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Red Mountain Mining's Neil Warburton Leads From The Front With On-Market Buy

Red Mountain Mining (ASX: RMX) executive chairman Neil Warburton has increased his stake in the company on-market with the purchase of an additional 200,000 shares.

Warburton picked up the shares for a consideration of around A$19,870.

Red Mountain Mining is delivering high grades from its Batangas gold project in the Philippines, recently confirming the trend of increasing gold grade at depth at its Lobo prospect.

Recent drilling returned a peak result of 4 metres at 11.18 grams per tonne (g/t) gold.

This intersection was part of a broader 6.3 metre at 8.03g/t gold interval from 197.8 metres depth at hole LB-70 at the West Drift, the deepest high grade intersection there to date.

Batangas hosts Inferred and Indicated Resources totalling 5.78 million tonnes at an average grade of 2.2g/t for 408,000 contained gold ounces.

This represents a geological resource that can be converted into a "mineable reserve", which has over 5 million tonnes grading in excess of 2.2g/t gold.

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