DAMAGE CONTROL
Sanfred Resources Ltd -
Don Farrell still in charge at Sanfred
Sanfred Resources Ltd
SND
Shares issued 7048655
1998-01-29 close $0.21
Thursday Jan 29 1998
Also GMD Resource Corp (GMD)
by Stockwatch Business Reporter
Don Farrell's unexplained resignation as a
director from GMD Resource late on
Thursday, January 29 does not affect his
directorship at Sanfred Resources, a Sanfred
spokesman told Stockwatch. She adds the two
companies do not have any cross-shareholding
arrangement. Mr Farrell's management
company, Farrell Financial, is an investor in
Sanfred, a joint venture partner and an
optionee. Last Friday, Mr Farrell reported on a
series of inter-related loans between GMD and
a related company, LMX Resources, that
presumably had attracted the displeasure of the
Vancouver Stock Exchange, though this was
not stated. One of these loans, for $918,762
was to Mr Farrell's management company,
Farrell Financial.
Sanfred, which closed at 0.21 on January 29,
is almost back to its 52-week low of $0.20. Its
high was $1.
Sanfred is a favourite of letter writer John
Kaiser, who recommended the stock in
December at $0.20. (Please refer to Sanfred
story in Stockwatch dated January 14, 1998,
by which time it was up 64 percent in Mr
Kaiser's portfolio.) Mr Farrell's GMD Resource
has also been favoured by the US-based stock
analyst, who recommended buying the stock in
June 1995 at $1.31 and again in April 1996 at
$6.30; it closed on Thursday at $1.93, but
trading has been halted since.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Mr Metals
PS. I hope Farrell doesn't pull a GMD/LMX on you guys. |
