Baobab Resources chairman Dowler ups his holding

Baobab Resources PLC (LON:BAO) said chairman Jeremy Dowler bought 200,000 ordinary shares yesterday at a price of 8.75 pence per share for total of £17,500.
Dowler now holds 8,090,169 shares in the company, representing 5.09 percent of the capital.  In addition, he holds 1,575,000 options.
Baobab last week announced the start of a 7,000m step-out reverse circulation (RC) drilling programme on the South Zone at Tete, its flagship iron/vanadium/titanium project in Mozambique.

With the next phase of work now underway, and given the successful completion of the diamond drilling phase, Baobab said it was on target to update the Tete resource inventory by the end of the year.

Also last week, Edison Investment Research published a note on the company, saying Baobab’s drilling at Tete’s Chimbala prospect has potentially added 225.7Mt at 26.8% Fe to the officially declared JORC resource of 47.7Mt at 25.3% Fe, according to analysis by Edison.