INSIDER TRADING — Golden Rule directors sell shares in late 1996 and early 1997

Directors and senior officers at Golden Rule Resources (GNU-T) were active in the market in the closing months of 1996 and the beginning of 1997, according to the Ontario Securities Commission.

G.A. Devonshire, director, exercised 50,000 options at $2.05 and sold 70,000 shares at $3.05-4.25 to hold 97,350 shares directly and 29,800 through Devonshire and Associates, and received 30,000 options to hold 313,600 options, all directly. G.H. Harper, director, sold 37,000 shares at $2.55-2.60 and 5,000 shares privately at $2.05 to hold 1.7 million shares.

R.G. Ingram, director, sold 91,500 shares at $2.34-3.15 to hold 98,700 shares. B.M. O’Neill, senior officer, exercised 20,000 options at $2.05 and sold 15,000 shares at $3.05 to hold 5,000 shares and no options.

Other insider transactions during the period Dec. 13, 1996, to Feb. 14, 1997, include the following:

* Adex Mining (AMG-T) — W.B. Burton, director, sold 358,434 shares at 57-58 cents to hold 582,011 shares directly and 70,000 through 1979447 N.S. Ltd.

* Adrian Resources (ADL-V) — Chet Idzisek, director, bought 47,900 shares at $1.90-2.10 to hold 557,800 shares.

* America Mineral Fields (AMZ-T) — J.R. Boulle, major shareholder, bought 150,000 shares at $3.50 to hold 11.4 million shares.

* Armistice Resources (ACI-M) — B.P. Davidson, director, sold 69,000 shares at 66 cents-$1.03 to hold 1.2 million shares directly and 5,100 through Susan Davidson.

* Aur Resources (AUR-T) — J.W. Gill, director, acquired 66,666 shares at $6.75 in an unspecified transaction to hold 566,666 shares.

* Aurizon Mines (ARZ-T) — B.S. Moorhouse, director, sold 12,900 shares at $1.23 through Vega Management, to hold 84,200 shares directly. I.S. Walton, director, bought 9,200 shares at $1.20 to hold 259,500; Mary Walton bought 33,200 shares at $1.22 to hold 86,700.

* Band-Ore Resources (BAN-T) — R.B. Durham, director, sold 15,800 shares at $9.25-9.80 to hold 218,700 shares, and sold 20,000 warrants at 30 cents to hold 238,700 warrants.

* BMR Gold (BGL-T) — F.R. Varseveld, director, bought 47,500 shares at 24-25 cents and 300,000 shares privately at 30 cents to hold 904,404 shares directly, 36,000 shares through a registered retirement savings plan, and 90,070 shares through Vantree Management; other holdings include 554,000 options and 2 million warrants.

* Bre-X Minerals (BXM-T) — P.M. Kavanagh, director, disposed of 11,500 shares as a gift to hold 1.3 million shares.

* Diadem Resources (DIR-M) — Derek Bartlett, director, bought 2,000 shares at $5-5.20 through B.C. 462562 Inc. to hold 5,700 shares through the numbered company and 64,750 through Margaret Bartlett. A.C.A. Howe, director, bought 10,000 shares at $5-5.15 to hold 1.2 million shares.

* Euro-Nevada Mining (EN-T) — FMR Corp., major shareholder, bought 85,700 shares at $26.78-28.42 and sold 64,500 shares at $25.01-28.17 to hold 4.8 million shares.

* Goldcorp (G-T) — R.R. McEwen, director, bought 20,000 shares at $11.98 to hold 95,600 shares.

* Greater Lenora Reosurces (GEN-T) — R.J. Kasner, director, 33,500 shares at 80-84 cents to hold 375,318 directly, 121,670 through R.J. Kasner Company, and 1.2 million through RJK Explorations.

* Inco (N-T) — D.S. Small, deemed an insider, exercised 4,000 options at US$30 and sold 4,000 shares at US$35 to hold 75 shares. A.J. Glover, deemed an insider, exercised 3,000 options at US$30 and sold 3,000 shares at $33.75 to hold 359 shares.

* Indocan Resources (IDCN-C) — R.P. Salna, director, disposed of 230,000 shares in an unspecified transaction to hold 359,181.

* Indochina Goldfields (ING-T) — Robertson Stephens & Co., a major shareholder, bought 1.9 million shares at US$6.63-7.83 and sold 40,000 shares at US$8.35-11.70 to hold 8.2 million shares. Four insiders (directors R.M.

Friedland and R.E. Flood, senior officer Eric Edwards, and David Carter, director of an affiliate) acquired shares at $12.60-16 under a registered plan.

* International Skyline Gold (ISC-T) — R.J. Litnosky, senior officer, exercised 50,000 options at 46 cents to hold 50,000 shares. D.A. Yeager, senior officer, exercised 30,000 options at 45-65 cents and sold 27,000 shares to hold 68,800 shares.

* Laramide Resources (LAM-T) — A.F. Reeve, director, sold 10,000 shares at $1.42-1.47 to hold 205,500 shares.

