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Apollo Minerals Director Shows The Way

Apollo Minerals (ASX:AON) chairman Richard Shemesian is backing the company with the acquisition of 500,000 shares in the company for $4,141.84, or about $0.08 per share, in an on-market trade.

This takes his total direct and indirect holding up to about 16 million shares and 5 million performance rights.

Shares in Apollo are currently trading at $0.09.

The company is preparing to start 2015 on a high note and build itself into a leading base metals and iron ore development company.

As part of this effort, it has taken steps to reduce costs in the current challenging market conditions.

Apollo has reduced the size of its board to three from four following the retirement of Matthew Rimes while the remaining directors have elected to take part shares in lieu of cash as their remuneration.

Review of recent drilling at its Titan IOCG project in South Australia's Gawler Craton as well as planning of work programs for 2015 are currently underway.

This includes work with High Power Exploration (HPX) to identify targets to drill in the new year at the Commonwealth Hill Joint Venture.

Interest is also growing in Apollo's activities with a number of parties understood to have approached the company.

Recent Activity

The recently completed drilling program successfully identified a range of mineralisation across a wide area in the Eagle Hawk and Aurora Tank joint ventures.

This includes:

- High grade gold drilled at Aurora Tank including 4 metres at 5 grams per tonne gold from 16 metres;
- Iron-titanium-phosphate mineralisation in the mineral form of Magnetite-Ilmenite-Apatite. These typically form in large layered mafic intrusions and can be considered of some value. Test work underway to determine the mineralogy of these for processing potential. Primary area situated adjacent to existing road and <20 kilometres from rail services; and
- IOCG alteration on the Bundi Prospect area which covers the HPX and Eagle Hawk JV areas. Several targets are already being reviewed for follow up.

IOCG alteration has also been intersected at the NoBrainer prospect. This is similar to alteration described in IOCG drilling from the Mt Woods and Olympic domains.

The results have sparked renewed interest from strategic partners to reconsider a number of priority targets on the project as a while.

Review and planning of work program for 2015 are underway.

This will target and delineate mineralisation in the area, providing confidence in the region to host potential mineral deposits.

Analysis

Apollo Minerals' chairman Richard Shemesian acquisition of shares in an on-market trade has taken his total shareholding up to about 16 million shares and 5 million performance rights.

The acquisition at about $0.08 per share comes after the company intersected IOCG alteration at the NoBrainer prospect, demonstrating his confidence in the company and its Titan IOCG project in South Australia's Gawler Craton.

Shares in Apollo are currently trading at $0.09.

Directors are also backing the company by accepting shares in lieu of cash for their remuneration.

Apollo is preparing to carry out in 2015 exploration work at its Titan Project that could support its potential to host mineral deposits, particularly IOCG.

Reviews of existing data and planning of follow-up work programs are already underway.

The company has also taken steps to preserve its cash for exploration work with the reduction of its board size to three members from four and directors accepting shares in lieu of cash.

At the end of the September quarter 2014 Apollo had a cash balance of $1,595,000.

This balance will increase after the news in November that the company will sell its non-core Mt Oscar Iron Project in the Pilbara, with funds directed to the Titan IOCG project.

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