A small group of Dayton Developments (TSE) directors were recently positioning themselves to cash in on any future increases in the Vancouver company’s share price. Back in mid-December, after engineering firm Bechtel Corp. finished a 179,000-ft. drill program on Dayton’s Andacollo heap leach gold project in Chile, the shares jumped by 44 cents to $2.20. As Bechtel revealed that the project could operate profitably at 12,000 tons per day, the shares rose to $2.35 compared with their 52-week range of $3.35 and $1.40.
According to the Ontario Securities Commission’s OSC Bulletin, director Thomas Hawkins was granted the right to purchase 15,000 options for $1.80 to hold the same number. On the same day, directors John Jackson and Kamel Lazaar both exercised an option on 45,000 shares at $1.25 to hold 75,000 and 60,000 respectively. They hold 15,000 options each.
With a phase one feasibility study now complete, minable reserves at Andacollo are estimated to be 22.8 million tons grading 0.036 oz. gold per ton. Production is expected to reach 109,500 oz. annually for the first five years with recoveries of 72.7%.
Other mining insiders who were active in the stock market recently include: Cornucopia Resources (VSE) director David Jennings, who bought 40,000 shares for 60 cents to hold 40,000 directly.
Glamis Gold (TSE) director Frederick Maycock sold 28,200 shares for $3.30 to hold 100,000. He was exercised an option to purchase 50,000 shares for $1.25.
Glencairn Explorations (ASE) director Robert Peereboom sold 100,000 common shares for 25 cents. He also bought 23,000 options for 19 cents to hold 735,001 options.
Noranda (TSE) senior officer Bruce Bone was granted the right to purchase 10,300 call options for $14.50 to hold 12,750.
Pegasus Gold (TSE) director Norman Lindsay exercised an option to purchase 12,000 shares for $9.875 to hold 12,520.
Rouyn Mining Resources (TSE) President Jean-Guy Rivard bought 29,500 shares for 60 cents each to hold 464,086. He also holds 300,000 shares indirectly through Les Investissements Lallo.
Royal Oak Resources (TSE) President Margaret Witte bought 13,000 shares indirectly through Witteck Developments to hold 4.3 million.
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