* Madsen Gold (MGF-T) — J.H. Morlock, director, bought 6,750 shares at $2.70 and 1,500 flow-through shares at $3, and received 100,000 options to hold 2.2 million shares and 2.2 million options.

* Manhattan Minerals (MAN-V) — Peter Tegart, director, sold 10,000 shares at $11.07-11.84 to hold 367,550 shares.

* Minefinders (MFL-T) — M.H. Bailey, director, bought 16,000 shares at $2.50-2.95 to hold 62,500 shares.

* Northfield Minerals (NFM-T) — R.D. Cudney, director, sold 11,500 shares at $1.72 to hold 106,200 shares. N.A. Kindwall, director, disposed of 50,000 shares in an unspecified transaction and bought 10,000 shares at $1.69 to hold 1.5 million shares. T.G. Larsen, director, bought 29,600 shares at $1.63-1.84 and sold 37,000 shares at $1.70-1.88 to hold 338,933 shares.

* NovaGold Resources (NRI-T) — NovaGold Finance, a subsidiary company, sold 315,500 shares at 23-26 cents to hold 7 million shares.

* Prospectors’ Alliance (PALL-C) — J.D. Harvey, director, exercised 333,334 rights at 60 cents to hold 2.3 million shares. J.C. Bonhomme, director, disposed of 20,000 shares as a gift to hold 2.1 million shares.

* Rio Narcea Gold Mines (RNG-T) — Hugh Snyder, director, acquired 10,000 shares in an unspecified transaction at $3.75 to hold 10,000 shares.

* Santa Cruz Gold (SCG-T) — Douglas Martin, director, was granted 300,000 options, exercised 150,000 options and sold 30,000 shares at $1.20 to hold 245,000 shares and 300,000 options.

* Star Resources (SRR-T) — D.J. Husby, director, exercised 500,000 warrants at 30 cents, was granted another 500,000 warrants, and sold 593,500 shares at 71-97 cents to hold 344,198 shares and 500,000 warrants.

* Sudbury Contact Mines (SUD-T) — Agnico-Eagle Mines, an affiliate, bought 23,990 shares at $9.45-9.50 to hold 4.2 million shares. Sean Boyd, senior officer, exercised 2,500 options at $1.25 and sold 2,500 shares at $9.75-10 to hold no shares.

* Sutton Resources (STT-V) — Barbara Sinclair, major shareholder, sold 11,000 shares at US$11.75-11.88 to hold 956,050 shares indirectly and 525,692 directly. J.M. Kenyon, director, bought 2,000 shares at $13 to hold 26,658 shares directly, bought 1,000 shares through a trust account for Drew Kenyon, to hold 1,000 shares in trust, and held 350,125 shares through JMK Holdings.

* Tenke Mining (TNK-T) — A.H. Lundin, director, was issued 3.8 million shares to hold 3.8 million.

* TVI Pacific (TVI-T) — FMR Corp., major shareholder, bought 50,000 shares at US99 cents and sold 76,100 shares at US91 cents to hold 11.3 million shares. C.M. James, director, sold 25,000 shares at $1.24-1.25 to hold 689,746 shares.

* Vedron Gold (VDGI-C) — Geordie Trusler, director, bought 50,000 shares at 78-82 cents to hold 674,497 shares. Timothy Campbell, senior officer, bought 2,500 shares on the market at an unspecified price to hold 2,500 shares.

* William Resources (WIM-T) — Risto Laamanen, director, sold 30,000 shares at $1.30-1.40 to hold 799,824 shares.

* Yamana Resources (YRI-T) — Richard Walters, director, sold 10,000 shares at $4.75 to hold 707,320 shares.

South of the border

U.S. insider trading reported in December 1996 and January 1997 included: * Cyprus Amax Minerals (CYM-N) — P.C. Wolf, senior officer, sold 10,215 shares at US$23 to hold 53,586 shares (directly and indirectly).

* Freeport-McMoRan Copper & Gold (FCX-N) — R.W. Bruce, director, sold 100,000 Class B shares at US$29.13 to hold 180,500 Class A and 168,404 Class B shares.

* Phelps Dodge (PD-N) — J.S. Whisler, director, exercised 34,814 options at US$46.31 and sold 29,123 shares at US$68.63 to hold 69,919 shares, all indirectly. D.C. Yearley, director, exercised 80,388 options at US$44.19-51.56 and sold 80,135 shares at US$72.38-72.75 to hold 113,216 shares.

* Royal Gold (RGLD-Q) — P.B. Babin, senior officer, exercised 15,000 options at US13 cents to hold 155,250 shares. K.P. Gross, senior officer, exercised 15,000 options at US13 cents to hold 34,650 shares. T.A. Loucks, senior officer, exercised 15,000 options at US13 cents to hold 162,278 shares. J.W.

Stuckert, director, exercised 5,000 options at US$2.19-4 to hold 1.5 million shares.