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Rey Resources chairman Charlie Lenegan acquires shares in company

Rey Resources (ASX: REY) chairman Charlie Lenegan acquired 100,000 shares at $0.14 per share in an on market purchase on 16th September.

Lenegan purchased the shares indirectly for a consideration of $14,000 through Promoss Holdings Pty Ltd as trustee for the Lenrho Superannuation Fund.

On September 20  drilling by Rey Resources confirmed the strike extent of the coal outcrop for two kilometres to the north, beyond the coal reserves in the existing mine plan at its  Duchess Paradise thermal coal export project.

The presence of the continuous shallow coal occurrences potentially extends the proposed mine life at the project in the Canning Basin, Western Australia, boosting the proposed above ground slot mining from the current plan of 10 years to about 13-14 years.