Insider Trading Sherritt executives on buy side

Sherritt Gordon (TSE) Chairman Ian Delaney and President Bruce Walter recently delivered on a promise to invest more of their own money in the Toronto-based metal refiner and fertilizer producer. According to the Ontario Securities Commission’s OSC Bulletin, Delaney and Walter bought 650,000 and 550,000 shares respectively through Canada Shergor Enterprises at $7.35 for a total investment of $4.8 million.

Before they won a proxy battle for control of Sherritt Gordon last September, Delaney and Walter complained that the previous board members had invested very little of their own money in the company.

As a result of the transaction, Delaney now holds 737,500 shares, worth $5.8 million at Sherritt’s recent trading price of $7.88. Walter’s indirect holding of 637,500 shares is worth $5 million at current market prices.

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

Amax (TSE) officer William Wahl, sold 3,000 shares for $27 to hold 852.

Athabaska Gold Resources (TSE) director Edward Kennedy bought 250,000 warrants plus 273,000 shares for 12-15 cents. He also sold 25,000 shares for 14-18 cents. President James Kermeen bought 250,000 warrants and the same number of shares privately for 15 cents to hold one million shares.

Deak Resources (TSE) Vice-President George Archibald exercised an option on 75,000 shares at 22 cents to hold 128,167. President Gerald Cooper excercised options on 200,000 shares for an undisclosed price. Director Douglas Hume exercised an option on 100,000 shares at 20 cents and sold 9,000 for 54 cents to hold 147,500.

Derry Gold Resources (CDN) director Stephen Wengle sold 100,000 shares privately for 60 cents to hold none indirectly.

EGO Resources (TSE) insider Nanisivik Mines, which beneficially holds more than 10% of the company’s shares, sold 425,000 shares for 22 cents to hold 825,000 shares.

Societe Miniere Louvem (TSE) affiliate Noranda (TSE) bought one million shares privately for $5.98 to hold 5.1 million shares.

Marshall Minerals (ASE) reporting issuer Marshall Minerals bought 41,700 shares for $1 to hold 544,300.

Metalore Resources (TSE) President George Chilian, who beneficially owns more than 10% of the company’s shares, bought 101,000 shares (including 100,000 received as compensation for services) to hold 504,338 indirectly.

Redfern Resources (TSE) director Murray Pyke sold 12,000 shares for $4.10-4.40 to hold 11,900.

Timmins Nickel (TSE) Chairman Charles Howard bought 222,000 shares privately for 35 cents. He also sold 100,000 shares for 82 cents-$1.15 to hold 587,000. President Stephen McIntyre bought 222,222 shares privately for 35 cents to hold just over one million shares indirectly. Insider Nola McIntyre sold 103,333 shares for 82-85 cents to hold 96,667.

VSM Exploration (TSE) President Mario Caron exercised an option to purchase 10,000 shares for 52 cents. He also sold 20,000 shares for $1.25-1.27 to hold 80,231 indirectly and 290,000 options. Officer Gilles Tremblay exercised an option on 50,000 shares at 52 cents. He then sold 16,000 shares for $1.17-1.40 to hold 44,725 directly.

Wharf Resources (TSE) affiliate Goldcorp Investments (TSE), which beneficially owns 10% of the company’s shares, bought 785,000 shares for $4.95-6 to hold 1.8 million.