INSIDER TRADING (August 05, 1991)

Ivanhoe Capital, a holding company controlled by Vancouver promoter Robert Friedland, recently sold a significant portion of its Fairbanks Gold (VSE) shares.

Last month, Ivanhoe, which owns approximately 54% of Fairbanks Gold, sold 100,000 shares privately for $6.50 to hold 4.8 million, according to the Ontario Securities Commission OSC Bulletin.

Fairbanks is currently negotiating to sell its 11 million issued shares to a major mining company willing to finance development of its 220-million-ton (grading 0.024 oz. per ton) Fort Knox gold project in Alaska. The shares were trading recently at around $7.

Other mining insiders who were active in the stock market recently include: Cominco (TSE) director Norman Keevil sold 7,000 shares for $21-25.12 to hold none.

Deak Resources (TSE) Chairman Malcolm Slack exercised an option to purchase 100,000 shares for 29 cents to hold 331,700 in an RRSP.

Echo Bay Mines (TSE) Executive Vice-President Richard Kraus sold 10,000 shares for US$10 to hold 30,000.

Freewest Resources (TSE) affiliate Noranda Minerals, previously an owner of more than 10%, bought 134,939 shares for $4 each to hold just over one million. Noranda’s interest has since been sold to Hemlo Gold Mines (TSE). Metalore Resources (TSE) director Christopher Brown bought 3,100 shares for $7.50-9.00 to hold 9,813.

Ontex Resources (ASE) director (of an affiliate which owns more than 10%) Marilena Fuda sold 133,000 shares privately for 91 cents-$1.15 to hold 517,550.