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Fox Resources Directors Increase Stake

Fox Resources (ASX: FXR) directors have increased their stakes in the company through the share purchase plan that raised funds for drilling at its Bundaberg Coal Project in Queensland.

Chairman Terry Streeter and director Garry East have both taken up their maximum allotments of 600,000 shares for $15,000 while director Roderick White acquired 200,000 shares for $5,000.

Streeter now holds 92,283,587 shares in the company while East holds 38.1 million shares. White now owns 483,334 shares in Fox.

Bundaberg is located just next to a discovery made by International Coal (ASX: ICX) and a subsidiary of Gina Rinehart's Hancock Prospecting.

The drilling program seeks to define a premium hard coking coal resource at the project.

The Bundaberg tenement is wholly owned by Fox Resources and all its Queensland coal tenements including Bundaberg, Styx, Emerald, Springsure, Alpha, and Eromanga will shortly be transferred into the company's wholly owned subsidiary Waterford Coal.

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