Option holders cash in on gold rally

The recent gold rally has enabled directors and officers of precious metal producers to profit handsomely on their options.

According to the Ontario Securities Commission’s OSC Bulletin, recent insider transactions involved several within the gold sector, including: American Barrick Resources (TSE) — R.B. Wickham, officer, exercised 20,000 options at $7.53 and sold 10,000 shares at an undisclosed price to hold 140,000 options.

Cambior (TSE) — Jean Boissonnault, officer, exercised 3,000 options at $7.38 and sold 3,000 shares at $14 to hold 241 shares.

Lac Minerals (TSE) — Gordon Maw, officer, exercised 50,000 options at $9.13 and sold 50,000 shares at $11.88-12 to hold none; Carl Straub, officer, exercised 7,000 options at $9.13 and sold 7,000 shares at $11.88 to hold none. Viceroy Resource (TSE) — Michael Attaway, officer, exercised 20,000 options at $4 and sold 20,000 shares at $10.25 to hold no shares and 30,000 options. David Fitzpatrick, officer, exercised 45,000 options at $4 and sold 45,000 shares at $10.63-11 to hold 355,000 options and 800,000 shares. Wharf Resources (TSE) — Rolando Francisco, officer, exercised 80,000 options at $5.13-6.50 and sold 80,000 shares at $10 to hold none; Robert McEwen, officer, exercised 80,000 options at $5.13-5.38 and sold 80,000 shares at $10 to hold none.

Other transactions completed in April and May include:

Kingswood Explorations (ASE) — Charles Howard, director, sold 40,000 shares at 40 cents to hold none.

MSV Resources (ME) — Mario Caron, officer, exercised 13,000 options at 41 cents and sold 11,000 shares short at $1.48-1.60.

Pure Gold Resources (TSE) — Larry Wolstat, bought 40,000 shares at 68-78 cents to hold 90,000.

Regal Goldfields (CDN) — Robert Taylor, director, bought 13,200 shares at $1.40-2.70 and sold 5,000 shares at $2.70 to hold 64,775.

Royal Oak Mines (TSE) — William Sheridan, sold 13,500 at $5.08 to hold none.