way to end the week. I look forward to Monday and I look forward to March. There was a reason RRR were accumulating. I remember when the MD walked the tenement and liked what he saw....
 
Another 'target'.

Lets see if it does as well as FDL on similar news. Overall market sentiment has changed though...
 
prawn_86 said:
Another 'target'.

Lets see if it does as well as FDL on similar news. Overall market sentiment has changed though...
Click to expand...

yeah except the target is twice the size ie 750Mt's and the company is sooo much smaller ie 85m shares @ 15c = $13m Mkt Cap

If this were FDL it would be $1.50 not 15c as that would equal $130m which is about FDL's current Mkt cap
 
I like the depth on close - almost no sellers - a ton (tonne) of buyers though. Up 32% just puts me in profit. Happy about that
 
MDX have just announced their target for Mount Forrest

650Mt's - 750Mt's @57%Fe - 63% Fe

With an intial DSO target of 90Mt-100Mt @ 57%Fe- 63%Fe by June July
 

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