INSIDER TRADING (December 30, 1991)

American Barrick Resources (TSE) Vice-President Kenneth Thomas recently earned a substantial profit by exercising options on the Toronto-based gold producer’s stock.

According to the Ontario Securities Commission OSC Bulletin, Thomas exercised an option on 10,000 shares at $15.06 before selling 8,000 for $29.50-29.62 to hold 3,200 shares and 85,000 options. Chief financial officer Gregory Wilkins also sold 2,500 shares for $29.25 to hold 10,000, OSC records show.

Driven by record profits and production primarily from the company’s Goldstrike gold mine in Nevada, American Barrick shares recently hit a high of $31.13 compared to the low of $21.13.

The company is scheduled to produce 700,000 oz. gold this year from six North American mines compared to 596,220 oz. in 1990.

Other mining insiders who were active in the stock market recently include: Agnico-Eagle Mines (TSE) affiliate Mentor Exploration (TSE), which owns more than 10%, bought 88,900 shares for $4-4.70 to hold 2.7 million. Agnico President Paul Penna also bought 20,000 for $5.25-5.38 to hold 345,142. Arimetco International (TSE) Chairman Roy Shipes bought 1,000 shares for $3.55 to hold 7.1 million and sold 5,000 warrants for $2 to hold none. Black Hawk Mining (TSE) Chairman Gordon Bub bought 30,000 shares at 40 cents each for an RRSP to hold 525,369.

Claude Resources (TSE) affiliate BEC International, which owns more than 10%, sold 75,500 shares for $2.80-3.20 to hold 3.2 million.

Glamis Gold (TSE) officer Lorne Anderson sold 22,000 shares for $4.15 to hold none.