Please see FinnCap’s morning note with a 10.4p target price indicating a 550.0% upside to the current sp of 1.6p.
Ferrex has announced that initial field work at its Mebaga project in Gabon has confirmed the presence of high-grade DSO iron ore with values up to 67.9% iron (‘Fe’) reported by a Niton XRF Analyzer on rock samples collected from Mebaga.

In addition, the majority of the sample pits dug by BRGM in the 1960s have been found.

Historic grades from these pits included 27m at 58.4% iron, 18.5m grading 57.5% iron and 10.5m grading 61.4% iron.

An initial 3,000 metre drilling programme is being planned.
· Ferrex considers that the project hosts an exploration target of 20m tonnes grading 60% iron and a larger, lower grade target of 50m tonnes grading 47% iron. · The project benefits from excellent infrastructure in the context of West Africa.

It is located some 30 km from the nearest sealed road and is 100 km north of the Trans-Gabon railway.

The Trans-Gabon railway is a modern, heavy haul line constructed some 30 years ago to transport minerals to the coast for export. · The planned drilling campaign has the potential to add considerable value to Ferrex.

If the exploration target can be confirmed, this would have a value of a multiple of the present market capitalisation. For further information please visit the Company’s web site www.ferrexplc.com Kind Regards Felicity [Description: cid:image001.png@01CE0E7E.1FC69820]