Bronfman’s Claridge wing ups Greenstone interest

The Montreal Bronfman group appears to have offered Greenstone Resources (TSE) a vote of confidence by increasing its stake in the Toronto-based exploration company to 28.3%. A recent issue of the Ontario Securities Commission’s Insider Trading Bulletin shows that Claridge Investments, a company controlled by Charles Bronfman, exercised 213,889 Greenstone rights at $4.25 to hold 1.5 million shares.

The Bronfman group has upped its Greenstone interest at a time when the company is bringing a small, high-grade gold project in Colombia into production. With reserves standing at almost one million tons of grade 0.61 oz. gold per ton, the Oronorte project is expected to produce about 15,000 oz. of the yellow metal this year.

Greenstone has also reported a 36-ft. intersection averaging better than 8% zinc and 0.32 oz. gold at its Tache joint venture in Chibougamau, Que. Bitech (ASE) is the joint venture partner.

Greenstone director Jonathan Kolber also exercised 37,166 rights to hold 260,166 shares. James Raymond, who holds more than 10% of Greenstone, exercised 132,221 rights to hold 1,065,55 shares.

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

ABM Gold (AMEX) director John Gairdner, who purchased 5,000 Class A shares for $3 to hold 340,056.

Audrey Resources (TSE) Guy Hebert sold 50,000 shares privately for $3.25 to hold 704,439.

Aurizon Mines (TSE) President Richard Hughes sold 65,000 shares for 31-41 cents to hold 305,638 indirectly. Director Frank Lang bought 99,500 shares for 30-31 cents to hold 708,263.

Biron Bay Resources (ASE) director Ian McAvity bought 27,500 shares for $1.13 to hold 77,000.

Cambior (TSE) director Claude Arcand exercised rights on 1,000 warrants for $12.50 to hold 1,000.

Corona (TSE) director Peter Brown exercised an option to buy 83,334 Class A shares for $4.875. He also sold 83,334 Corona options for $4.875 to hold 133,334.

Golden Crescent Resources (ASE) director George Nutter bought and sold 15,000 options for 50 cents . He also sold 15,000 shares for $1.06 and bought 10,000 warrants for 70 cents to hold 20,000.

Noranda (TSE) Senior Vice- President Allan Thomas sold 4,500 shares for $23.88-24 to hold 86,500. Peter Green, president of subsidiary Canada Wire and Cable, sold 3,000 Noranda shares for $24 to hold 32,961.

Teck (TSE) Vice-President David Thompson sold 5,000 shares for $26.75 to hold 120,000.