Wheels Group Inc GRFJF

Hugh Cleland''s Nov 06 Newsletter

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Excert from Cleland's 11/06 Newsletter (note WGI was $1.50 at the time): 3) Insider buying at Western Goldfields According to an SEC filing, on Monday November 27 th, Randall Oliphant (former CEO of Barrick Gold, and current Chairman of Western Goldfields’ Board of Directors) bought 500,000 shares of Western Goldfields. What a wonderful surprise to find out that the Chairman of the Board feels the same way about the company that I do! The purchase is all the more noteworthy because the gold industry is one where one very seldom sees insider buying—other than perhaps the exercise of options, but even that is almost always accompanied by selling—and yet here, the Chairman of the Board stepped up and spent almost $750,000 to buy stock in the same way that the public has to: in the open market. I inquired as to whether there was an unknown motivation or reason behind the purchase (i.e., fulfilling an obligation of some sort), but no, Mr. Oliphant simply said, to paraphrase, he thought the stock was ridiculously cheap at these levels. I couldn’t agree more.