American Barrick Resources'(TSE) flamboyant Chairman Peter Munk recently showed his colleagues just why he is regarded as the golden boy of the Canadian mining industry.
As revealed by the Ontario Securities Commission’s OSC Bulletin, Munk last month exercised an option to purchase two million Barrick shares at $6.937.
Had Monk elected to sell the shares on Feb. 8, when they were trading at $23.50 in a 52-week range of $18.50-28.25, he would have realized a profit of $33.1 million.
As it stands, Munk controls Barrick through the 28.7-million Horsham Securities shares he now hold. Affliate Horsham (TSE) owns 23.1% of Barrick which in 1990, despite softening gold prices, reported net earnings of US$58.2 million or 45 cents a share.
Other mining insideres who were active in the stock market recently include:
Aur Resources (TSE) director Leo Thibodeau, who sold 2,500 Class A shares for $3.40 to hold 120,834.
Conwest Exploration (TSE) Vice-President William Barnett sold 9,000 share for $12.75 to hold 36,000.
Geddes Resources (TSE) affiliate Cominco (TSE) bought 500,000 shares for $1.264 to hold 5,343,868.
Glamis Gold (TSE) officer Dan Rovig was granted the right to purchse 90,000 options at $2.85.
Goldev Resoures (VSE) director Chet Idziszek bought privately 73,529 shares for 68 cents to hold the same amount and 73,529 warrants. Director Leslie MacConnell bought 20,000 for $1.19 top hold the same number and 65,000 options.
Prime Equities (VSE) director William Campbell bought 100,000 shares privately for $1 to hold 100,000 and 100,000 warrants.
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