Kibaran Resources (ASX: KNL) executive director Andrew Spinks has acquired 88,964 shares in the graphite explorer in on market trade.
Spinks paid $11,676, or about $0.131 per share, for the transaction, which increased his total shareholding up to 16,554,350 shares. Shares in the company are currently at $0.14.
Kibaran has commenced drilling at the Epanko graphite deposit, within its Mahenge project in Tanzania, to upgrade the existing Inferred Resource of 14.9 million tonnes at 10.5% total graphitic carbon to the Indicated and Measured categories.
This will also allow the company to report its 2013 Scoping Study findings and start work on a Feasibility Study that will progress the project towards a development decision.
The drilling will focus on two areas where graphite mineralisation has previously been identified, and is expected to take 2 months.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.