INSIDER TRADING — Arequipa directors bought and sold shares in July

Arequipa Resources (AQP-T) was among the mining companies listed as being involved in insider trading for the month of July, as reported by the Ontario Securities Commission.

Bickerstaf Holdings, controlled by S.M.W. Lam, sold 249,200 Arequipa shares at $17.50 to $31.50 between June 3 and June 13 to hold 3.4 million shares.

Another large holder, the Lowell Family Partnership, sold 26,900 shares at $32.782 and bought 25,000 shares at $18.20 to hold 2.7 million shares. J.D.

Lowell, director, sold 25,000 shares at $32.05 and bought 25,000 shares at $18.082 to hold 225,000 shares directly.

Two other insiders liquidated their holdings. Chet Idzisek, director, sold his 40,000 shares at $22-31. Patrick Hilliard, senior officer, excercised 300,000 options at $1.12 and sold 300,000 shares at $6.50 to $20.20 between Jan. 23 and May 8. Hilliard still held 150,000 options on his final reporting date of May 8.

Other insider trading reported by the Ontario Securities Commission during the period July 19 to Aug. 9:

* BMR Gold (BGL-T) — D.R. Stratton, director, bought 2,000 shares at 39 cents to hold 83,400 directly and 179,000 through Coach Management. F.R.

Varseveld, director, bought 7,000 shares at 40-44 cents and sold 188,000 at 22-45 cents to hold 995,404 shares directly, 53,300 in a registered retirement savings plan (RRSP), and 90,070 through Vantree Management.

* Band-Ore Res. (BNDR-C) — D.A. Diltz, director, sold 3,900 shares at $8-9.62 to hold 163,600 shares. R.L. Duess, director, sold 7,100 shares at $8.50-11 to hold 452,300 shares. R.B. Durham, director, received 33,000 shares in compensation and sold 92,800 shares at $8.75-12.50 to hold 117,700 shares.

* Birim Goldfields (BIRM-C) — M.P. Beck, director, sold 25,000 shares at $3.05 to $3.70 to hold 353,000 shares through Librion Group and 95,000 shares directly.

* Black Pearl Minerals (BLKP-C) — R.B. Murray, director, sold 165,500 shares at 72-82 cents to hold 399,460 shares.

* Bre-X Minerals (BXM-T) — J.B. Thorpe, senior officer, exercised 200,000 options at $8.52 to hold 200,000 shares, and sold 220 calls at $2.25-2.90.

* Canadian States Res. (CSRS-C) — I. Singer, director, sold 56,000 shares at $1.80-2.05 to hold no shares.

* Canarc Resource (CCM-T) — B.J. Cooke, director, sold 100,000 shares at $2.25 to hold 151,465 shares, and received 100,000 warrants to hold 100,000 warrants.

* Continental Precious Minerals (CZQ-M) — E. Godin, director, exercised 100,000 options at 67 cents and sold 100,000 shares at $2.20 to hold 1.2 million shares.

* Dayak Goldfields (DAYK-C) — International Pursuit, an affiliated company, bought 64,500 shares at $1.70-2 to hold 3.2 million shares.

* Dia Met Minerals (DMM-T) — D.W.G. Mackenzie, director, sold 3,000 shares at $23.75-24.90 to hold 2.6 million shares.

* Diadem Res. (DIR-M) — M. Bartlett, related to D. Bartlett, director, sold 30,000 shares at $6.20-6.50 and bought 10,000 shares at $6.30 to hold 69,000 shares.

* Golden Queen Mining (GQM-T) — C.M.T. Thompson, director, bought 26,700 shares at $2.17-2.25 to hold 332,866.

* Guyana Goldfields (GGFI-C) — J.P. Sheridan, director, sold 27,000 shares at $2.90-3.70 to hold 81,250 shares.

* High River Gold (HRG-T) — D.V. Mosher, director, sold 5,600 shares at $6.85 to hold 239,066 shares directly and 163,523 indirectly.

* International Curator Res. (IC-T) — M.D. McInnis, director, sold 4,000 shares at $13 to hold 214,800 shares.

