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  • Auroch Minerals Non-Executive Chairman Acquires Shares On-Market 0 comments
    May 21, 2013 2:19 AM

    Auroch Minerals (ASX: AOU) non-executive chairman Glenn Whiddon has acquired an additional 220,000 shares of the company on-market.

    Whiddon purchased the shares for a total consideration of $24,684.24, providing an average entry price of $0.112 per share.

    He now holds 220,000 fully paid shares and 1 million partly paid shares in the company.

    Auroch is close to completing exploration drilling at the Guy Fawkes Project Sector, which forms part of the Northern shear of the 3 million ounce Manica Gold Project in Mozambique.

    The program is aiming to grow the company's non-refractory JORC gold resource. Total gold resources are 2,971,000 ounces at Manica.

    Five of the first seven scout holes drilled had intersected gold mineralisation with a best result of f 0.4 metres at 10.83 grams per tonne.

    It is also in the midst of interpreting airborne VTEM and aeromagnetic surveys, which will be integrated with the drilling results to define further prospective targets in the Project Sector.

    Auroch remains well funded to continue its exploration plans with around A$4.1 million, or $0.096 per share, in cash at the end of March 2013. This places the company at just above 95% cash backing based on its market capitalisation of $4.28 million and share price of $0.10.

    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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