Darryl Jones, CFO of Lupaka Gold (LPK.TO) and former CFO of Corriente Resources (which got bought out for $680M in 2010) has bought 20,000 shares at an average price of C$0.29/share. This is just two weeks after founder Geoffrey Courtnall bought 24,000 shares at an average price of almost C$0.32/share.
It’s encouraging to see some insider buying in this difficult market, and it’s good to see the insiders are confident in Lupaka’s future. The next catalyst for the company will be the announcement of the recovery rates on the Crucero project. Earlier testwork has indicated an average recovery of 80%, and the management expects the updated results to be in line with this number.
Disclosure: The author holds a long position in Lupaka Gold. Lupaka Gold is a sponsor of the website. Please see our disclaimer for current positions.
