The company raised £3.45 million (US$4.5 million) on October 9 as part of its AIM IPO and, while the stock has fallen back from the £0.165 per share level the 20.9 million shares were placed at, investors will get some assurance from McNamara shelling out for more Cora shares.

McNamara, through Tanamera Resources, acquired 200,000 ordinary shares of the company at £0.16/share, taking his interest in Cora to 1.14%.

The ground Cora has in Mali was formerly owned by Gold Fields (SJ:GFI) and Hummingbird Resources (AIM:HUM). Hummingbird has retained a 34% interest in Cora as part of the IPO.

The company's primary target is the Sanankoro project - 60km north of Hummingbird's Yanfolila mine and where Gold Fields previously spent US$10 million assessing the potential of a 14km mineralised structure.