Insider Trading — Mentor increases Agnico interest

Mentor Exploration (TSE) recently upped its exposure to any developments at Agnico-Eagle Mines’ (TSE) Joutel division in Quebec where a new gold find has helped drive the shares to a 52-week high of $6.25.

According to the Ontario Securities Commission’s OSC Bulletin, Mentor, which owns more than 10% of Agnico, bought 100,000 shares privately for $4.35 to hold 2.4 million.

As reported (T.N.M., July 20/92), Agnico recently intersected 26 ft. of grade 0.35 oz. gold per ton, in an area 1,600 ft. west of the No. 1 shaft. Last year, the Joutel operation produced about 40,000 oz. of the yellow metal. Agnico shares have also benefited from increases in the price of gold. Other mining insiders who were active in the stock market recently include: Aber Resources (TSE) officer Lee Barker (Barker is officer of an affiliate), who sold 60,000 shares for $2.20-2.33 to hold 260,000. Highwood Resources (TSE), which owns more than 10%, sold 145,000 shares for $2.07-2.15 to hold 1.8 million.

American Barrick Resources (TSE) director Angus MacNaughton sold 10,000 shares for $25.17 to hold 70,000.

Inco (TSE) insider Leonard Guglielmin exercised an option on 3,000 shares at US$23.19, which he then sold for US$36.63 to hold 83.

Minera Rayrock (TSE) affiliate Rayrock Yellowknife Resources (TSE), which owns more than 10%, bought 170,455 preferred shares privately for $4.40 to hold 985,080.

Rayrock Yellowknife Resources (TSE) director Earl Curry bought $25,000 worth of debentures at $90 each to hold debentures valued at $75,000. Rembrandt Gold Mines (ASE) affiliate Canarc Resources (VSE), which owns more than 10%, bought one million shares privately for 35 cents to hold 1.5 million. Director Bradford Cooke purchased 310,295 shares privately for 35 cents and sold 522,095 for the same price to close out his holdings. Rhonda Mining (ASE) officer-director Peter Gummer sold 15,900 shares for $2.10-2.15 to hold 44,300.