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Entrepreneurial chrome hopeful Chromex Mining has more than doubled estimated resources at its Stellite mine in South Africa.

Headquartered at London’s Marble Arch, AIM-quoted Chromex says an independent valuation of the mine on the Western Limb of South Africa’s Bushveld Complex by RSG Global/Coffey mining consultants shows a 116 per cent increase in inferred resources to 31.9 million tonnes of chromite. The company says this new estimate comprises an underground resource of 25.2 million tonnes and a (cheaper to mine) opencast resource of 6.7 million tonnes and, according to chief executive officer Russell Lamming, increases the total potential tonnage under its control by 72 per cent to ‘around 40 million tonnes’.

Laming declares ‘the Stellite project continues to excite us. We will now upgrade the inferred resources through additional drilling and look at the feasibility of developing the underground resources’.

Floated two years ago at 20p under the chairmanship of Brian Moritz former resources luminary at accountant Grant Thornton, Chromex saw its shares slide to 14.25p in early 2007 after a £1.75 million placing at 25p, before hitting 46p last July. Now 34p, up 2.5p this morning, they value the company at £29 million.

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Chromex Mining	AIM	£16.15m	19.00p	-1.00p
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Other company articles:
Chromex lifts resource estimate			20/10/2008
Newcomer - Chromex Mining			07/09/2006