Wednesday, 8 February 2012

Mutiny Gold chairman increases stake with on market trade

Mutiny Gold (ASX: MYG) chairman Frank Lawson has increased his indirect stake in the company, buying 100,000 shares in an on-market trade for a consideration of $7,300 - providing an average entry price of $0.073.

Lawson currently holds a direct stake of 4.13 million shares and one million November 2012 $0.10 options, plus an indirect stake of 1.1 million shares.

Mutiny is currently in a very interesting position as it continues on the road to gold production, with infill drilling results targeted at increasing the gold resource expected shortly - as the drilling campaign commenced in December 2011.

The infill program will then wrap up towards the end of February, with final results around April, which will then be included in the highly anticipated Definitive Feasibility Study to be released to the market around mid-2012.

Extension drilling will continue over February and March, with results then expected to flow to the market from late April and into May.

The reason this study has taken longer than planned is due to being expanded to support production in the order of 100,000 to 120,000 gold ounces annually when fully ramped up, compared to the initially considered 50,000 ounces.

Investors will be aware that Mutiny has already created some major inroads in moving Deflector to production, including moving to full ownership of the Gullewa Gold Project (which hosts deflector), while also acquiring the 10% Net Profit Interest Royalty for 40 million shares, which are escrowed until 15 March 2013.

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