US Nickel executive director Christopher Daws boosts stake
Wednesday, 20 April 2011
Perth based US Nickel (ASX: USN) executive director Christopher Daws continues to further boost his stake in the company with another on-market purchase.
Daws purchased 349,745 shares for a consideration of $55,960, for an average buy price of $0.16.
Daws now holds a direct and indirect interest of just under 15.9 million shares, with another 8.1 million shares subject to escrow to May 2012.
US Nickel has had some exploration success recently, with diamond drilling around the Bullant Gold mine confirming areas of potential gold ore grade within an economic mining distance from the main Bullant mine decline development.
The Bullant mine is aiming for the first production of gold ore within the June quarter.
The mine was closed by Barrick Gold (NYSE: ABX) (the former owner) in December 2009 following underground production between 2002 and December 2009 of; 1.95 million tonnes at 5.1 grams per tonne (g/t) gold for 322,700 ounces.
Production in 2009 was; 144,750 tonnes at 5.9g/t gold for 27,400 ounces of gold.
Currently a diamond drill hole is testing an extension and a series of deeper gold exploration targets.
US Nickel recently received a $0.34 target price from New York research firm RB Milestone Group.
USN Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
