John Fletcher, a senior vice- president in Cominco’s metals division, purchased 7,000 shares for $13.37 each and then sold them for $30.12 to net $117,250. Within 24 hours, Fletcher bought 22,000 Cominco shares for $16.87-19.25 the Ontario Securities Commission insider trading report shows. He then sold all of those shares for $30.12 to hold 328.
Two controlling shareholders of gold-silver producer NovaGold Resources (TSE) recently reduced their holdings in the Halifax company.
President Gerald McConnell sold 18,000 shares for $1.35-1.45 to hold 52,183. An additional 17,500 NovaGold shares were also sold by Secretary-treasurer Angus MacIsaac for $1.35 each. He now holds 53,433 shares.
NovaGold recently signed a letter of intent to acquire the Mt. Pleasant tin-tungsten mine in New Brunswick from LAC Minerals (TSE) and Billiton Metals Canada for $12 million.
Other mining insiders who were active in the stock market during September and October include Claude Resources (TSE) director Ronald “Bud” Walker who sold 22,200 shares for $4.25-5.75 to hold none.
Kingswood Explorations (ASE) President Stephen McIntyre sold 14,000 shares at 32 cents each to hold 101,327. Kingswood is earning a 55% interest in a base metal property six miles west of the Aur- Louvem discovery near Val d’Or, Que.
Rea Gold (TSE) director Robert Heim disposed of 7,000 shares for $3.25-3.40 to hold 30,000.
Keith Hendrick, president of Noranda Minerals, sold 2,000 Noranda Inc. (TSE) shares for $25.87-$26.00 to hold 85,313.
Rolando Francisco, vice-president of finance at LAC Minerals, bought 263 shares for $11.75 to hold 766. Director John Mockridge sold 3,500 LAC shares for $10.87 each to hold 500.
Glencairn Explorations (ASE) shareholder Timothy Spelliscy sold 350,000 shares for 55 cents each to hold none. Glencairn is moving toward production at its Feijao Cru diamond property in Brazil.
Geddes Resources (TSE) director Peter Foster bought 833 shares at $1.50 each and 5,500 warrants for $1.50 to hold 38,500.
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