Insider Trading (May 27, 1991)

Redfern Resources (TSE) Co-Chairman George Fink and director Murray Pyke recently demonstrated an astute sense of timing by selling part of their holdings in the Vancouver-based explorer.

According to the Ontario Securities Commission’s OSC Bulletin, Fink sold 8,000 shares last month for $4.55-4.75 to hold 15,400. At the same time, Pyke sold 3,900 shares for $4.50-4.70 to hold 8,000. The sale proved timely as Redfern shares have since dipped to $4 in a range of $2.51-8.88.

Redfern is noted for its Tulsequah Chief massive sulphide joint venture with Cominco in British Columbia where preliminary reserves stand at 5.8 million tons of grade 1.6% copper, 1.31% lead, 7.02% zinc, 0.08 oz. gold and 2.94 oz. silver per ton. The company recently granted Teck an option to earn a 60% stake in Redfern’s 35% owned Buck epithermal gold property in Oregon.

Other mining insiders who were active in the stock market recently include:

Arimetco International (TSE) affiliate Conwest Exploration (TSE) which beneficially owns more than 10% of the company’s shares, sold 105,000 shares for $3.30-4.45. Conwest also exercised an option to purchase 175,000 shares for $1.75 to hold 1.8 million shares and 575,000 options.

Aur Resources (TSE) officer Don Bubar exercised an option on 20,000 shares at $1.52 before selling all of them for $4.10 to hold 13,200. Director William Kennedy sold 10,000 for $4.10-4.25 to hold 4,000.

Canuc Resources (TSE) insider Peter Golffing, who beneficially owns more than 10% of the company’s shares, sold 2.9 million shares for 1-2 cents to close out his holdings.

Carlin Gold (ASE) insider Harold Loewenstine purchased 500,000 warrants plus the same number of shares for 30 cents to hold 500,000 of each.

Euro-Nevada Mining (TSE) director Craig Hasse exercised an option to purchase 50,000 shares for $3.75. He also sold 14,650 shares at $12.94 to hold 107,350.

Greenstone Resources (TSE) President Ian Park and director Rob Raymond were granted the right to purchase 20,000 options for $3 to hold 20,000 and 180,000 respectively.

Minerex Resources (TSE) affiliate Canada Tungsten Mining (TSE), which beneficially owns more than 10% of the company’s shares, bought 64,500 shares for 27-30 cents to hold 5.4 million.

QPX Minerals (TSE) issued 13.1 million shares to Rea Gold (TSE) under Rea’s takeover bid for the company.

Timmins Nickel (TSE) Treasurer James Fairbairn exercised an option to purchase 100,000 shares for 69 cents. He later sold 82,200 shares for $1.09 to hold 41,550. Director Michael Ross sold 10,500 for $1.05 to hold 856,750.

Treminco Resources (TSE) insider Munday Home Sales, which owns more than 10% of the company’s shares, bought 728,500 shares privately for 25-38 cents to hold the same number.

VSM Exploration (TSE) insider Gilles Tremblay sold 12,700 shares for $1.10-1.25 to hold 32,025.

Wharf Resources (TSE) affiliate CSA Management, whose subsidiary Goldcorp Investments (TSE) owns over 10% of the company’s shares, bought 948,100 shares for $6-6.25 to hold 2.8 million.