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Update to mineral resource estimate for Ardmore project complete

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World Fertilizer,

Centrex Metals Ltd has completed an update to the mineral resource estimate for its Ardmore Phosphate Rock Project in North West Queensland, Australia.

The update was prepared by RPM Advisory Services Ltd in accordance with the provisions of the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012). It was based on a 342 drill hole program, which was recently completed, as well 646 previous drill holes, and 17 water bores (1005 drill holes).

According to the statement, the estimate has defined total mineral resources of 16.2 million t at 27.8% P2O5 using a 16% cut-off. This is an increase in quantity from the previous estimate, partly because of a lower cut-off utilised based on the latest project information. The mineral resource is inclusive of 14.2 million t at 29.3% P2O5 using the 19% P2O5 cut-off applied in the previous estimate. A total of 14.4 million t of the updated mineral resource is classed as either indicated or measured.

Centrex claims that the new mineral resource estimate is now being utilised by the company’s mining consultants to develop finalised pit designs, schedules and the establishment of ore reserves to underpin the current feasibility study being undertaken for the project. The mining studies are expected to be completed over the next two months. The shallow Ardmore deposit has been shown from recent excavator and dozer trials by Centrex to be able to be mined via strip mining without any need for blasting.

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