INSIDER TARDING — Canhorn sells into United Reef rally

Toronto-based Canhorn Mining (TSE) sold 1.1 million shares of its affiliate, United Reef Petroleums (TSE), for 16-23 cents each at the beginning of September, a few days too early to fully capitalize on a rally that took United Reef to a 52-week high of 44 cents.

United Reef was reactivated recently when it took an option on a large alluvial diamond property in the Central African Republic. At a capital cost of $6-10 million, United hopes to develop the property into a 100,000-carat- per-year producer. As recently as August, the junior was trading at 2 cents. Canhorn continues to hold 1.2 million shares.

Other transactions completed recently include:

American Barrick Resources (TSE) — Trevor Eyton, director, exercised 12,500 options for $24.25 and sold the same number of shares for $32.88 to hold 1,500 shares and 37,500 options.

Band-Ore Resources (CDN) — George Rayfield, director, bought 278,424 privately for 4 cents to hold 464,082.

Fairfield Minerals (TSE) — Kenneth Hanna, chief financial officer and director, bought 100,000 privately for $1.12 to hold 122,000. Redfern Resources (TSE) — George Fink, director, sold 6,000 shares for $2.83-2.85, then bought the same number for $3 to hold 15,400. Royal Oak Mines (TSE) — George Oughtred, director, sold 27,667 for $2.11-2.20 to hold 856,277 indirectly.

VSM Exploration (TSE) — Cambior, holder of more than 10%, bought 1.5 million privately for 50 cents to hold 10.8 million shares and, indirectly, 2.4 million options. MSV Resources, holder of more than 10%, sold the same amount at the same price to hold none.