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Black Fire Minerals directors increase stakes

Black Fire Minerals’ (ASX: BFE) non-executive chairman Anthony Baillieu and non-executive director Michael Clifford have both increased their stakes in the company over recent weeks.

Baillieu bought up 128,680 ordinary shares on market at a price of $0.10 per share for a total consideration of $12,868.

The purchase was made over two days at the end of November.

Meanwhile, on December 2, Clifford acquired 4,500 shares on market at $0.11 per share, for total consideration of $495.

After these purchases, Baillieu holds 3.46 million shares, while Clifford holds 837,833 ordinary shares, along with 250,000 30 June 2012 options, exercisable at $0.15 per share, and 250,000 30 June 2013 options, exercisable at $0.20 each.

Black Fire is advancing exploration at its Kangeshi Copper Silver Project, in the Democratic Republic of the Congo, and Pilot Mountain Tungsten Copper Project, in Nevada, U.S., aiming to establish JORC Resources for both projects in mid-2012.

At the end of November, Black Fire received commitments to raise $4 million through the issue of 40 million shares to sophisticated and institutional investors.