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Gold/Mining/Energy : GMD RESOURCE

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To: Cal Powers who wrote (901)	4/22/1999 1:05:00 PM
From: Dave R. Webb	of 1030

Cal, I can't comment on any individual's investment strategy, but I can say that the company hasn't sold any short term warrants. A financing was announced in February that closed in March where individuals participated in a private placement of units consisting of 1 share and one share purchase warrant, priced at $0.25. These shares and any shares arising from the exercise of the warrants would be restricted from trading for a period of 4 months according to current VSE policy regarding company's with up to date Annual Information Forms. I think the run up in share price is more likely to be related to the till sample results that were received and released in March. The data was available at the Prospector's and Developer's Conference in Toronto in mid-March, and a number of influential and technically competent individuals viewed the recent results. Dave

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