News: Minera Gold directors increase shareholdings

Minera Gold (ASX:MIZ) directors have been issued shares in lieu of directors fees and expenses owed by the company, preserving the company’s cash reserves.

The issue of shares also aligns the interest of the directors with the performance of the company.

Chairman Alex Calderon received 19,624,857 shares priced at $0.0035 each in lieu of director’s fees totalling $68,687. This increased his indirect interest to 20,980,343 shares.

Indirect interests of managing director Ashley Pattison received 7,426,029 shares valued at $25,991.10 in lieu of expenses reimbursed.

Pattison now has a total of 68,924,367 shares held directly and indirectly.

Non-executive director Ryan Welker received 13,809,524 shares in lieu of directors fees outstanding to the value of $48,333.

Minera Gold expects increased and consistent third party ore deliveries to drive gold production and reduce all-in-sustaining costs at its San Santiago processing plant in Peru.

It is also progressing work to mine its own copper ore and bring the copper oxide circuit back into production.