Wade reduces Bitech stake prior to Nfld. gold find

During the latter part of October, James Wade Engineering and Pamiba Estates, two holding companies controlled by Wade, sold 69,000 Bitech shares for 38-48 cents each.

As a result, James Wade Engineering holds 500,000 Bitech shares while Pamiba has reduced its holding in Bitech to over 2.8 million or 11% of the company’s 23 million shares outstanding.

According to the Ontario Securities Commission insider trading report, the transactions occurred before Bitech announced some preliminary assays from a Newfoundland gold property just two kilometres south of its Equity Silver Mines joint venture.

Bitech says the discovery represents the southern extension of its Nugget Pond gold horizon which already hosts 513,744 tons of grade 0.412 oz gold per ton.

Other mining executives who were active in the stock market recently include Euro-Nevada Mining (TSE) director David Bell. In late October, Bell purchased 5,000 Euro-Nevada shares at $1.05 and then sold them a week later at $6.50-6.375 each to hold none.

Geddes Resources (TSE) President Gerald Harper recently bought 2,000 shares for $1.50 each. Harper also purchased 2,000 warrants entitling him to buy one share for every two warrants plus $2. Geddes secretary-treasurer Sam Carpenter also bought 1,700 shares for $1.50 each to hold 11,900.

Coniagas Mines (TSE) President David Vaughan recently purchased 8,000 shares of the company for $1.05-1.10 to hold 335,800 at month’s end. Vaughan also holds 216,701 shares indirectly.

Audrey Resources (TSE) director Jean-Jacques Lamarche sold 2,000 shares for $3.45 each to hold 1,000.

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