INSIDER TRADING Freewest Pres. Watson a buyer

Freewest Resources (TSE) President Mackenzie Watson will be a very rich man if his company’s Harker-Holloway, Ont., gold joint venture with Noranda (TSE) lives up to expectations. Figures released by the Ontario Securities Commission’s OSC Bulletin reveal that Watson recently exercised an option to purchase 10,000 shares at $1.45. He also exercised options on 15,000 shares at $1.65 to bring his holdings to 890,168 common shares.

As the shares traded recently at $2.80 in a 52-week range of $3.10 and $2.75, Watson’s personal stake in Freewest is currently worth almost $2.5 million.

At a November gold show in San Francisco, Watson was telling anyone who would listen that preliminary reserves within the Lightning zone at Harker-Holloway will eventually double as drilling continues.

Preliminary reserves on the property now stand at four million tons grading 0.25 oz. gold per ton.

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

Breakwater Resources (TSE). Brian Bayley, president of Breakwater’s 29.9% owned affiliate Noramco Mining (TSE), sold 10,000 Breakwater shares for $1.01 to hold 27,500.

Goldnev Resources (VSE). Chairman Murray Pezim sold 5,000 shares for $1.035. He also bought 247,500 shares for $1.035 to hold 1.2 million shares.

Inco (TSE). Officer Scott Hand sold 500 shares for US$23.38 to hold 13,631.

NovaGold Resources (TSE). Thomas Lynch, director of subsidiary Murraybrook Resources, was granted 10,000 shares of NovaGold for 92-95 cents. He also bought 500 and sold 5,000 for 80-85 cents to hold 61,772 indirectly.