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Ironbark Zinc Managing Director Leads With On Market Share Purchase

Ironbark Zinc (ASX: IBG) managing director Jonathan Downes has acquired 250,000 shares in the company on the market.

He paid a total consideration of $16,326 for the shares, or a $0.065 each, bringing his total shareholding up to 8,635,000 shares held both directly and indirectly.

Downes also holds 2 million options exercisable at $0.45 and expiring on 16 November 2013.

The company had recently raised $2.2 million to progress its world class Citronen Zinc Project in Greenland as well as exploration on its Greenland and Australian base metal projects.

Citronen hosts a JORC Resource of 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead, that is adjacent to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface.

In addition, it is shallow, flat lying and shows no sign of limitation in its scale.

It also includes a conceptual Exploration Target of 302 million to 347 million tonnes at 4.4% to 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

It has attracted major investors that include GlencoreXstrata, the world's largest zinc miner and trader, and Nyrstar which is the world's largest zinc and lead smelter group.

China Nonferrous, which is ranked as one of the world's top engineering firms has executed a Memorandum of Understanding to build and majority fund the process plant.

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