INSIDER TRADING Bema shares sold prior to peaking

Results from Bema Gold’s (TSE) optioned Refugio gold property in Chile have made the Vancouver-based gold producer a star performer among smaller Canadian precious metals companies. Its share price reached a new high of $4.40 recently after results from Refugio indicated that reserves in the Verde deposit may be much larger than the company originally thought. The low for this year is $1.15.

According to the Ontario Securities Commission’s OSC Bulletin, director Richard Barclay recently sold a portion of his holdings for considerably less than their current trading price.

During July, the OSC Bulletin shows, Barclay sold 47,000 shares for $2.45-2.89 to hold 597,485 directly.

As reported in The Northern Miner (Aug. 20/90), inferred reserves at Refugio stand at 105 million tons of grade 0.031 oz. gold per ton (including 75 million tons oxide grading 0.030 oz.).

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

Coral Gold (TSE) ex-president Louis Wolfin, who sold 95,500 shares for 42-60 cents to hold 1,563,800.

Euro-Nevada Mining (TSE) director John McOuat exercised an option on 17,500 shares at $3.70. He later sold 15,000 shares for $15.50 to hold 2,500.

Louvem Mines (TSE) Vice- President Jean DePatie exercised an option on 10,000 shares at $2.52 before selling them for $6 to close out his direct holdings.

Madeleine Mines’ (TSE) George Kaiser, holder of more than 10% of the voting shares, bought 31,500 shares for $6.75 to hold 1,053,480.

Redfern Resources (TSE) Chairman John Greig sold 6,500 shares for $3.90. He also bought 25,000 shares for $5-5.125 to hold 92,600 shares directly. Greig also owns 275,800 shares indirectly through a private holding company and an RRSP.