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Silver Lake Resources Managing Director Les Davis Acquires Shares On Market

Silver Lake Resources (ASX: SLR) managing director Les Davis has acquired an additional 50,000 shares on market.

Davis acquired the shares for $50,000, for an average price of $1 per share, bringing his total direct and indirect shareholding up to 4,260,000 shares.

Silver Lake has just entered into a confidential agreement with Pacer Corporation, a subsidiary of Resource Development Group (ASX: RDG), resolving their commercial dispute regarding a number of matters under the engineering, procurement and construction contract.

The company now estimates that the final cost to complete milling and surface infrastructure to be $91 million.

Silver Lake recently increased gold production to a total of 43,760 gold ounces across its Western Australian operations for the March 2013 quarter, a 68% increase on December 2012 quarter production.

Commercial production from the Murchison Gold Project is expected to be declared in the June 2013 quarter.

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