BUNGALOW JOINT VENTURE (BAOTOU)

EL3610 - "Bungalow/Minbrie"

The Bungalow magnetite project is located approximately 9kms NNW of Cowell on the Eyre Peninsula. Since commencing a Scoping study for the project in February 2008, a number of milestones have been met in order to aid in the establishment of key physical, environmental and economic factors to assess the viability of the project including:

• 5,196m of diamond drilling completed in December 2008.
• Golder Associates completed an Environmental Scoping Study for the project. No major environmental concerns were identified.
• Metallurgical and plant design scoping studies were awarded to GRD Minproc, an engineering consulting group with proven magnetite project experience.

IMPORTANT DATES

• 19/07/2006 Baotou Participates in Centrex IPO, contributing $4.38M to share capital
• 30/05/2007 MoU Signed for Bungalow Deposit
• 25/09/2007 Heads of Agreement signed for Joint Venture
• 27/08/2008 Centrex Commences 5,000m Drilling Program at Bungalow Deposit
• 27/08/2009 Detailed transaction documents signed
• 27/08/2009 Centrex & Baotou sign Ore Sales Agreement for Wilgerup Project (this project is a wholly owned Centrex project)
• 14/09/2009 FIRB Submission Lodged
• 19/11/2009 FIRB Approval Granted
• 07/01/2010 Permission for Agreements Granted by Mining Registrar
• 18/06/2010 Stage 1 Payment ($8M) Made to JV Bank Account
• August 2010 Drilling Program Commences

PROJECT TEAM

Alastair Watts BSc (Geol)	Exploration Manager	Centrex
Anthony Hayball BSc (Geol) Hons	Senior Exploration Geologist	Centrex
Fraser Farrell BSc (Geol) Hons	Exploration Geologist	Centrex