INSIDER TRADING Sherritt officers invest in company

Two members of the dissident group that recently won control of Sherritt Gordon (TSE) recently emerged with a significant position in the Edmonton-based fertilizer and specialty metals manufacturer. According to the Ontario Securities Commission’s OSC Bulletin, Sherritt’s new Chairman Ian Delaney and President Bruce Walter each bought 25,000 shares at $5.625 to hold 87,500 shares each indirectly.

They were each granted the right to buy 450,000 options for $6.125 indirectly through private company Canada Shergor Enterprises.

Almost four months after the Delaney Walter group won a proxy battle for control of Sherritt, shares of the company are trading at $6.75 in a 52-week range of $5 1/4-11.

Prior to winning shareholder approval for the takeover, the two executives criticized Sherritt’s old board members for not investing enough of their own money in the company. Top priority for Sherritt this year is securing enough nickel feed to keep its Ft. Saskatchewan, Alta., refinery running at full speed.

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

Golden Knight Resources (TSE) Vice-Chairman Norman Keevil sold 30,000 shares for $11-11.625 to hold none.

Goldex Mines (TSE) affiliate Agnico-Eagle Mines (TSE) bought 122,100 shares for $2.61 to hold 3.7 million.

Madeleine Mines’ (TSE) shareholder George Kaiser, who holds more than 10% of the company’s shares, bought 109,800 shares for $4-4.50 to hold 1.3 million.

Newhawk Gold Mines (TSE) affiliate Corona (TSE) bought 109,090 shares for $2.75 to hold 5.6 million.

Noranda’s (TSE) manager of lead and zinc services, Allan Thomas, was granted the right to purchase 24,800 put options for $14.50 to hold 24,800.

Royal Oak Resources (TSE) officer Ross Burns bought 25,000 shares for 82-90 cents to hold 34,000. President Margaret Witte bought 1.27 million indirectly for 85 cents to $1 through Witteck Developments to hold 4.3 million. Witte also bought 628,750 Royal Oak warrants indirectly.