They institutionally buy shares for their own mutual funds. Also, retail clients can buy shares through their Fidelity brokerage accounts.

For those in the U.S. who do not have a brokerage account that has access to the TSX, Fidelity maintains an office in Canada for that purpose. U.S. clients can buy PMMEF shares through Fidelity and most such shares are somehow transacted on the TSX as PEM shares. However, on individual US client brokerage accounts the shares are shown as PMMEF. Confusing, I know. Scottrade, in the US, is supposedly going to set up a similar arrangement. PMMEF is the U.S. "pink sheets" version of PEM.

Premium Exploration's IR is working on a solution to this problem for U.S. investors. If they are successful they may be able to annouce something about this in the not to distant future. For more information contact PEM's IR by e-mailing them or by calling their toll free number.

The shares you probably saw being purchased today were most likely an individual retail investor using Fidelity's TSX trading office in Canada to purchase PMMEF shares. I know of somebody who was looking to establish a strong position this week using his Fidelity account. Looks like he did so at a good price.

marwal