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Lithex Resources' shareholders support acquisition of graphite projects  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 17/12/2012

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Lithex has shareholder backing to complete the acquisition of 11 graphite tenements in Australia, including the Munglinup Project, where a 3km long EM anomaly has been found. Enhancing the prospectivity of Lithex’s ground, the 1.47Mt at 18.2% fixed carbon Halbert’s Main Graphite Deposit is located just 2km north of the Munglinup Central tenement.
(MENAFN - ProactiveInvestors - Australia) Lithex Resources (ASX: LTX) has received strong shareholder support for the acquisition of several Australian graphite tenements, including the Munglinup Graphite Project, which is located close to the 1.47 million tonne at 18.2% fixed carbon Halbert's Main Graphite Deposit in Western Australia.

Shareholders attending last Friday's AGM unanimously voted in favour of the acquisition, and over 98% of proxies submitted also supported the acquisition.

Lithex entered into a Heads of Agreement in early October to acquire 11 graphite tenements in Australia, via the acquisition of Far North Minerals, which owns the rights to 100% of the tenements.

The Halbert's Main Graphite Deposit, which is not owned by Lithex, is located about 2 kilometres north of the company's Munglinup Central tenement, which exhibits a 3 kilometre strike length of electromagnetic anomaly.

Lithex has identified several strong conductors interpreted to represent graphite rich horizons at the Munglinup Project from previous electromagnetic geophysical data.

Importantly, this data will assist the company in the design of the maiden drilling program for the project, which is targeted for the March quarter of 2013.

Initial rock chip sampling of graphitic schist has previously returned between 8.6% and 23.1% total graphitic carbon from four samples.

Given the highly prospective nature of the project, Lithex has applied for an additional exploration licence in the Munglinup area.


2013 exploration plan

Lithex will have a busy start to 2013 with plans to drill the electromagnetic targets at the Munglinup Project in the March quarter, as well as conduct additional ground activities at its East Pilbara rare metals projects in the March and June quarters of 2013.

The company will also undertake further ground reconnaissance and a potential electromagnetic geophysical survey at its Eyre Point Graphite Project.


Capital raising

Lithex recently completed a A1.69 million capital raising at a premium.

Funds from the capital raising will be used towards the advancement of the graphite projects, which were added to Lithex's portfolio through the acquisition of Far North Minerals.

Three tenements make up the Munglinup Project in Western Australia, one comprises the Eyre Point Project in South Australia, five cover various historical showings located in New South Wales, one covers the Furniss East Project in Western Australia, and one covers the Emu Plain Project located in Queensland.

The money raised will also fund Lithex's ongoing exploration requirements on its current projects and additional working capital.

 






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