Insider Trading Thunderwood insiders sell shares as outlook

As the price of gold has risen and then stayed above the US$400 per oz. level, so too have the share prices of a few select gold explorers with known gold deposits and cash in the bank.

Shares of Toronto-based Thunderwood Resources (TSE), for instance, have increased significantly to $1.87 from a 52-week low of 65 cents as investors anticipate the possible impact of a higher gold price on the company’s key exploration properties.

As indicated by a recent Ontario Securities Commission Insider Trading Bulletin, a couple of Thunderwood insiders have taken the opportunity to cash in on the surge in the company’s share price.

Chairman Jim Gill exercised an option to purchase 137,939 shares for $1.45 to hold 606,056. He also sold 204,300 shares for $1.41 to hold 401,756.

Vice-President Howard Stockford exercised an option to buy 96,552 shares at $1.45. He then sold 110,000 for between $1.55 and $1.58 to hold 117,792.

Having outlined 804,000 tons of grade 0.25 oz. gold per ton, Thunderwood and partner Minnova (TSE) will conduct a feasibility study at their Gold Hawk project near Val d’Or, Que.

Exploration is being conducted at Gold Hawk via the underground workings of Aur Resources’ (TSE) Kierens zone gold mine, which is expected to produce abou t 30,000 oz. this year. Gill is president of Aur, while Stockford is its vice- president.

Other mining executives who are active in the stock market recently include:

Canadian Gold Resources’ (COATS) director Marianne Nychuk, who exercised an option to purchase 3,000 shares for $1. She also sold 3,000 shares for $4.10-4.30 to hold none.

Goldbelt Mines (VSE) Chairman Mike Muzylowski received 300,000 shares as compensation for property and was granted the right to purchase 400,000 options for 35 cents . He holds 400,000 shares indirectly.

Metalore Resources (TSE) Vice-President George Chilian bought 500 shares for $19 to hold 262,150. Southern Ontario Natural Gas, a company owned by Chilian, also bought 300 shares for $19 to hold 227,888. Metalore director Ash Winter bought 900 shares for between $20.00-20.25 to hold 25,200.

Montclerg Resources (ASE) Secretary Michael Eustace sold 34,000 shares privately for 62 cents to hold 75,000.

Northern Canada Mines’ director Kenneth Irving bought 5,500 shares for $2.55-2.90 to hold 5,700 indirectly through Eastcan Trading Ltd.

Ontex Resources’ director Giovanna Alessandro bought 20,000 shares for 50-75 cents to hold 153,100.

St Andrew Goldfields (TSE) Vice-President David Vaughan bought 9,000 shares for $1.25 to hold 21,000.