Lachlan Star (ASX: LSA) executive chairman Mick McMullen continues to grow his indirect stake in the company from on-market purchase, with today the fourth day in a little of a week an increase has been announced.
McMullen's most recent purchase is 5,000 shares for a consideration of $3,900, providing an average entry price of around $0.78.
This follows on from parcels of 20,000, 24,898 and 12,361 shares which settled last week. McMullen's stake is now 2.47 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/20352/lachlan-star-executive-chairman-continues-to-buy-shares-on-market-20352.html
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