INSIDER TRADING M.I.M ups Granges interest to 34.2%

M.I.M Holdings (Canada), a unit of Australian mining company M.I.M Holdings, recently increased its stake in Granges (TSE) to approximately 34.2% from 32.5%. According to the Ontario Securities Commission’s OSC Bulletin, the Australian company purchased 597,300 Granges shares for $1.414 each to hold 11.6 million shares.

Since the purchase was completed, the discovery of a new high- grade zone of zinc-copper-gold mineralization was reported at Granges’ 29% owned Trout Lake polymetallic mine in Manitoba. Operator Hudson Bay Mining (TSE) said it is very pleased with the assay results which included 18 ft. of grade 22.8% zinc, 8.07% copper, 0.18 oz. gold and 1.72 oz. silver per ton.

Mineralization was intersected at a depth of about 3,280 ft., or 984 ft., below the bottom of the mine shaft. Among its other interests, M.I.M. has a significant stake in Nunachiaq Inc., which controls Vancouver-based Cominco (TSE).

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

Deak Resources (TSE) Chairman Malcolm Slack, who bought 525,179 shares privately for 0.422-59 cents through Junior Mines Services to hold 530,179 indirectly.

Dickenson Mines (TSE) President David Libby was granted 20,000 options at an exercise price of $5 to hold 20,000.

Dundee Capital (TSE) officer and director Garth MacRae bought 100,000 common shares privately for $6.71 to hold 176,075. He also acquired 19,018 warrants for an undisclosed price.

T & H Resources (TSE) director Murray Cooper sold 123,000 shares for 18 cents to hold 8,750.