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Gold/Mining/Energy : GMD RESOURCE

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To: marcos who wrote (666)	3/3/1998 12:43:00 AM
From: Richnorth	Read Replies (1) of 1030

Thanks for the latest information about LMX. As I don't own many shares in this company, I have not been keeping this company under close watch. However, I will try to ferret out any information I can regarding the jump from $0.16 to $0.48. For now I tend to suspect some guy(s) had just bought a huge chunk of LMX all at once thereby sending it way up. Very likely, some practical/disloyal shareholders will do a big sell-off soon. Believe it or not: offshore drilling stocks, e.g., Diamond Offshore (DO on NYSE) are coming back into favour. Perhaps this has some "rub-off" effect on LMX. A bit far-fetched, eh? Perhaps some shorts were forced to cover on the run-up. However, a chance conversation I had with an LMX investor gave me to understand that despite a lack of funds, LMX is continuing drilling for oil and it has been very busy doing an audit to ascertain how much additional funding is needed to complete the drilling, capping and other related projects. I understand the audit is also needed in applying for funding from the Newfoundland government (which unfortunately is presently strapped for cash). Cheers? Richnorth

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