(Co. Reg. No. 196800586R)
(Incorporated in the Republic of Singapore)
ANNOUNCEMENT BY MINDAX LIMITED
The Board of Directors of Lion Asiapac Limited (the "Company") wishes to announce that, Mindax Limited ("Mindax"), which is currently 12.45% held by LAP Exploration Pte Ltd, a wholly-owned subsidiary of the Company, had on 1 May 2014 released an announcement to the Australian Securities Exchange ("ASX Announcement").
The ASX Announcement pertains to a restructuring program undertaken by Mindax to streamline activities and minimize costs whilst preserving key projects, in response to a period of very challenging economic conditions and uncertainty for junior explorers and project developers such as Mindax. It is envisaged that the restructuring program will be completed by the end of May 2014.
Further details are found in the ASX Announcement, a copy of which can be found in the
Appendix to this Announcement.
BY ORDER OF THE BOARD LION ASIAPAC LIMITED
Tan Yen Hui
Company Secretary
Singapore, 2 May 2014
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M MINDAX LIMITEDAppendix
ASX ANNOUNCEMENT
1 May 2014
ASX Code: MDX ABN: 28106 866 442
Corporate Description
Mindax's Mt Forrest lron Project is progressing through feasibility with a view lo mining in 2015.
Mindax is also the greenfields discoverer of a new uranium province near Mukinbudin, Western Australia.
Mindax also has exploration projects based in Western
Australia which involve Gold and Copper.
Through technically advanced exploration and an eye for detail, Mindax has successfully built a significant portfolio of 20 minerai exploration and mining tenements covering over 1,280 square kilometres. In addition, Mindax has tenure in piace for water and infrastructure covering over 2,400 square kilometres in support of the Mt Forrest lron Project development.
Mindax aims lo develop strategie resources through innovative exploration. Projects will be moved lo production including via strategie partnerships.
Key Projects
Mt Forrest lron
Yilgarn-Avon JV Sedimentary Uranium Mortlock JV Copper-Gold Meekatharra JV Gold
Principal Address and Registered Office
Level 2,25 Richardson Street
West Perth WA 6005
Telephone: +61 8 9485 2600
Facsimile: +61 8 9485 2500
Emai l: info@mindax.com.au
lnvestor Enquiries
SteveWard
Managing Director and Chief Executive Officer
Telephone: +61 8 9485 2600
Emai l: info@mindax.com.au
Media Enquiries
David Utting
Mobile: +61 416187 462
Emai l: david@davidutting.com
MINDAX LIMITED l www.mni dax.com.au
REORGANISATION OF COMPANY ACTIVITIES
Mindax Ltd (Mindax or the Company) wishes lo advise of plans lo reorganise Company activities. These changes are designed lo streamline activities and minimise costs whilst preserving key projects in response to a period of very challenging economie conditions and uncertainty for junior explorers and project developers such as Mindax. The reorganization will include reducing the size of the Board from six to four, and it is envisaged that the restructuring program will be completed by the end of May 201 4.
Mr Gilbert George has advised that alter almost ten years as Founding Chairman. he will retire eff ective May 31, and the Board has agreed to appoint current director Mr Benjamin Chow AO as Chairman effective from l June.
Managing Director and CEO Dr Steve Word has agreed to step down and leave the company with effect from 31
May 201 4. Other existing directors will continue as Board members. Most Perth based staff including Mr. Chris Pougnault current CFO and Company Secretary willleave the Company. Mr John Vinar's current role as Generai Manager Exploration will cease. Mr Vinar has agreed to act as a consultant to Mindax and provide certain technical and project services as required. He will be Mindax's technical and project representative in Western Australia and report to the Mindax Board.
Details of a replacement Company Secretary will be announced before 31 May 2014.
The planned changes have the full support of Mindax 's largest shareholders.
Discussions with Perpetuai Mining Holding Limited (PMHL) regarding the Mt Forrest iron project will continue once PMHL has completed a review of the project which it has undertaken in Aprii.
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ASX Announcement
Reorganlsatlon of Company actlvlties
1 May 2014
lnterest from third parties for the Copper and Uranium projects is aIso being sought.
M M I NDAX LIMITED
Chairman Mr Gilbert George commented "l would like to pay tribute to Steve Word and other staff members who are leaving the Company and thank them for their substantial contributions. We wish them well in their future endeavours. We hope ali our shareholders understand the necessity of these actions and continue to support the Company".
End of Announcement
For further information contact: Steve Word, Managing Director Mindax Limited
Telephone:+61 8 9485 2600
Media:
David Utting
David Utting Corporal e
Telephone: +61 416 187 462
MINDAX LIMITED l www.mindax.com. a u
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