VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/22/12 — Kazax Minerals Inc. (TSX VENTURE: KZX) („Kazax“ or the „Company“) is pleased to announce that it has been advised by the Project Manager; Stonehouse Construction Ltd („Stonehouse“), of the following progress at the Lomonosovskoye Iron Ore project in Kazakhstan (the Deposit). Stonehouse has advised that key engineering contracts have been executed, the core project development team has been appointed; and critical mine planning, beneficiation engineering, test work and confirmation drilling have commenced.
Project Background
Historically a total of 412 drill holes totaling 56,000 meters outlined skarn iron ore mineralization at the NW deposit and the Central deposit beneath 60 to 100 metres of overburden. Average grade is approximately 35% and mineralization extends to a 1,400m depth in the NW deposit and approximately 900m at Central. Mineralization is open in several directions.
A technical report dated Dec. 15, 2011, prepared by Mining Associates Pty. Ltd. of Australia with respect to the Deposit and compliant with NI 43-101 (the Report), has been completed and accepted for filing by the TSX Venture Exchange for review and has been filed on SEDAR.
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Project Development Team
The project team has been established in the Company-s Astana Office and comprises experienced expatriate and local personnel in the key areas of:
Confirmation Drilling
The Report recommends an 2012 US$1.6M work program consisting of core drill holes at the NW and Central deposits. The drilling program is designed for the purpose of:
a) validation of historical drilling, particularly in areas of poor core recovery; and
b) delineation of mineralized zones, particularly in areas requiring in-fill drilling where the historical drill holes were off section or where there is low confidence in the historical mineralized zone extrapolations and continuity.
The initial stage (4 holes; 1,665m) of the final 2012 confirmation drilling program has commenced and is due for completion by end June 2012. Following a detailed review of the drilling history on the Property; a twenty-two hole (6,995m) confirmation drilling program was determined by the independent QP (Mining Associates of Australia) and the local supervising geologists. Five holes (1,890m) of this program were completed last year (by Safin) and the balance of the 22 hole program is due for completion in August 2012 under the technical guidance of the QP. Full permitting approval for the 2012 drilling program is in progress with MINT.
The resulting data will form the basis of the reserve modeling to both NI43:101 and Republic of Kazakhstan (RoK) standards.
In parallel with the 2012 confirmation drilling program the following contracts for critical engineering tasks have been awarded or are about to be awarded:
About the Company
Kazax Minerals Inc. is a mining exploration and development company focusing on iron ore. Other world-wide target acquisitions are being sought. Kazax aims to be a significant mid-tier international mine exploration and development company in the iron ore sector.
For additional information readers are invited to review additional corporate and property information available on SEDAR at .
ON BEHALF OF THE BOARD
David Savage, President and Chairman of the Board
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words „expect“, „anticipate“, „continue“, „estimate“, „objective“, „ongoing“, „may“, „will“, „project“, „should“, „schedule“, „believe“, „plans“, „intends“ and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company-s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Kazax Minerals Inc. Investor Relations 1-855-878-3818
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