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International Coal managing director Hugh Dai boosts stake with on-market trade

International Coal (ASX: ICX) only just hit the ASX boards last month after an oversubscribed IPO, and the company's managing director Hugh Dai has already started to increase his indirect stake.

Dai bought 250,000 shares on-market for a consideration of $56,500, providing an average entry price of $0.226 - boosting his stake to 1.25 million shares.

The company is currently in a very interesting position, and earlier in the week announced that all access and cultural heritage issues at the South Blackall Project has been cleared, with an extensive exploration and drilling program next week.

The initial exploration program at South Blackall will consist of a range of drilling over areas identified as being highly prospective.

While no historical coal quality data is available from the project, aeromagnetic and gravity surveys were run in the vicinity of by the Department of Minerals and Environmental Research in 2007.

The results of these surveys have contributed to the proposed drilling and the assessment of the company’s exploration target of 8.8 billion tonnes in the Winton formation and 330-440 million tonnes in the Mackunda formation.