* International Pursuit (IPJ-T) — G.E. Creber, director, sold 100,000 shares at $4.50-4.55 to hold 407,500 shares directly and 212,000 through an RRSP.

* International Skyline Gold (ISC-T) — D.A. Yeager, director, sold 20,000 shares at $1.35-1.52 to hold 65,000 shares.

* Kettle River Res. (KRR-T) — E. Clements, director, exercised 30,000 options at $1.10, bought 19,000 shares at $1.27-1.50, and gave 3,000 shares to hold 405,570 shares and 40,000 options. G.O. Stewart, director of an affiliate, bought 11,100 shares at $1.30-1.45 to hold 651,335 shares.

* Moss Res. (MRS-T) — H. Hodge, director, bought 23,500 shares at 60-65 cents to hold 2 million shares directly and 239,942 shares indirectly.

* Noront Res. (NOT-V) — J. Harvey, director, sold short 50,000 shares at 72-90 cents, sold 500 shares at 80 cents, and bought 49,500 shares at 78-88 cents for holdings not specified.

* Nuinsco Res. (NWI-T) — G.F. Archibald, director, sold 334,298 shares at $2.30-4.20 to hold 974,617 shares. R. Galipeau, director, sold 105,000 shares at $3.28-3.80 to hold 536,993 shares. J.M. Slack, director, sold 150,000 shares at $2.97 to hold 25,000 shares.

* Opawica Explorations (OPW-T) — D.M. Clark, director, sold 81,400 shares at $2.26-3.15, bought 90,700 shares at $1.75-2.90, and received 30,000 shares in an unspecified transaction to hold 454,200 shares directly and 252,650 shares indirectly.

* Orvana Minerals (ORV-T) — T.W. Beattie, senior officer, exercised 10,000 options at 22 cents and sold 10,000 shares at $8.05 to hold 51,651 shares and 148,000 options. D.S. Robertson, director, exercised 55,000 options at $2.55 to hold 59,916 shares and 61,000 options.

* Prime Equities International (PQE-V) — J. Harvey, director, sold 98,400 shares at $4-4.75 and bought 101,100 shares at $2.80-3.60 for holdings not specified. B. Pantages, director, exercised 25,000 options at $1.85, bought 45,100 shares at $2.15-4.50, and sold 50,200 shares at $3-4.75 to hold 89,700 shares. Michael Pezim, director, bought 10,000 shares at $2.30-2.35 for holdings not specified. Murray Pezim, director, bought 286,900 shares at $2.40-4.90 and sold 719,300 shares at $2.12-4.75 to hold 732,500 shares.

* Queenstake Res. (QTR-T) — R.M. Miller, senior officer, exercised 50,000 options at 50 cents to hold 990,000 shares and 50,000 options. H. Wober, director, sold 70,000 shares at $2.50-3.25 to hold 30,000 shares. G. Gutrath, director, sold 190,000 shares at $3.66-4.25 to hold eight shares directly and 727,434 shares indirectly. D.A. Meyer, senior officer, exercised 33,000 options at 76 cents and sold 33,000 shares at $3.25-3.39 to hold 2,270 shares. H. Mogensen, director, exercised 20,000 options at $1.30 and sold 30,000 shares at $3-3.45 to hold 60,000 options and no shares directly; He also sold 45,000 shares at $3-3.15 through Mermaid Resources to hold 60,000 shares indirectly.

* Roycefield Res. (RYC-A) — B. Bourgoin, director, bought 175,000 shares privately at 40 cents and sold 15,000 shares at $3.85 to hold 224,618 shares.

* Silver Standard Res. (SSO-V) — M.H. Holtby, senior officer, bought 40,000 shares at $8.15 to hold 40,000 shares. J.R. Whelan, director of an affiliate, exercised 40,000 options at $3.54, received 50,000 options and sold 34,800 shares at $6.87-8.87 to hold 5,200 shares and 50,000 options.

* Thunderwood Res. (THS-T) — J.B. Heslop, director, bought 208,335 shares at 48 cents to hold 648,335 shares.