Mining Group Directors Acquire Further Shares

Nov. 05, 2012 12:17 AM ET
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Mining Group (ASX: MNE) managing director Zeff Reeves and non-executive director Cobb Johnstone have increased their respective shareholdings in the company through additional on-market purchases.

Reeves acquired a further 300,000 shares for a total consideration of A$36,000, or an average entry price of $0.12 per share.

Johnstone added an additional 499,980 to his portfolio for a total consideration of $59,997, or $0.12 per share.

Mining Group recently made a new gold discovery in the Philippines.

The company uncovered high potential gold bearing veins at the Taub prospect within its Comval copper-gold project, with exploration delivering peak assays of 52.4 grams per tonne (g/t) gold.

Taub is located about 7 kilometres north of the historic Tagpura open pit mine and 7.5 kilometres north of the recently discovered Tagpura North target.

Systematic trenching, mapping and sampling at Taub has delineated a 200 metre wide structural corridor with gold mineralisation over 300 metres of strike and open in all directions.

This is the first work undertaken on the Taub prospect and Mining Group will continue exploration over the next few weeks to further understand the area ahead of planned drilling this month.

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