Lachlan Star (ASX: LSA) managing director Mick McMullen has boosted his personal indirect stake in the company for the second time in a week, with an on-market purchase.
McMullen's most recent purchase is 24,898 shares for a consideration of $19,668, providing an average entry price of around $0.79.
A day earlier - McMullen bought 12,361 shares for $10,112 for an average entry price of around $0.82.
McMullen's stake is now 2.45 million shares.
Gold producing Lachlan Star is currently in a very interesting position, and continues to deliver a strong news flow of gold and copper intersections from the wholly owned CMD Mine in Chile.
The CMD Mine has a JORC Probable Reserve of; 5.8 million tonnes at 0.8g/t gold for 157,000 ounces, with a total JORC Resource of 1.4 million gold ounces.
CMD is an open pit heap leach gold mine that commenced production in 1995 and has historically produced around 830,000 gold ounces.
The company has an unhedged production of around 45,000 gold ounces annually.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20050/lachlan-stars-managing-director-boosts-stake-for-second-time-in-a-week-20050.html
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