27.05.14 - 10:54 Uhr
  Good morning - please find comment from Daniel Stewart and house broker finnCap below and attached.

This follows Ferrexs update regarding the identification of DSO grades from two new areas of mineralisation at its Gabonese Mebaga Iron Ore Project. finnCap has a 10.4p price target and is up 7.42% to 1.77p on the back of the news, which highlights the expansive potential of the mineralisation in the tenure. This represents 487% upside on the current share price.

Ferrex* - Rock samples return DSO iron grades at Mebaga Iron Ore Project in Gabon (1.6p)
FRX - CORP - TP: 10.4p. - Market Cap: 14.9m

Ferrex reports that samples taken from the two new areas of mineralisation identified at the start of the year to the east and west of the currently defined mineralisation at Mebaga, Gabon have returned assays of up to 63.6% Fe. The Company will now start a drill program in 3Q14 with an Exploration Target of 630 - 1,050Mt @ 25 - 65% Fe, including 90 to 150Mt @ 35 - 65% Fe (oxide). In addition Ferrex recently received approval from the Gabon Ministry of Economy for the proposed Anglo American and Kumba transaction, which the Company believes is entering the final stages of due diligence. We retain our 10.4p target price. Mark Heyhoe 020 7220 0548


Elisabeth Cowell
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