INSIDER TRADING Agnico ups interest in Goldex to 30%

Toronto-based gold producer Agnico-Eagle Mines (TSE) recently increased its exposure to any new developments at a Val d’Or, Que., exploration property held by affiliate Goldex Mines (TSE). According to a recent Ontario Securities Commission’s OSC Bulletin, Agnico bought 49,600 shares of Goldex between May and July at $2.90-3.55. As a result, Agnico now holds over 3.1 million Goldex shares representing a 30% interest.

Goldex and Ormico Exploration (ME) are set to resume exploration soon at the Goldex Extension GE zone near Val d’Or where some wide, low-grade intersections were reported this spring.

GE is one of several stacked zones on the Ormico property and it was recently tested from a drift on the 1250 level of Goldex’ Dubuisson Twp. claims which are known to contain a pod-like zone containing 857,510 tons of grade 0.073 oz. gold per ton.

An Agnico spokesman said the Goldex shares were purchased for investment purposes only.

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

Continental Gold (VSE) Chairman Robert Hunter bought 150,000 shares for $8.50. He also sold 7,000 shares for $11.825-13.50. In two other transactions, Hunter bought 200 shares for $14.125-14.75 and sold 4,000 privately for $8.50 to hold 1,086,235. Ronald Thiessen, a former Continental Gold director, sold 4,000 shares for $13.50-14.375 to hold 6,500.

Eden Roc Minerals’ (ASE) director Norm Brewster sold 20,000 shares for 50-55 cents to hold 73,770.

St. Genevieve Resources (TSE) Chairman Pierre Gauthier sold 50,000 shares for $1.72 to hold 3,056,745 directly. He also sold 12,510 shares via a private numbered company to hold 134,690 indirectly.