INSIDER TRADING (October 07, 1991)

The fluctuating price of Metalore Resources (TSE) shares recently presented director Christopher Brown with an opportunity to profit.

According to Ontario Securities Commission’s OSC Bulletin, Brown bought 4,600 shares in August for $11. During the same month he also sold 1,300 shares for $12-12.37 to hold 10,713.

Back in December, when an Ontario Court judge awarded Metalore’s Brookbank gold claims near Beardmore, Ont., to Ontex Resources (ASE), the Metalore issue plummeted $6.50 to a low of $3.50. But the tightly held shares (33% of 1.7 million issued are held by President George Chilian) have since recovered to trade at $10.50 in a 52-week range of $3.50 and $16.50.

Other mining insiders who were active in the stock market recently include: BMR Gold (TSE) Senior Vice-President Milton Zink, who exercised options on 19,000 shares at 80 cents before selling 5,300 for $1.04-1.10 to hold 130,500 shares and 148,000 options.

Equinox Resources (TSE) officer and director Graham Scott sold 15,000 shares for $2.55 to hold 72,100. Director John Wright’s wife Jane sold 3,500 shares for $2.70 to hold 6,500.

Hemlo Gold Mines (TSE) director Frank Lang sold 10,000 shares for $9.87-9.75 to hold 69,485 shares indirectly and 117,936 options.

Societe Miniere Louvem (TSE) affiliate St. Genevieve Resources (TSE), which owns more than 10%, bought 9,800 shares for US$4.02 to hold 3.9 million. TVX Gold (TSE) director Nigel Lees sold 18,800 shares indirectly for $4.25-4.40 to hold 470,666.