Gold Reserves Limited GLR - TSE Message Board

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

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To: barry doment who wrote (170)	12/13/1997 11:04:00 AM
From: Syncrude	of 406

My best guess at this time is that shares should recover to the $6CDN range in the very short term. As we move towards the 1st quarter of 1998 when the feasibility study should be completed, the stock price should move up to the $10-12 range. Beyond that, if gold prices move back over $300, the share price should move north of $15. When, and if, markets value reserves at $50USD again, GLR should go to $25CDN and beyond, based upon: 10mm oz of Au equivalent time $50USD times 1.35 currency exchange plus cash divided into 24.6mm shares o/s on a fully diluted basis. Remember that the project will take 18 months to complete once it starts. Recovery grades are not yet known at this time. Further drilling will take place. Joint venture is likely. Enough variables to cause some volatility. Interested to hear what other think about share price movement over next six months, with supporting assumptions please.

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