News: New Talisman Gold Mines director Matthew Hill increases stake

New Talisman Gold Mines (ASX:NTL) executive director Matthew Hill has acquired 4,375,000 shares in the company under its 1 for 2 pro rata renounceable rights offer.

Hill paid $35,000 for the shares priced at $0.008, increasing his total holding up to 4,525,000 shares, which was made in the recent placement of the recent shortfall of the rights issue.

Hill also holds 1.5 million unlisted options.

NTL is looking to initiate gold production at the Talisman Mine in New Zealand

The mine is located on the Coromandel Peninsula and had previously produced 1 million ounces of gold and 3 million ounces of silver.

The company recently increased its total gold resources by 25% to near 250,000 ounces.

This was after estimating an Inferred and Indicated Resource of 2.4 million tonnes at 0.54 grams per tonne, or 41,591 ounces of contained gold at its Rahu exploration permit.

The company had completed about 2,492 metres of drilling at Rahu, which together with previous drilling campaigns and geological investigations, provides evidence its mineralisation and alteration present represents the upper levels of and northern extension of the Talisman epithermal gold system.

It has filed an application to include Rahu into the Talisman permit, allowing for a natural extension of mining operations.

Last month NTL was granted authorisation to enter and operate the Talisman gold mine permit.