News: Red Mountain Mining MD tops up shareholding

Red Mountain Mining (ASX:RMX) managing director Jonathon Dugdale has bought 1 million shares of the company in an on market purchase.

Dugdale paid $9,782, or an average of $0.0098 per share, for the purchase. This increases his total holding up to 3,532,200 shares.

He also holds 37,500 listed options exercisable at $0.03 cents on or before 30 June 2016 as well as 12 million performance rights in three classes that are convertible into shares subject to vesting conditions.

Red Mountain has recently increased the Indicated and Inferred Resource at the Lobo prospect, which is part of the Batangas Gold Project in the Philippines, by 82% to 604,000 tonnes at 4.2g/t gold for 82,000 ounces.

This brings the total resource at Batangas up to 6.19 million tonnes at 2.2g/t gold, containing 444,000 ounces.

Surface sampling and trenching has also identified five new drilling targets at Lobo that will be tested soon.

These are highly prospective with Camo yielding rock chip results of up to 729.5g/t silver and 4.39% copper while Signal returned samples including 72.6g/t gold and 42.6g/t gold.

The Ulupong had exceptionally high grade surface trenching results such as 19 metres at 9.77g/t gold.