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Pioneer Resources Directors Up Shareholdings Through Share Purchase Plan

Pioneer Resources (ASX: PIO) directors have increased their shareholdings in the company through participation in the recently concluded Share Purchase Plan.

Non-executive chairman Craig McGown purchased 1,071,428 shares for a total consideration of $14,999.992, increasing his total holding to 3,171,428 shares.

Managing director David Crook acquired 1,178,570 shares for $16,499.98, giving him a total of 5,922,911 shares.

Non-executive director Dr Allan Trench bought 178,571 shares for $2,499.994 while Thomas Spilsbury acquired 1,071,427 shares for $14,999.978.

Trench now holds 2,081,997 shares while Spilsbury has a total shareholding of 1,821,427 shares.

The Share Purchase Plan, which offered shareholders up to $15,000 worth of shares priced at $0.014 each, raised $437,500 to help fund exploration at the company's Acra Gold Project, Blair Nickel Mine and Fairwater Nickel and Gold Project in Western Australia.

This will supplement the $2.3 million payment due from KalNorth Gold Mines (ASX: KGM) in 2014 and 2015 from the sale of the Western Mt Jewell Gold Project in 2011.

The next program scheduled for January 2014 is a 3,000 sample soil geochemistry survey to cover 5 gold and 4 nickel targets at the Company's Fairwater Project in the Albany Fraser Orogen (Fraser Range).

Pioneer has a 75% interest in Fairwater, which covers 650 square kilometres in the Albany-Fraser Orogen about 200 kilometres south of Kalgoorlie and 105 kilometres southwest of Sirius Resources' Nova and Bollinger nickel-copper deposit.

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