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Shanta Gold directors top up after strong third quarter

Published: 03:05 22 Oct 2014 EDT

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Shanta Gold’s (LON:SHG) directors have followed up Monday’s strong results and resources update from its New Luika gold mine in Tanzania with a burst of share buying.

Mike Houston, chief executive, bought 100,000 at 9.5p to take his total to just over 1.41mln.

Chairman Anthony Durrant bought 200,000 at 9.75p, while non-executive Luke Leslie bought 200,000 at 9.5p.

The trio respectively now own 0.31%, 0.36% and 0.7% of the gold miner.

On Monday, Shanta’s third quarter results showed record production of 22,720 ounces, up 4% from the previous period. Cash costs were US$671 per ounce, with all-in costs of US$873 per ounce.

A resources upgrade for the mine following a recent drilling programme should also add at least seven years to its life, Shanta said.

Shanta repeated it expects to produce between 80-83,000 ounces of gold in the current year.


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