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 (93)	7/20/1997 7:37:00 PM
From: DNaber	of 406

Patrick, I agree that year 2000 startup delays any truly astronomical gains in the stock. I'm still not convinced that this is the reason for the current low multiples. I'd offer that the decline is more due to 1) gold's weakness and 2) the bureacratic/political delays involved around obtaining the sub-surface rights. I think both of these could be changing; the environment for opening up the mining sector appears to be improving and IMO that GLR will benefit relatively soon there. The price of gold has hammered the sector-particularly smaller mining stocks-and it was encouraging to see last weeks action. I think we could see some substantial moves up (to the 10-12 USD level)near term if gold firms up more and we get some good news in the rights area. Additionally, your statement on KRY/PDG was encouraging in that it should have no impact on GLR. What do you think GLR could be trading at mid-year 2000, IF they receive full rights, mine opens as scheduled, current reserve estimates hold true and gold returns to 360-400$????

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