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  • Southern Hemisphere Mining MD Trevor Tennant Leads The Way With On-Market Purchase 0 comments
    Jan 23, 2013 8:40 PM

    Southern Hemisphere Mining (ASX: SUH) managing director Trevor Tennant has increased his shareholding in the company with the on-market purchase of 3 million chess depositary interests (CDIs).

    Tennant acquired the CDIs for a total consideration of A$360,000, providing an average entry price of $0.12 per share.

    He now holds around 19.7 million shares/CDIs in Southern Hemisphere giving him a voting power of 11.38%. His previous holding was 9.65%.

    Major shareholder, UK-based fund manager Genesis Investment Management LLP, also recently increased its shareholding to 8.3%, or 14.36 million shares.

    Genesis previously held an interest of 6.75%, or 10.3 million CDIs.

    Meanwhile, Yang Xifu and his associates ceased to have a substantial holding in Southern Hemisphere on 17 January 2013.

    Tennant said Yang had originally invested in the company for exposure to its manganese assets.

    "I would like to take this opportunity to thank Mr Yang for his strong support of Southern Hemisphere since inception.

    "Given our focus is now on the exploration and development of our copper-gold assets in Chile - in particular our flagship Llahuin Copper/Gold Project, which is being progressed in development with Lundin Mining Corporation - we fully understand his decision to exit his holding.

    "I am pleased that this transition in our share register has been effectively and seamlessly managed with both myself and another major shareholder, Genesis Investment Management, acquiring part of Mr Yang's holding.

    "This represents a strong vote of confidence in the future growth potential of the company as we progress aggressive drilling programs at the Llahuin Copper/Gold Project during 2013."

    Southern Hemisphere has resumed drilling at its flagship Llahuin Copper-Gold Project in central Chile with the start of an accelerated drilling campaign under the new joint venture with Canadian base metals miner Lundin Mining Corporation (TSX: LUN).

    Three drill rigs, one reverse circulation and two diamond drill rigs, are currently operating at both the Central Porphyry and the nearby Ferrocarril zone at the Llahuin Project.

    The current program is targeting additions to the already defined Measured and Indicated Resource of 145 million tonnes at 0.4% copper equivalent.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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