(MENAFN- ProactiveInvestors - Australia) Polymetals Mining (ASX: PLY) non-executive chairman David Sproule has acquired a further 60,000 shares on market, increasing his direct shareholding to nearly 21 million shares.
Sproule purchased the shares for a total consideration of A$36,000, or an average entry price of around $0.60 each.
Earlier this year Polymetals increased its ownership of the Drew Hill Project, which includes the White Dam gold mine, to 50%.
Mining at the Hannaford pit has concluded, with mining operations moved to the associated Vertigo project.
Importantly, under the recent agreement, Polymetals is entitled to a 50% stake in production from Vertigo.
Mining at Vertigo will extend operations at Drew Hill to June 2012, with processing to primarily use existing infrastructure, keeping capital expenditure low.
To supplement the associated decline in production from White Dam, Polymetals is focused on bringing its wholly owned Mt Boppy Gold Mine into production in 2013 and is seeking near-production assets to expand its production base.
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