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Magnetic Resources Managing Director Purchases Further Shares On Market

Magnetic Resources (ASX: MAU) managing director George Sakalidis has lifted his stake in the company to 5,164,482 shares after acquiring 267,375 shares on market.

Sakalidis purchased the shares for A$20,979, for an average entry price of A$0.078 per share.

He also holds:
- 3,076,113 partly paid fully participating contributory shares issued at A$0.00 with A$0.20 payable;
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 23 December 2014 at A$0.2709 each;
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 21 December 2015 at A$0.4607 each; and
- 800,000 options to acquire fully paid ordinary shares exercisable on or before 27.December 2016 at A$0.1499 each

Magnetic has recently identified substantial target tonnage potential at its Ragged Rock project about 100 kilometres northeast of Perth, after rock sampling at six targets returned grades from 28.1% iron to 55.5% iron.

These multiple weathered banded iron formation sequences could extend below soil, indicating potential for further increases in the target tonnage at a location just 10 kilometres from the standard gauge, multi user Trans Australian Railway and 10 kilometres from the Avon - Albany railway.

Ragged Rock targets a cumulative strike length totalling about 41 kilometres and is interpreted to be associated with magnetite similar to the premium magnetite deposit identified at Jubuk near Corrigin.

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