Insider Trading Insiders miss out on Redfern highs

Helped by exploration results at the Tulsequah Chief polymetallic joint venture with Cominco (TSE), shares of Redfern Resources (TSE) recently touched new highs. The issue climbed to $6 after Redfern pulled a wide massive sulphide intersection while drilling to expand reserves at the northern British Columbia project. Reserves now stand at 5.8 million tons grading 1.6% copper, 1.3% lead, 7.0% zinc, 0.08 oz. gold and 2.9 oz. silver per ton.

However, according to a recent issue of the Ontario Securities Commission’s OSC Bulletin, Redfern President John Greig and Secretary- Treasurer Mike Kenyon sold significant portions of their holdings when the shares were trading at a much lower price.

In June, Greig sold 50,900 shares for $3.50-4 to hold 74,100 directly, according to the Ontario Securities Commission’s OSC Bulletin. Greig owns 275,800 shares indirectly through a private holding company and an RRSP.

Kenyon also sold 14,000 shares for $3.70-3.80 to hold 249,700. According to Kenyon, the shares were sold in a bid to pay for options available to the two executives.

Other mining insiders who were active in the stock market recently include:

Golden Star Resources (TSE) President David Fennell, who sold 104,400 shares for between 91 cents and $1.28 to hold 580,420.

MinVen Gold (TSE) director Clay Landon bought 200,000 shares for $1.10 to hold 962,632.

Platinova Resources (TSE) President Robert Gannicott sold 1.5 million shares for $1.25-1.65 to hold 2,995,639.

St. Genevieve Resources (TSE) Chairman Pierre Gauthier sold 100,000 shares for $1.40 to hold 3,106,745.

Wilanour Resources (TSE) Vice-President Robert Faskin bought 5,700 shares for $2.95-3 to hold 339,081.