INSIDER TRADING Carnell profits from Ontex shares

Johan Carnell, secretary-treasurer at Ontex Resources (ASE), profited recently after exercising options on shares of the Toronto-based exploration company. According to the Ontario Securities Commission’s OSC Bulletin, Carnell exercised his right to purchase 30,000 shares at 80 cents each before selling 15,000 at $1.69 to hold 35,800. Last December, Ontex shares shot up to $2.90 after the company won a bitter legal battle with Metalore Resources (TSE) for control of the Brookbank gold property in northern Ontario. But as investors wait for Ontex to find a new partner to continue exploration on the property, the shares have slipped to around $1.88. Chairman Sam Fuda says possible suitors have been scared by Metalore’s decision to appeal, but he expects to make an announce-ment within the next couple of weeks. Other mining insiders who were active in the stock market recently include: Aquagold Resources (ASE) director Gary MacKenzie bought 200,000 shares for 12 cents and an additional 50,000 indirectly for an undisclosed price to hold 508,215. Bethlehem Resources (TSE) Secretary Michele Jones was granted the right to purchase 10,000 options for 60 cents to hold 40,000 options. Vice-President Brian Kynoch was also granted 20,000 options for the same price to hold 75,000. Golden Knight Resources (TSE) Assistant Vice-President Gary Jones was granted an option to purchase 20,000 shares for $10.87 to hold 20,000. Jonpol Explorations (TSE) director Ronald Heale exercised an option on 30,000 shares at 45 cents to hold 67,000. Minera Rayrock (TSE) affiliate Rayrock Yellowknife Resources (TSE), which owns over 10%, bought 126,626 series D preferred shares privately for $13 to hold the same number. NovaGold Resources (TSE) Secretary-Treasurer Angus MacIsaac bought 10,000 shares indirectly for 50 cents and sold 8,200 for 51-55 cents to hold 74,099. His wife holds 4,000 shares. Teddy Bear Valley Mines (CDN) Chairman Ross Hofmann sold 10,000 shares privately at an undisclosed price to hold 1.8 million.