Magnetic Resources (ASX: MAU) managing director George Sakalidis acquired 159,188 shares at $0.162 per share between 11-16 November 2011 in an on market purchase.
Sakalidis purchased the shares for a consideration of $25,850 and now holds 4,429,719 ordinary shares in the company.
Magnetic Resources continues to advance exploration at its wholly owned iron ore tenements in the south-west of Western Australia.
Composite samples collected from exploration licence E70/3921 near Calingiri showed iron grades ranging from 36.1% to 57.3% iron, indicating that the magnetite-rich units interpreted to underlie the magnetic anomalies have been enriched in some areas, and suggest the possibility of direct shipping type ores being present.
Calingiri's proximity to Atlas Iron's (ASX:AGO) 187 million tonnes at 30.9% Yerecoin project could potentially bode well for Magnetic as it plans a large aircore drilling program.