INSIDER TRADING — Attenborough bails out of Canhorn

Assistant Secretary Bruce Attenborough sold his holdings in Canhorn Mining (TSE) at the end of December, when the stock was trading at 5-year highs on speculation over a diamond concession in Africa.

According to the Ontario Securities Commission’s OSC Bulletin, Attenborough took a $134,885 profit when he exercised 40,000 options at 50 cents and sold 40,000 shares at $3.60-4.25 to hold none.

Canhorn has a 10% interest in United Reef Petroleums, which sparked investors’ imagination when it announced the recovery of 32 diamonds from its Bamingui concession in the Central African Republic.

Canhorn, trading as low as 10 cents earlier in the year, hit a high of $4.30 on the news. Since United Reef representatives returned to Africa in January to launch a follow-up program, Canhorn has fallen to $1.30.

Other Canhorn insiders active at the time included: Michael Coulter, secretary, who exercised 40,000 options at 50 cents to hold 40,000 shares; Marilyn Turner, assistant secretary, who exercised 40,000 options at 50 cents and sold 10,000 shares to hold 30,004; James Wigley, director, who exercised 40,000 options at 50 cents and sold 4,000 shares at $3.60 to hold 36,000. Other transactions completed in December, 1992, and January, 1993, include: American Barrick Resources (TSE) — Marshall Cohen, director, exercised 50,000 options at $12.63 and sold 50,000 shares at $37.88 to hold none. Black Hawk Mining (TSE) — Thomas Komlos, director, sold 100,000 at 35-41 cents to hold none.

Cliff Resources (TSE) — Garfield Last, deputy chairman, sold 13.8 million at a penny to hold 363,164.

Corner Bay Minerals (TSE) — George Holbrook, holder of more than 10%, sold 350,000 privately at 28 cents and 25,000 on the market at 34 cents to hold 103,085 indirectly.

Dundee-Palliser Resources (TSE) — Richard Brissenden, director, bought 100,000 at 25 cents to hold 210,000.

SouthernEra Resources (TSE) — Lee Barker, director, was granted 100,000 options at $2.29 to hold 180,100.

T&H Resources (TSE) — John Pollock, president, bought 2,000 at 10 cents and sold 127,000 at 15-53 cents to hold 628,100 indirectly, 187,725 directly and 250,000 in an RRSP.