Leyshon Resources (ASX/AIM: LRL) director Richard Seville acquired 750,000 ordinary fully paid shares in market purchases between March 29 and 31 at an average price of A$0.194 cents per share for a total of A$145,584.00.
Leyshon successfully developed the Zheng Guang gold project into one of the province of Heilongjiang's largest gold mines yet discovered.
The joint venture established a 135 km² strategic ground position and delineated a JORC compliant Measured and Indicated resource of 740,000 ounces gold, 2.7 million ounces silver and 71,000 tonnes zinc.
Following a competitive tender the company and its partner sold the project for US$78 million in December 2009 to a private Chinese group.
The sale was achieved with minimal associated costs and represents a gain of US$20.2 million based on a total of US$22.5 million invested into Zheng Guang since inception of the project.
As a result the Company now has approximately A$48 million in cash and on term deposit in Australia and RMB1.98 million in Beijing. At current exchange rates this equates to approximately 12 pence per share (A$0.22 per share).
The Company is now focussed on acquiring and developing projects located in those countries and commodities which are of interest to Chinese groups for either offtake, partnership or sale.
Currently, Leyshon Resources shares are trading at $0.21, up 7% today.
http://www.proactiveinvestors.co.uk/companies/news/15136/leyshon-resources-director-buys-750000-shares-15136.html
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