Insider Trading — Former executive of Placer Dome exercises

When the shares of Placer Dome (TSE) were rising steadily last month, officer and director Peter Crossgrove sold a large portion of his holdings.

According to the Ontario Securities Commission’s OSC Bulletin, Crossgrove exercised 40,000 options at $12.88 and sold 126,000 at $14.63-16.13 to hold 20,000.

Before the appointment of John Willson as president of Placer Dome, Crossgrove was considered a prime contender for the job. He has since resigned as vice-chairman and will not be standing for re-election as a director at Placer’s annual meeting in May.

Placer shares recently reached the $16-18 range on optimism about the company’s growth prospects. The gold miner, which made US$111 million profit in 1992, has a promising new gold prospect in Venezuela and has announced mining plans for its Pipeline gold deposit in Nevada.

In other transactions completed recently:

Canhorn Mining (TSE) — Robert Reese, director, exercised 40,000 options at 50 cents and sold 13,000 at $1.50-1.85 to hold 27,000. James Wigley, director, sold 12,000 at $3.05 to hold 24,000.

Deak Resources (TSE) — Frank Smeenk, director, was granted and exercised 275,000 options at 27 cents to hold 635,948 shares directly and 1.03 million shares indirectly.

Freewest Resources (TSE) — Hemlo Gold Mines, holder of more than 10%, bought 101,407 privately at $2.11 to hold 1.77 million.

Lytton Minerals (TSE) — Raymond Davies, officer and director, exercised 50,000 options at 31 cents and sold 50,000 shares at $2.03-2.10 to hold none. Peat Resources (CDN) — La Prairie Ltd., holder of more than 10%, sold 130,000 privately at 20 cents to hold 1.4 million.

Regal Goldfields (CDN) — Robert Taylor, director, bought 10,000 at $1.70-2 to hold 77,500.

Tyler Resources (TSE) — Larry Lahusen, officer and director, exercised 325,000 options at 28-46 cents and sold 325,000 at 58-61 cents to hold 440,000.

Tyranex Gold (CDN) — Gregory Bailey, director, exercised 60,000 options at 25 cents and sold 60,000 on the market at 25.5 cents and 220,000 privately at 20 cents to hold 133,000 directly and 246,600 indirectly.