Glencairn insider bets on diamonds

Glencairn Exploration (ASE) director Robert Peereboom has been positioning himself to take advantage of any developments relating to the company’s Brazilian diamond and Ontario gold projects. Having obtained the necessary financing to earn a 50% stake in the Feiju Cru diamond property, Glencairn says production will start at the 240-cubic-metre-per-day operation in May.

Mining will begin from an area near a test pit where bulk sampling yielded 669.69 carats of diamonds for an average grade of 1.24 carats per cubic metre. About 80% of the diamonds are gem quality, selling for US$125 per carat.

At the company’s Goodfish gold property near Kirkland Lake, Ont., partner International Platinum (TSE) intersected 90 ft. of grade 0.26 oz. gold per ton; exploration is on hold pending future financing.

Back in February, before International Platinum obtained an option to earn a 50% stake in the Goodfish project, Peereboom exercised his right to buy 45,000 Glencairn shares for 33 cents each to hold 482,001. According to a recent issue of the Ontario Securities Commission’s Insider Trading Bulletin, Peereboom also bought 75,000 options. Last week, Glencairn common shares were trading at around $1 on the Alberta exchange.

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

Bema Gold (TSE) director Ian Johnson who sold 4,000 shares for $3-3.30 to hold 434,050.

Dickenson Mines (TSE) director Michael Walsh bought 2,000 shares for $6.125 to hold 2,000.

Greenstone Resources (TSE) Vice-President Bruce Winfield sold 2,600 shares for $5.50-6.625 to hold 8,566.

NovaGold Resources (TSE) Secretary Angus MacIsaac sold 29,000 shares indirectly for $1.47 to hold 89,199 indirectly. He also holds 763,837 shares directly. Director William Young sold 13,000 shares for $1.40-1.50 to hold 80,645.

Tyranex Gold (COATS) Northfield Minerals bought 80,000 Tyranex shares for 50 cents to hold 80,000.

James Raymond, former president of Montreal-based Claridge Investments, says he recently received 208,264 common shares of Greenstone Resources (TSE). Raymond now holds about 1.3 million Greenstone common shares representing about 12.2% of the 10.5 million shares outstanding.