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Viking Ashanti Substantial Shareholder Increases Stake To 7.5%

Viking Ashanti (ASX: VKA) substantial shareholder Jaytu Pty Ltd has increased its shareholding to 7.5%.

Non-executive chairman John Gardner is a shareholder/director of Jaytu Pty Ltd, which now holds around 5.2 million shares as of 21 May.

Gardner further increased his indirect interest in Viking Ashanti on-market on 23 May by a further 100,000 shares for a total consideration of A$11,600, or $0.116 per share.

He now holds around 5.3 million shares and 1.5 million options exercisable at $0.345 on or before 31 December 2012.

Viking Ashanti is in an interesting position at its Akoase East Project in Ghana, which has the 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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