Insider Trading Geddes Chairman sells shares as Windy Craggy

Geddes Resources’ (TSE) Chairman Geddes Webster recently took advantage of some of the speculation surrounding the company’s Windy Craggy copper project in northern British Columbia.

After exercising an option to purchase 100,000 shares at $1.18, Webster then sold 50,000 shares for $2.28 to hold 445,439, according to the Ontario Securities Commission’s Insider Trading Bulletin.

After trading at a low of $1.13, Geddes shares have been driven upward as the company gets closer to completing a prefeasibility study at Windy Craggy which hosts possible reserves of 118 million tonnes grading 1.9% copper, 0.08% cobalt, 0.19 grams gold per ton and 3.26 grams silver.

Geddes shareholders have also benefited by recent investments in the company by both Northgate Exploration (TSE) and Cominco (TSE), which hold 42% and 17% of Geddes respectively.

Other mining executives who were active in the stock market include:

Aurizon Mines (TSE) President Richard Hughes sold 20,000 shares for between 43-45 cents to hold 35,236 directly. He also holds 560,402 shares indirectly.

Borealis Exploration (ASE) Chairman Rodney Cox sold 2,200 for an undisclosed price to hold 79,441.

Claude Resources (TSE) Finance Vice-President Jim Engdahl bought 2,000 shares for $4 to hold 5,800.

Consolidated Abitibi Resources (ME) director Peter McCarter sold 10,000 shares for $1.33 to hold 50,100.

Flanagan McAdam Resources (TSE) President John McAdam sold 22,000 shares for $2.17-2.60 to hold 180,069. McAdam also exercised an option to buy 25,000 shares for between 98 cents and $1.29.

Goldteck Mines (TSE) director David MacDonald bought 32,500 shares for 63-79 cents to hold 563,000.