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Goldgroup Mining (GGA.to): A united front

At a delicate moment in the permitting process for Caballo Blanco, you’d certainly expect the management of Goldgroup Mining (GGA.to) to be putting on a united front and showing confidence about the upcoming decision, due by March 23rd from Mexico’s Semarnat enviro people. Which is why the way in which Richard Irvine, head of Minera Cardel (the local subsidiary that holds Caballo Blanco for GGA.to) has just bailed on all his shares of GGA.to looks kind of weird.
Filing
Date
Transaction
Date
Insider Name Ownership
Type
Securities Nature of transaction # or value acquired or disposed of Unit
Price
Mar 12/12 Feb 27/12 Irvine, Richard Michael Direct Ownership Common Shares 10 – Disposition in the public market -30,000 $1.36
Feb 22/12 Feb 22/12 Irvine, Richard Michael Direct Ownership Common Shares 10 – Disposition in the public market -30,000 $1.35
Even weirder is the fact that Richard Irvine’s entire holding of GGA.to shares was 60,000….in other words, he’s just sold all the shares he owned.
Irvine, Richard Michael
Insider’s Relationship to Issuer: 8 – Deemed Insider – 6 Months before becoming Insider
Transaction
Date
Transaction Nature # or value acquired
or disposed of
Unit
Price
Account
Balance
Security Type: Common Shares (Direct Ownership)
Feb 27/12 10 – Disposition in the public market -30,000 $1.36 0
Feb 22/12 10 – Disposition in the public market -30,000 $1.35 30,000
Dec 16/11 10 – Acquisition in the public market 2,300 $1.11 60,000
Dec 16/11 10 – Acquisition in the public market 3,000 $1.10 57,700
Dec 16/11 10 – Acquisition in the public market 4,700 $1.09 54,700
Nov 23/11 10 – Acquisition in the public market 5,000 $1.30 50,000
Nov 14/11 10 – Acquisition in the public market 10,000 $1.50 45,000
Oct 7/11 10 – Acquisition in the public market 10,000 $1.33 35,000
Question: Who’d know more about the situation Caballo Blanco finds itself in on a local level than the man in charge of the local operation in Mexico? data from here.

UPDATE: Several readers (thank you all) have written in to note that Richard Irvine seems to have left GGA.to and is now working for Gold Resource Corp (GORO), the silver producer in Oaxaca that loves to pretend it’s a gold producer. Here’s a link to the news. This does explain why Irvine might sell his shares of course (it’s a good excuse at the very least and might even have been part of the deal), but then again we’d really like to know why he’s abandoned ship at this rather delicate moment…well I would at least. Also, it’s pretty wild to think that Piggott at GGA.to head office doesn’t think the loss of his main man at his main property isn’t a material event and that he doesn’t think he has to announce it to his shareholders. Oh well, I never could understand them Brits and how they tick anyway….old bean.

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