Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Norseman Gold director David Steinepreis buys 56,750 shares in company

Norseman Gold PLC (AIM, ASX: NGL) said it was notified that non-executive director David Steinepreis last week bought 56,750 shares in the company on the market for a total of A$39,965, and he now holds 4,313,857 shares in Norseman.

The company currently has three operating mines in Western Australia: Bullen, Harlequin and the developing OK Decline, with two more potential mines being explored and developed to fulfil the company’s strategy to fill its treatment plant to capacity, which is currently 60% utilized.

The company earlier this month reported progress from its fourth potential mine, North Royal, where the first round drilling on the southern end of the pit has returned promising results particularly around a footwall structure with follow-up extensional and infill drilling will commence this month. Mining is expected to commence by the last quarter of the 2010 calendar year.

Surface drilling operations that have recently commenced at the fifth potential mine, Crown Reef, intersected a structure in the expected position in the initial drill holes with assay results currently pending.

The Norseman gold project is located in the Eastern Goldfields of Western Australia in the highly prospective Norseman-Wiluna greenstone belt, 725 kilometres east of Perth and 186 kilometres from Kalgoorlie.

Currently, it has a total resource inventory of 20.0 million tons at a grade of 5.5 grams per ton gold for 3.7 million ounces of gold. The tenements cover a 1,614 sq km area centred on the Norseman Township.  The landholding comprises 179 contiguous tenements consisting of 13 exploration licences, 106 mining licences, 45 prospecting licences, 15 miscellaneous licences and 29 mining lease applications.

Disclosure: The author holds no positions in the company