The purchase increases Wheatley’s stake to circa 2.56 million shares.
The purchase follows the recent on-market purchase by non-executive director, Darryl Clark, who purchased 50,000 shares on-market.
Xanadu is the owner of Mongolia’s largest undeveloped copper-gold deposit, has committed to spending more than $4.5 million on exploration across its advanced porphyry copper-gold projects in the world class South Gobi porphyry Belt in 2017.
The planned exploration programs, among the largest to be undertaken by a junior ASX-listed exploration company next year, will target the discovery of additional copper-gold deposits on the company’s South Gobi porphyry projects at Kharmagtai and Oyut Ulaan.
Xanadu has already defined over 1.5 million pounds of copper and over 2 million ounces of gold resources at its flagship Kharmagtai copper-gold project.