Oceana Gold's chief executive Steve Orr, who resigned 10 days ago from the country's largest gold miner after five years, has sold one million ordinary company shares for $A1.09 million ($NZ1.36 million).
Notes released to the New Zealand and Australian stock exchanges yesterday showed three tranches of Mr Orr's shares have been sold in recent days for $A1.06, $A1.10 and $1.14, respectively.
Triple-listed Oceana's share price had been see-sawing in recent months and had moved off its earlier lows, but the price had varied by more than 60% during the past month, trading around A81c to $A1.31, ABN Amro Craigs broker Peter McIntyre said.
"There's still a high degree of volatility there, with gold edging toward $US1000 an ounce," Mr McIntyre said.
The weakening of the US dollar was helping push gold prices toward $US1000 per ounce, which was last breached in March last year.
Trading in Oceana shares in New Zealand, which had limited choices for investors wanting gold-related stocks, was also volatile.
Mr Orr maintains $A1 million in unlisted management share options, worth $A4.25 each, which expire on May 2012.
While remaining on track to deliver a record up to 300,000oz of gold from its New Zealand operations this year, Oceana's northern Phillipines gold/copper development remains stalled and unfinanced because of the global credit crunch.
• Oceana secretary Matthew Salthouse said in a statement yesterday the company did not comply with an ASX requirement that it have at least three independent directors on its audit and financial risk management committee, but that situation would be rectified shortly.
