INSIDER TRADING (December 23, 1991)

Pierre Gauthier, chairman of 52% owned Noranda (TSE) subsidiary Societe Miniere Louvem (TSE), recently profited by exercising stock options at a discount to the recent market price.

According to the Ontario Securities Commission OSC Bulletin, Gauthier exercised an option to buy 22,247 shares for $2.52 and sold the same number for $3.30 to close out his direct holdings.

Louvem’s chief asset is the 45% owned Louvicourt Twp., Que., copper-zinc project where partner and operator Aur Resources (TSE) is negotiating to raise $326.4 million for construction of a 5,000-ton-per-day mine. Louvem shares traded recently at $2.85 in a 52-week range of $6.25 and $2.45. Other mining insiders who were active in the stock market recently include: American Barrick Resources (TSE) officer Andre Falzon sold 1,800 shares for $28.25 to hold 200. Officer Isabel Mulligan exercised an option on 40,000 shares at $11.87 and sold 35,000 for $27.75-28.12 to hold 15,000 shares and 40,000 options.

Claude Resources (TSE) affiliate BEC International, which owns over 10% of Claude, sold 71,200 shares for $2.45-2.75 to hold 3.4 million. Crown Butte Resources (TSE) insider Hancock Enterprises sold 14,000 shares privately for US$6.16 to hold 174,866.

Hemlo Gold Mines director Joseph Baylis was granted the right to buy 1,500 options for $10.25 to hold 5,000 options.

High River Gold Mines (TSE) shareholder David Mosher sold 62,500 shares for 62 cents to hold 292,165 indirectly.

Inco (TSE) officer Roy Aitken sold 2,063 shares for $37.50 to hold 10,865.