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Red Mountain Mining's Managing Director And Chairman Increase Holdings

Red Mountain Mining's (ASX:RMX) directors have demonstrated their support for the company through the recent Share Purchase Plan.

Chairman Neil Warburton subscribed for 12 million shares, worth $30,000, taking his total direct and indirect holding up to 31,302,031 shares.

Managing director Jon Dugdale subscribed for 6 million shares, worth $15,000, taking his indirect holding up to 15 million shares.

Warburton now owns around 2.2% of Red Mountain, with Dugdale 1%.

In total the company raised $600,000 from the SPP priced at $0.0025, which will be allocated to drilling at its Batangas Gold Project in the Philippines.

The next key milestones for the company include growing its high-grade gold resource, completing the Definitive Feasibility Study and achieving permitting.

Proceeds from the SPP will be used to drill under exceptional trenching results at the South West Breccia Main Lode extension in the Philippines.

These included 7 metres at 20.5g/t gold; 7 metres at 11.5g/t gold, 1.5 metres at 25.4 g/t gold and 5 metres at 8.83g/t gold.

Funds will also be used to test the recently identified Tamarind target for a possible repeat of the SWB high-grade gold resource at the Lobo prospect.

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