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Red River Resources managing director buys shares on market

Published: 08:24 14 May 2018 AEST

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Shares in the company last traded at 26.5 cents

Red River Resources Ltd (ASX:RVR) has received a vote of confidence from its managing director, Mel Palancian, who recently purchased company shares on-market.

Palancian purchased 20,000 shares through on-market trades increasing his total holding in the company to 445,000 shares.

READ: Red River Resources has 12-month share price target boosted by Hartleys to 65 cents

Red River is producing predominantly zinc concentrate from its flagship Thalanga Zinc Project in Queensland.

A total of 65,000 tonnes of ore was mined during the March quarter at an average grade of 0.4% copper, 2.5% lead and 4.8% zinc.

READ: Red River Resources' share price upside may be driven by exploration success and production growth

During the March quarter, Red River generated concentrate sales of $16.5 million.

Cash at bank at the end of the March quarter was $17.5 million with an additional $5.2 million cash relating to the quarter’s sales received subsequent to the end of the quarter.

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