News Chromex Mining plc ("Chromex") announced today that it has made the strategic decision to move away from the contractor based model for the processing of its chrome ore and is developing its own in-house skills. In line with this strategy as of 1st Jun10, Chromex will be taking full operational control of the Stellite opencast chrome mine processing plant and in order to execute this strategy the Company has appointed two key operations personnel, Jean du Plessis and Anson Gilbert.
Jean du Plessis is a mining engineer with over 15 years experience in the chrome industry and is currently General Manager of Mining at Hernic Ferrochrome (Hernic), the fourth largest producer of ferrochrome in the world.

Mr du Plessis is currently responsible for all mining and chrome processing operations at Hernic and previous to this, was responsible for the development of eight chrome mines on the Bushveld complex.

In his role at Chromex, he will be responsible for the Stellite mine and will be intimately involved in the development and operation of the Companys future projects.
Anson Gilbert is a metallurgist with in excess of 8 years experience in the chrome industry designing, commissioning and optimising gravity separation circuits.

Mr Gilbert will have overall responsibility for the metallurgical requirements of the Company.

He is currently overseeing the spiral modifications, and will be building and commissioning the Dense Media Separation (DMS) circuit at the Stellite mine.


The Company has granted a total of 1.3m options at a strike price of 25 pence (ex-date July12) to Jean du Plessis and Anson Gilbert.
Implications The shift from a contractor based model to in-house business model comes as Chromex looks to expand its operations at Stellite and is building/assembling its portfolio of chrome production assets across southern Africa following the recent acquisition of Waylox Mining Limited ("Waylox") and the agreement late last year to acquire 49% of Falvect Mining Ltd ("Falvect").

To this end we are extremely encouraged by the calibre of these recent recruits to Chromex and believe they will be a key component of Chromexs aim to grow and convert existing projects into profits in the next 12 months.


2009 was a difficult period for Chromex as the operation largely just washed its face.

We expect news flow in the next six months to be extremely positive for Chromex, as the Company begins to capitalise on the improving Chrome price, expand operations and begins promoting the Company again.
Key Events / Newsflow Chromex has initiated a feasibility study on Wayloxs Trixie claims which is expected to be completed in 3Q10 and work to increase the resource is ongoing.

The Company remains comfortably funded for its ongoing activities in both South Africa and Zimbabwe.
In South Africa, Chomex restarted mining operations at its Stellite mine in South Africa in Jan10 after achieving full plant design capacity at the beneficiation plant in Nov09.

The plant can now produce a range of products including chemical grade and metallurgical grade sands, but the initial primary beneficiated product will be a 44% Cr2O3 concentrate which is expected to command a premium price in the market and provide the Company significantly more leverage to an improvement in market demand and pricing.

A market update is expected shortly.
Chromex is currently finalising the design and costing of Phase 2 of the current beneficiation plant which is planned to include a Dense Media circuit ("DMS") with the ability to double current beneficiation capacity.

Importantly, in addition to the capacity increase, Chromex will be in a position to market a sized lumpy chrome product in addition to the chemical and metallurgical grade concentrates that it currently produces.
Key catalysts for Chromex: * Revised Resource Statement and initial test work results at the Trixie claims (Zimbabwe); * Results from the Feasibility Study on the Trixie claims in 3Q10; * Results from the technical review of the combined mineralisation at Shurugwi and Ngezi (Zimbabwe); * Testwork results from the Stellite chrome tailings for PGEs and scoping study results (South Africa); * Increased value-add from beneficiation of internal and 3rd party ore at Stellite; and * The DMS plant is expected to be commissioned at Stellite in 3Q10.
Sam Spring, CFA, CA Mining Analyst Ocean Equities Ltd Authorised and Regulated by the Financial Services Authority Member of the London Stock Exchange
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