Insider Trading (February 24, 1992)

Roy Shipes, chairman of emerging U.S. copper producer Arimetco International (TSE), recently sold a big block of stock at a significant discount to the recent market price.

According to the Ontario Securities Commission OSC Bulletin, Shipes unloaded 1.3 million shares at $3.72 each during the first week of February to reduce his holdings to 6.4 million shares.

Since the transaction was completed, Arimetco shares have shot to a high of $4.75 compared to the 52-week low of $1.70. Several analysts are pushing the stock because of Arimetco’s plan to become a major copper producer by using solvent extraction, electrowinning technology at several mines. Other mining insiders who were active in the stock market recently include: Agnico-Eagle Mines (TSE) affiliate Mentor Exploration (TSE), which already owns more than 10%, bought 16,500 shares for $4.15-4.30 to hold 2.9 million. Champion Gold Resources (ASE) subsidiary Future Avenir sold 77,500 shares for 60-65 cents to hold 49,176.

Coral Gold (VSE) insider Avino Mines & Resources sold 32,120 shares for 62-73 cents to close out its holdings.

Crown Butte Resources (TSE) President David Rovig sold 1,000 shares for $10.25 to hold 10,450.

Deak Resources (TSE) affiliate Deak International Resources Holdings, which owns more than 10%, bought 1.1 million shares privately for 30 cents to hold 14 million.

Joutel Resources (TSE) Chairman Hugh Harbinson sold 115,000 subordinate voting shares for 10 cents each to hold 1.9 million.