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Xanadu Mines chairman shows faith in copper-gold strategy with on-market transaction

Darryl Clark has this week purchased 100,000 shares and now holds more than 2.021 million.

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The company will present at this month’s CEO Sessions in Sydney and Melbourne

Xanadu Mines Ltd (ASX:XAM) executive chairman Darryl Clark has demonstrated his confidence in the company’s Mongolian copper-gold strategy by acquiring shares on-market.

Clark acquired 100,000 shares valued at $10,000 on May 1 and now holds more than 2.021 million in an indirect interest.

READ: Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia

The company has completed an open pit scoping study at its flagship Kharmagtai Copper-Gold Project in Mongolia, which confirmed the viability of near-surface copper and gold mineralisation.

The study confirms the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

READ: Xanadu Mines retains speculative buy recommendation from Bell Potter; price target raised

In a subsequent research report Bell Potter Securities has retains speculative buy recommendation and raised the price target by 6% to 55 cents per share.

Bell Potter believes the positive study is only an interim one with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.

To present at CEO Sessions

The company’s managing director and CEO Andrew Stewart will outline Xanadu’s story to investors at this month’s Proactive CEO Sessions in Sydney and Melbourne.

He will address the Sydney CEO Session on Monday, May 13, and the Melbourne CEO Session the following day, Tuesday, May 14.

Register for the CEO Sessions today

Sydney details, Monday, May 13, 2019

Melbourne details, Tuesday, May 14, 2019

Also featuring at both sessions will be Infinity Lithium Ltd (ASX:INF), Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

Quick facts: Xanadu Mines Ltd

Price: 0.032 AUD

ASX:XAM
Market: ASX
Market Cap: $22.81 m
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Full interview: Xanadu Mines boosts flagship Kharmagtai project in Mongolia...

Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) chief executive officer and managing director Dr Andrew Stewart tells Proactive about the increasing oxide gold being found following a recent scoping study at the company’s flagship Kharmagtai Copper-Gold Project in Mongolia. Dr Stewart says the top of...

on 4/9/19

2 min read