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Gold/Mining/Energy : Palmer Resources Ltd. (PMD.V)
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To: Tom Drolet who wrote (141)7/5/1998 6:42:00 PM
From: The Barracuda™  Read Replies (1) of 210
 
I don't think there is anything they can do. All gold shares are in a bear market. A while back, I talked to one of Palmer's IR guys and he said that "if Palmer gets down to 55 c I'll buy 100,000 shares." He didn't. The gold mining industry is having a very hard time and unless gold recovers, it will disapear. Finding a gold depostie
is only worth something if gold prices are flat or rising.

With respect to Palmer's recent investments; those are happening because of the current gold market. What they are attempting to do
is to put some assets in the company that the market will pay for.

I believe that Bob Bishop was referring to Palmer's investment in Cabrillo when he suggested his subcribers hold Palmer. It is my understanding that Cabrillo is having an Extrodinary General Meeting on the 14 of July. Hopefully, any news that comes out of Cabrillo's meeting is positive.

One interesting fact(I think) about Cabrillo is that in a Triband proxy statement showed the management owns about 45% of triband and is planning on having triband purchase up to a million shares.

Based on the TRiband proxy, I bought a bunch of shares in Cabrillo and Triband. I expect that the July 14th meeting will be make or break for
Palmer, Triband and Cabrillo. Anyways, thats the way I'm playing it.
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