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Rift Valley receives on-market buying support from two board members

Published: 02:03 01 Feb 2018 GMT

map of Africa showing Angola
There is potential for strong news flow in coming months at the Longonjo project

Rift Valley Resources Ltd (ASX:RVY) has had over 2.4 million shares bought on market by two members of its board and management.

Stephen Dobson, executive chairman, purchased 2 million shares on-market to boost his stake in the company to over 12.6 million shares.

Furthermore, David Hammond, CEO and director, purchased 460,000 shares, also through on-market trades.

Magnet metals discovery in Angola

The company’s focus is the development of the Longonjo Carbonatite Magnet Metals Project in Angola.

Rift Valley produced a maiden JORC resource in September 2017 and initial results from the scoping study update in December 2017 were encouraging.

READ NOW: Rift Valley Resources strengthens board with deal maker

The combined inferred resource is 44.7 million tonnes at 2.50% total rare-earth oxides (TREO).

This includes a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

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