Inco, Noranda officers cash in shareholdings

According to the Ontario Securities Commissions insider trading report, Brian Davison, Inco’s director of European production sold 3,866 shares at $27.75(US) each to hold 179. Director John Gordon sold 200 shares at $43.47 each to hold none, while Aurelio Petracchi, vice-president of operations at Inco Gold, sold 387 shares at $40 per share to retain 268.

Over at Noranda, the company’s former copper group President Alex Balogh sold 14,000 shares at $27 each to hold 59,375. Balogh was recently named president of Noranda’s 50%-owned affiliate Falconbridge Ltd. (TSE)

Noranda President David Kerr also purchased 42,550 shares recently at $27.03 to hold 42,550.

Other mining insiders who were active in the stock market recently include David Elgee, secretary at Cassiar Mining (TSE), who profited by purchasing 4,000 shares at $1.05 and then selling the shares a week later for $6 each to hold none.

Glencairn Explorations (ASE) Vice-president Ian McDonald purchased 33,710 shares at 67-90 cents . He also sold an additional 48,000 shares at 70-80 cents to hold 67,285.

Glencairn secretary-treasurer Laurence Stephenson purchased 2,000 shares at 90 cents each and sold 7,500 at 78-88 cents to hold 116,500.

Jascan Resources (TSE) President William Felderhof bought 15,000 shares at 35-36 cents to hold 559,323.

Noranda Minerals also exercised an option to purchase 130,700 shares of Societe Miniere Louvem (TSE) at $5.37-7.25 to hold 1,927,700.

Breakwater Resources (TSE) President Brian Pewsey purchased 3,000 shares at $2.10 to hold 12,000. Cheni Gold Mines (TSE) director Edwin Phillips purchase d 5,000 shares at $2.65 per share to hold 49,000.

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