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Gold/Mining/Energy : GMD RESOURCE -- Ignore unavailable to you. Want to Upgrade?

To: Cal Powers who wrote (759)	8/11/1998 11:49:00 AM
From: Richnorth	Respond to of 1030

I heard from generally reliable sources that a mining major company was up on GMD's Discovery Mine site about a couple of months ago and expressed interest in it. But since then, nothing has happened (yet?). Apparently that mining major is, for the time being, tied up with other matters. Some said it is fighting against being taken over by yet another major. GMD is negotiating is get Mike Senn (the diamond expert) back to work on the Royce Group property. It appears that Mike Senn, on the basis of existing data, believes that diamonds are likely to be found. BTW, in case you are still unaware, though Dr. Webb is no longer the prez of GMD (oh what a relief!!! for him) he is still one of the top three guys involved in making decisions regarding GMD. Regards, Richnorth

To: Cal Powers who wrote (759)	8/11/1998 12:57:00 PM
From: Dave R. Webb	Read Replies (1) \| Respond to of 1030

Can't really comment on rumours, but can say that GMD is busy, but moves a little quieter now, in part due to reduced expenditures, and in part due to a new corporate philosophy. Most of the recent expenditures have been to creditors and into the Royce Group. Some funds have been spent on Discovery, but the majority of that is in processing the existing data. Recall, $11 million have been spent on Discovery, so alot can be done with this info. As clarified at the Extraordinary General Meeting, the new management team has not and does not expect to draw full compensation unless warranted. Cumulatively, the president and chairman have to date, never drawn even half compensation. They are reasonable, experienced managers and would not abuse the position of trust that they have. They have my full support, and I welcome the chance to let them work in what must be one of the toughest environments in VSE history. When times get tough like this, you got to have the best properties managed by the best people available. Dave