INSIDER TRADING (September 30, 1991)

Michael Pickens, the Yorkton Securities mining analyst who was instrumental in helping Wheaton River Minerals (TSE) to sell its initial public offering, recently became a shareholder of the Toronto junior.

According to Ontario Securities Commission’s OSC Bulletin, Pickens bought 20,000 Wheaton shares in July for 50 cents to hold the same number. He also acquired 1,000 warrants.

The first new junior mining company to gain a Toronto Stock Exchange listing this year, Wheaton River was formed to acquire the Mount Skukum mill and nearby Skukum Creek gold-silver property near Whitehorse, Yukon. With reserves standing at 513,000 tons of grade 0.22 oz. gold and 8.01 oz. silver per ton, Wheaton is preparing to look at the feasibility of bringing the property into production.

Other mining insiders who were active in the stock market recently include: American Barrick Resources (TSE) director Marshall Cohen, who sold 32,000 shares indirectly for $27.75 to hold 2,000. Executive Vice-President Alan Hill sold 11,000 shares for $26.75-26.87 to hold 4,400. Senior Vice-President Kenneth Thomas exercised an option on 5,000 shares for $15.06 and sold 3,800 for $26.37 to hold 1,200 shares and 95,000 options.

Arimetco International (TSE) officer and director John Gairdner sold 10,000 shares for $3.45-3.55 to hold none.

Bema Gold (TSE) officer and director Ian Johnson sold 16,000 shares for $2.30-2.48 to hold 314,850 directly and 199,870 indirectly.

Dayton Developments (TSE) officer Robert MacDonald was granted the right to purchase 100,000 options for $2.10 to hold the same number.