INSIDER TRADING (November 18, 1991)

Vancouver resource giant Cominco (TSE) recently upped its stake in the Windy Craggy copper-cobalt deposit in northwestern British Columbia by converting Geddes Resources (TSE) warrants into shares.

According to the Ontario Securities Commission OSC Bulletin, Cominco excised 500,000 special warrants which are convertible into units consisting of one share and a warrant entitling the holder to one half of a share. As a result, Cominco now holds 5.8 million Geddes shares representing about 19% of the shares outstanding and 250,000 warrants. Toronto-based Northgate Exploration (TSE) is Geddes’ biggest shareholder with a 39% interest. Other mining insiders who were active in the stock market recently include: Amax Gold (TSE) officer Neil Muncaster, who bought 1,000 shares for $12 to hold the same number.

American Barrick Resources (TSE) director David Davies sold 15,000 shares for $22 to hold 10,000 directly. Chairman Peter Munk sold 100,000 for $28.37 to hold one million and 2.8 million indirectly through Horsham Securities. Black Hawk Mining (TSE) Chairman Gordon Bub bought 83,000 shares for 26-35 to hold 495,369 directly and 260,000 indirectly.

Central Crude (TSE) Chairman Richard Nemis sold 11,718 shares privately for $1.42 to hold 317,763.

Hemlo Gold Mines (TSE) comptroller Michael Proctor was granted the right to purchase 7,000 options for $10 to hold the same number.

Interquest Resources (TSE) affiliate Unison Ltd., which owns more 10%, bought 1.2 million shares privately for 13 to hold six million.

Placer Dome (TSE) officer James Smolik bought 1,000 shares for $13.13 to hold 8,204.