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Gold/Mining/Energy : GMD RESOURCE

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To: Richnorth who wrote (1026)	1/13/2001 1:13:49 PM
From: Dave R. Webb	of 1030

Quick of you to pick up on this release. The answer to your questions, in order are: 1) no, 2) no, and un numbered, no. Tyhee paid 2.5x book value for Discovery in cash, and a royalty. When GMD acquired the Discovery Property, the price of gold was averaging between US$350 and US$400 per ounce. Yesterday gold closed below US$265 per ounce. Are you surprised the valuation of the property changed? Dave

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