November 21, 2008

Monax gets encouraging iron results at Waddikee

Monax Mining surged by as much as 29% after the company said it has received high grade iron and manganese samples from its Waddikkee tenement in South Australia.

In late January, 2008 over 55 reconnaissance rock chip samples were taken over sporadically outcropping iron formation extending for over 80 km within the Waddikee tenement.

The samples have returned highly encouraging iron, manganese and vanadium results with maximum values of 60.1% of iron, 43.8% of manganese and 1.13% of vanadium oxide.

Monax said that "Monax is well placed to take advantage of the manganese and iron ore potential of the tenement with 100% ownership of the tenement.”

Monax also plans to fast track exploration to define a number of high grade potentially direct shipping goethitehematite ore bodies.