Director Jacques Barbeau is one of several insiders who have sold shares of Glamis Gold (TSE) this year. According to the Ontario Securities Commission’s OSC Bulletin, Barbeau sold 15,000 shares of the junior producer at $5 in late January to hold 15,000.
Glamis recently reached a 52-week high of $7.63 compared to a low of $3. During the first quarter, production from its two heap-leach open pits in California topped 20,500 oz.
In a recent report, Burns Fry rated as severe Glamis’ sensitivity to a proposed royalty of up to 12.5% on U.S. mining operations. The company’s 73-million-ton low-grade reserve lies on public land, and the royalty would increase average cash costs by US$41 per oz. to US$254.
Other transactions completed since the end of January include: Cambior (TSE) — Alexander Bissett, officer, exercised 4,000 options at $7.38 and sold 4,000 shares at $13.63 to hold none.
Glen Auden Resources (TSE) — Thomas Skimming, officer, bought 530,000 at 11 cents and sold 406,000 privately at 12 cents to hold 183,611. Canhorn Mining (TSE) — Contrary to an earlier report (T.N.M., March 15/93), Secretary Michael Coulter exercised 40,000 options, sold 5,000 shares and bought 4,000 shares. Herman Becker-Fluegel, director, exercised 40,000 options at 50 cents.
Minera Rayrock (TSE) — E.G. Thompson, director, exercised 5,000 options at $1.28 and sold 10,000 shares directly and indirectly at $2.35 to hold 14,750. Regal Goldfields (CDN) — Robert Taylor, director, bought 15,200 at $1.85-2.60 and sold 2,000 on the market at $2.40-2.55 and 10,000 privately at $2.50 to hold 53,700.
Royal Oak Mines (TSE) — Witteck Development, holder of more than 10%, sold 125,000 at $3.89-3.90 to hold 2.6 million.
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