The well-known saying that lightning never strikes twice in the same place has obviously escaped the ears of Euro-Nevada Mining (TSE) President Pierre Lassonde. How else could one explain the company’s good fortune in being in the right place at the right time when American Barrick Resources (TSE) hit yet another spectacular intersection recently near its Goldstrike gold mine in Nevada?
Like sister company Franco- Nevada Mining (TSE), which has a royalty interest in Barrick’s (207,000 oz. per year and growing) Goldstrike mine, Euro-Nevada’s key royalty interests are in Carlin, Nev.
As Euro-Nevada’s basket of royalties include the North claim block, one mile north of Goldstrike, where Barrick intersected 120 ft. of 0.406 oz. gold per ton, Euro shares have almost trebled to $9.75 as investors speculate on the implications of such a hole.
Followers of both companies will remember that Franco-Nevada was the beneficiary of an almost identical price swing when Barrick announced in March, 1987, the original intersections that signalled the deep-seated, gold-bearing sulphides beneath its Goldstrike open pit. Shares of Franco-Nevada Mining jumped to $8.38 from $3.38.
As indicated by a recent issue of the Ontario Securities Commission’s Insider Trading Bulletin, Lassonde elected to cash in on Euro- Nevada’s fortunate positioning by selling 50,000 shares for $9.125 to hold 794,420. He holds 23,524 in an RRSP.
Other mining executives who were active recently in the stock market include:
Canamax Resources’ (TSE) affiliate Amax Gold bought 2.4 million shares for $3 to hold 10.4 million.
Deak Resources (TSE) Vice- President George Archibald bought 20,000 shares for between 90 cents and $1.20 to hold 43,167.
Geddes Resources (TSE) Chairman Geddes Webster sold 25,000 shares for $2.34 to hold 420,439.
Greenstone Resources (TSE) President Ian Park exercised 10,000 rights at $4.25 to hold 370,325. Vice-President Bruce Winfield exercised 1,666 rights at $4.25. He was also granted 25,000 options at $4.10 to hold 75,000.
Kingswood Explorations (ASE) President Stephen McIntyre sold 4,000 for 28 cents . He also purchased or received 277,210 shares for 18-30 cents to hold 362,037 and converted a debenture to 26,497 shares at 18 cents .
Noranda (TSE) President (of Minerals group) John Harvey sold 22,335 shares for $24.125-24.625 to hold 36,971.
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