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Gold/Mining/Energy : Zappa Resources

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To: Alan Whirlwind who wrote (59)	5/20/1997 2:21:00 PM
From: gmweber	of 174

Alan You are correct in your assumption, but notice note 2 on page 3. it says Director shares held are direct shareholdings. which leads me to believe that there are shares held in either CDS&Co. or CEDE&Co. You can bet that Cambior knows. I just don't understand why all the secrecy. If all is true there is a real small float. from my calculation the total shares traded so far this year are 3,382,017. subtracting cambior shares this leaves 1,074,325 traded so far this year. that would correlate with the small float. IMHO we are getting ready for some action. Also notice three new directors added. regards gmweber

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