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Viking Ashanti Directors Show Confidence, Increase Respective Shareholdings

Viking Ashanti (ASX: VKA) non-executive chairman John Gardner has increased his shareholding by 80,000 shares with a recent on-market purchase.

Gardner acquired the shares on-market for a total consideration of A$9,600, providing an average entry price of $0.12 per share.

He now holds over 5.1 million ordinary shares and 1.5 million options exercisable at $0.345 on or before 31 December 2012.

Managing director Peter McMickan also recently increased his stake in the company, acquiring 10,000 shares for a consideration of $1,150, or an average entry price of $0.115 per share.

McMickan now directly holds nearly 1.5 million shares and 2.5 million options exercisable at $0.345 on or before 31 December 2012.

Viking Ashanti's Akoase East Project in Ghana has potential to grow well beyond 1 million ounces of gold.

Recent drilling at the project produced a 40% increase in gold resources to 704,000 ounces, and now drives a fast tracked drilling program into higher grade resources at Alimac, and other targets along a very prolific gold trend.

Currently defined resources at Akoase East are located within a 3 kilometre strike length, and multiple targets are revealing additional resource ounces along the remaining 9 kilometres of strike.

New resource modelling has confirmed higher grade mineralisation at the partially drilled Alimac prospect where the thickest and highest grade gold hits of the entire drilling program have been reported.

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