INSIDER TRADING MinVen director adds to holdings

Judging by his recent purchase of MinVen Gold (TSE) shares, director Landon Clay is obviously bullish on the prospects for both MinVen and the price of gold. According to a recent edition of the Ontario Securities Commission’s OSC Bulletin, Clay purchased 255,000 MinVen shares for US$1.19-1.38. The share acquisition, completed June 15, brought his direct holdings in the Colorado- based gold producer to 762,632 shares.

MinVen’s share of production last year from five U.S. and Canadian gold mines was 98,858 oz. gold and 201,603 oz. silver. However, the company is planning to sell its 33% stake in the Golden Reward mine in South Dakota to reduce debt and to finance the development of other projects including the Stibnite mine in British Columbia.

Clay, who recently became a MinVen director, is chairman and chief executive officer of Eaton Vance Corp., a Boston mutual fund company. According to MinVen Vice-President George Ireland, the purchase was in keeping with Clay’s intention to maintain a large position in the Colorado company.

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

Euro-Nevada Mining (TSE) President Pierre Lassonde who sold 10,000 shares for $14.125 to hold 784,420 shares.

Jonpol Explorations (TSE) President John Pollock sold 125,000 shares for 51-65 cents to hold 108,200 shares indirectly through J.P. Management and Jonpol Investments. He also holds 163,500 shares in an RRSP.

NovaGold Resources (TSE) President Gerald McConnell sold 10,000 shares for $1 to hold 496,626.

Stikine Resources (TSE) director Ronald Netolitzky sold 3,100 shares for $61.50-69.875 to hold 246,500.