Insider Trading Rayrock President misses out on Greenland action

Back in November, Danish newspaper reports that Corona and Platinova had discovered the next motherlode on Greenland’s eastern coastline drove the price of Platinova shares up to over $2.

But according to the Ontario Securities Commission’s Insider Trading Bulletin, Crombie sold 40,000 Platinova shares for $1.35- 1.60 before the newspaper reports were published.

After executives at both Platinova and Corona said that the newspaper reports were greatly exaggerated, Platinova shares slipped back to their current trading level of $1.50. Rayrock could benefit from any future successes at Platinova’s Skaergaard project by virtue of its ownership of two million of Platinova’s 26 million outstanding shares. So, too, could Crombie, who as a Platinova director, still holds 19,500 shares.

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

Aurizon Mines (TSE) director Frank Lang bought 100,000 shares for 53 cents to hold 100,000.

Bitech Corp. (ASE) President James Wade sold 100,000 shares for 35 cents through Pamiba Estates to hold 2,776,899 indirectly.

Cambior Inc. (TSE) director Alan Golden sold 2,000 warrants to hold none. He also bought 2,000 shares for $12.50 to hold 2,000.

Coin Lake Gold Mines (TSE) director Christian Von Hessert sold 5,700 shares for $1.25-1.30. He also bought 36,081 shares for $1.10-1.15.

Corona Corp. (TSE) former president (of Mascot Gold Mines which was merged into Corona in 1988) Henry Ewanchuk sold 12,028 shares for $9.875-10 to hold 16,289.

Echo Bay Mines (TSE) director Richard Kraus exercised options to purchase 23,000 shares for $8.50 and $14.87. He also sold 15,809 shares for an undisclosed price to hold 70,653.

Euro-Nevada Mines (TSE) director Craig Hasse was given the option to purchase 25,000 shares for $1.05. He holds 72,000.

Geddes Resources (TSE) director John Kostuik bought 2,000 shares for $2.40 to hold 2,000. Director Alan Savage also bought 25,000 shares for $1.18. Savage sold 25,000 shares for $2.10-2.56 to hold none.

Golden Crescent Resources (ASE) director William Dickie bought 18,400 shares for between 70 cents and $1.07. He also sold 5,000 shares for $1.28 to hold 666,566 directly and 25,000 indirectly. Director Donald Rankin bought 40,000 shares for 30 cents and sold 64,300 for between 95 cents and $1.30 to hold 25,700.

Golden Knight Resources’ (TSE) Gary Jones, assistant vice- president of operations, sold 20,000 shares for $7.75-8.87 to hold none. He was also given an option to purchase 20,000 additional shares at an undisclosed price.

Hemlo Gold Mines (TSE) Vice- President and Treasurer Wilson Barbour sold 1,000 shares for $18.875 to hold 25,000. North American Rare Minerals (ME) director Robert Crancer sold 12,000 shares for 26 cents to hold 44,500.

Pamorex Minerals Inc. (TSE) Exploration Vice-President Barry Simmons bought 4,000 shares for 40 cents to hold 4,000.

Platinova Resources (TSE) director David Thomas also sold 45,000 shares for $1.50-2.14 to hold 2,400,402 indirectly through Anglo-Celtic Exploration.

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