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MacPhersons Resources Gains Substantial Shareholder

MacPhersons Resources' (ASX: MRP) has added a new substantial shareholder, with Andrew Greig acquiring a 5.58% interest in the company.

Greig now holds 13.9 million shares following his most recent purchase of 5.7 million shares for just under $1 million on 19 April 2013.

Last week MacPhersons revealed its current drilling program had uncovered further oxide and sulphide mineralisation close to the Nimbus mill at its Nimbus Silver-Zinc-Gold Project near Kalgoorlie, Western Australia.

Handheld XRF scans indicate the mineralisation is similar to that observed in the silver-gold-zinc mineralisation at the Nimbus Western zone, providing potential for both additional feed sources and early diversification.

MacPhersons' remains on track to start production at its Nimbus project in 2014.

Nimbus has a JORC Resource of 4.4 million tonnes at 129 grams per tonne (g/t) for 18.3 million silver equivalent ounces.

When mining begins at Nimbus next year, the two existing pits - East Pit and the Discovery Pit - will be transformed into a single Silver Superpit.

MacPhersons had around A$11.8 million at the end of December 2012.

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