Gold Reserves Limited GLR - TSE Message Board

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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE

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To: Syncrude who wrote (372)	7/6/2002 8:58:41 PM
From: The Vet	of 406

The question still remains. What does bashing Vannessa on this message board have anything to do with Gold Reserve?? I just listed the URLs.. I didn't "bash" Vannessa except for my comment on Vannessa accusing CVG of lying which was a direct inference drawn from their own statements. Obviously Vannessa knows how to impress a proposed partner; accuse them of lying to the press. Now if the deal went through as originally structured Vannessa would be a partner of CVG in Las Cristinas. That is undisputed. I stand by my comment; it's not a really good way to foster good relationships with your partners to publicly accuse them of lying. Really, what do you think? The other quote was one I took from a URL posted where both these figures were quoted. I just put them together from different places. Do you doubt the figures? They were both published in the URLs. The $850 million USD interestingly enough is exactly the figure suggested in Gold Reserve's joint Brias/Cristinas development proposal they put to the CVG a few months ago. goldreserveinc.com This report quotes the cost of the project at $850 million USD. That's a bit out of the range of $1.42 million ( Canadian pesos ) Vannessa says it can raise. My problem with Vanessa's action is that they are using dubious legal processes to delay and frustrate the joint Cristinas/Brias project in which Gold Reserve has a definite interest, so it's a justifiable subject for discussion here. It seems obvious to me that Vannessa's limited plan to mine, effectively high grading the deposit making it worthless for later full exploitation is not acceptable to Venezuela. Do you have any other explanation? As far as Crystallex goes, I believe that they had run out of legal options, but the dispute with Placer Dome and subsequently with Vannessa has allowed them a second shot at the prize. I don't think that's right but you can't blame them for trying. If the legal issue was between PLacer Dome and CVG it would be legitimate. Interposing Vannessa smacks of legal trickery and as such I expect it to fail and the people who count in Venezuela seem to agree with me. Your comment on Gold Reserve's actions. I think they were smart to conserve capital and wait out the legal maneuvers and low price of gold. They had already found a major resource, proven it with a comprehensive drilling program and secured title. When gold was less than $300 an ounce no new mine could be justified regardless of where it was. Gold Reserve did this without dilution as well, not like some others who issue more shares in every excuse. No company managed to achieve all three steps with Las Cristinas. Had they frittered away the balance of their funds they would not be in a position to do a deal once Cristinas is sorted out. And it will be, probably sooner rather than later, now the ownership question of Cristinas is settled. Now I have answered your questions and offered a few in return. Let's keep it civil, there are legitimate questions to be discussed and it is obvious certain parties in the mix are not telling all the truth and as "mushroom" investors the more light that can be thrown on the issues the better.

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