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Argent Minerals’ directors top up respective shareholdings

Argent Minerals (ASX: ARD) executive director and company secretary Marcus Michael has added to his shareholding in the company with the recent purchase of 100,000 shares for a consideration of A$11,121, providing an average entry price of $0.11 per share.

Michael has been progressively buying up more shares on market with a previous purchase of 100,000 shares for a consideration of $13,143, or $0.13 per share, on 22 December 2011.

Meanwhile, Michael is not the only director showing confidence in the company with on market share purchases.

Non-executive director Stephen Gemell and executive chairman Kerry McHugh have also upped their stake in the company.

Gemell acquired a further 100,000 shares in Argent on 22 December 2011 for a consideration of $13,000, while McHugh acquired 100,000 shares on 21 December 2011 for a consideration of $13,273.

In November last year, Argent intersected mineralisation of 80 metres at 30.2 grams per tonne (g/t) silver and 1.77% lead plus zinc below the proposed BJ Pit at the Kempfield project in New South Wales.

The company completed six reverse circulation holes to test depth extension of the BJ and McCarron ore zones, with potential extensions up to 100 metres below the base of the current optimised pit shells.

Importantly for Argent, the results from these six holes together with those from the other infill and extensional drilling undertaken over the six months to November last year will be included in a revised resource estimate to be done as part of the Definitive Feasibility Study now being undertaken.