Insider Trading Wolfin sells portion of Coral Gold shares

Louis Wolfin, president of Vancouver-based Coral Gold (VSE), recently unloaded a significant amount of his direct and indirectly held Coral shares. But with slightly less than two million shares still in hand, Wolfin can feel the effects from any developments at the company’s Robertson gold mine property in northern Nevada. While Coral has had trouble operating the small heap leach mine Amax Gold (TSE) recently commenced deep drilling on the property to look for deep-seated gold deposits below the project’s oxide (reserves) cap.

Amax will spend about US$1 million on this process as part of its agreement to earn a 70% stake in the property.

To earn the interest, Amax must spend US$11.5 million on a 4- phase exploration and development program and complete a bankable feasibility study. It must also arrange project financing.

The agreement was signed in March, about a month before Wolfin sold 14,200 shares at prices of $1.40-1.75. According to a recent issue of the Ontario Securities Commission’s Insider Trading Bulletin, Wolfin still holds 1,748,000 Coral shares directly plus an additional 78,800 through Frobisher Securities.

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

Corona (TSE) President Peter Steen exercised warrants to purchase 12,500 Class A shares for $7.014 to hold 350,615 directly. He also acquired 1,459 shares for $10.277 and sold 2,500 warrants to hold 127,100 in trust.

Golden Knight Resources (TSE) vice-chairman Brian Keevil who exercised an option to buy 15,000 shares for $8.75 which he then sold for $14.38-14.50 to hold 5,000. He also holds 15,000 options.

Golden Crescent Resources (ASE) director William Dickie sold 14,000 shares to hold 770,066 directly and 25,000 indirectly. President Vance White sold 12,500 shares for $1.05 before buying 2,000 for $1 to hold 889,198 directly. He also holds 1,000 shares in an RRSP.