Ferrex Increases Interest in Leinster Manganese Project by 25 Percent

Ferrex plc (LSE:FRX) announced that it has increased its interest in the South African Leinster Manganese Project from 49 percent to 74 percent after receiving approval to take control of Umbono Minerals Holdings.

Dave Reeves, Managing Director at Ferrex, stated:

The granting of the Section 11 approval that allows Ferrex to move to a 74% ownership is a timely consent considering the recent grant of the final prospecting licence in the Leinster Project over the Tweed farm earlier this year. Exploration drilling to twin historic drill holes is due to commence Q2 2012 to define a maiden resource by Q3 2012, and in turn assess the economic potential of the project now that we have a majority interest in it.

Click here to read the full Ferrex plc (LSE:FRX) press release.