Insider Trading Aur, Stikine execs. primed for windfall

Over the past couple of months, mining insiders were busily increasing their exposure to any future developments at the Eskay Creek, B.C., and Louvicourt Twp., Que., exploration projects. Buyers included Exploration Vice-President Don Bubar of Aur Resources (TSE), which is fighting partner Societe Miniere Louvem (TSE) for control of the Louvicourt Twp. massive sulphide discovery.

Bubar recently purchased 10,800 Aur shares for $9.875-10.75 to hold 20,854, according to a recent edition of the Ontario Securities Commission’s Insider Trading Bulletin.

At about the same time, Noranda (TSE) affiliate Noranda Minerals was upping its stake in Louvem by purchasing 420,000 shares privately for $8.10-10.50 to hold 3,724,000.

Also on the buy side was Stikine Resources (TSE) President George Oughtred who picked up 2,750 warrants for $40 to hold 2,750 warrants. He also bought 5,500 shares for $38 and exercised an option on 15,000 shares for $11.25 to hold 45,500 shares indirectly and in an RRSP.

The acquisition proved timely as drilling on Stikine’s 50% owned Eskay Creek property recently included 36.1 ft. of grade 1.72 oz. gold per ton. The property is held jointly with Prime Resources (TSE) which has agreed to merge with Stikine.

Other mining insiders active in the stock market recently include:

Corona (TSE) director John McMillan who exercised an option to buy 178,000 shares for $4.875 to hold 181,580. He also sold 178,000 options to hold no options.

Flanagan McAdam (TSE) director William Barrett bought 10,000 shares for 93 cents to hold 200,000. He also bought 20,000 shares indirectly for 93 cents to hold 34,500.

Goldnev Resources (VSE) director Murray Pezim bought 7,900 shares for $1 to hold 402,380 directly. He also holds 52,800 shares indirectly.

LAC Minerals (TSE) Exploration Vice-President David Molloy bought 1,000 shares for $15 to hold 1,500.

Noranda (TSE) President David Goldman (metallurgical group) bought 52,000 shares under a plan for $19.45 to hold 70,475.