INSIDER TRADING (June 01, 1992)

SouthernEra Resources (TSE) director Lee Barker is poised to benefit from any new developments in the Lac de Gras diamond hunt after picking up 100,000 shares of the Northwest Territories explorer.

According to the Ontario Securities Commission OSC Bulletin, Barker acquired the shares privately in April for 1 cents each to hold 100,000. News that gem-quality diamonds have been found on the property of Dia Met Minerals (VSE) and BHP-Utah Mines at Lac de Gras has driven the SouthernEra issue above the $1 level. Barker’s holdings are part of a control block acquired recently by a diamond exploration group led by Chris Jennings, SouthernEra’s new president, who now owns 21% of the 6.2 million outstanding shares. Other mining insiders who were active in the stock market recently include: Bema Gold (TSE) director Richard Barclay exercised an option on 42,075 shares for $1.40 before selling the shares for $1.76-1.89 to hold 84,818 directly, 487,204 indirectly and 113,000 options.

Chairman Clive Johnson sold 21,000 for $1.89-1.95. He also exercised on 50,000 shares at $1.40 before selling 11,900 for $1.89-1.91 to hold 44,700 directly and 578,420 indirectly. Johnson also holds 200,000 options. Cameco (TSE) officer Gordon Leaist sold 800 shares for $17.50 to close out his direct holdings.

Cathedral Gold (TSE) officer Alfred Page redeemed 4,000 options at $3 to hold 4,000.

Hillsborough Resources (TSE) director Joseph Tatak, who owns more than 10%, sold 87,685 shares for $2.55 to hold 423,654 directly and 14,871 in an RRSP. Inco (TSE) officer Lorne Ames sold 2,538 shares for $33.88 each to hold 115. Metalore Resources (TSE) director Christopher Brown bought 3,800 shares for $7.12-8.50 to hold 17,313.

MinVen Gold (TSE) director Landon Clay bought 225,000 for US31-43 cents to hold 982,632 directly. An additional 205,000 shares are held by Clay’s three sons.