Teddy Bear Valley Mines (COATS) director Herbert Mendel has joined a small group of mining insiders who may benefit financially from any future developments at the Lightning zone gold discovery near Matheson, Ont. Mendel was recently granted the right to purchase for $1.50 each, 50,000 options of Teddy Bear, which owns claims adjacent to the Lightning zone deposit of Noranda (TSE) and Freewest Resources (TSE).
According to the Ontario Securities Commission’s OSC Bulletin, the options were granted in mid- November at about the same time that Freewest President Mackenzie Watson was exercising options on shares of Freewest.
Ross Hoffman, the chairman and majority shareholder at Teddy Bear has not indicated his intentions even though Noranda has already offered to buy him out.
Noranda has already pulled some impressive intersections on the Teddy Bear claims, optioned by Noranda, Freewest and Newmont Mining. Also affected, by virtue of his 28% stake in Card Lake Resources (COATS), could be Card Lake President Paul Zyla.
Card Lake and Teddy Bear are both claiming ownership rights to a group of claims east of the Lightning zone discovery which is estimated to host at least five million tons of 0.20 oz. gold per ton.
Other mining insiders who were active in the stock market recently include:
Claude Resources (TSE) affiliate BEC International (holder of more than 10% of Claude’s issued shares) bought 5,000 shares for $2 to hold 3.4 million.
Geddes Resources (TSE) director Geddes Webster sold 29,000 shares for 90 cents to hold 371,439.
Golden Knight Resources (TSE) director Raymond Cottrell exercised an option on 10,000 shares at $8.75. He later sold the shares for $11.25-11.75.
Societe Miniere Louvem (TSE) officer Alain Taillefer sold 3,000 shares for $5.125 to hold 2,000.
Trimin Resources (TSE) officer Catherine Divito bought 32,500 shares for $1.80 to $2 and sold 33,500 for $1.95-2.10 to hold 3,585.
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