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

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To: R Langford who wrote (231)	1/6/1998 6:56:00 PM
From: Syncrude	Read Replies (1) of 406

My understanding is that Gold Reserve's Venezualian subsidiary "Compania Minera Unicorno C.A." was granted deep mining rights (veta rights) subject to a 30 day public comment period. The MEM resolution was published and printed in "Special Gazette" number 5190. This "Special Gazette" number should not be confused with the "regular Gazettes" for which the number had reached 36,354 as at December 12 last. Gold Reserve has had the benefit of its two legal advisors and other consular/embassy advisories. I further expect Mr. Roy Carson of VENews to update his readers in this regard. Once this "public consultation" period has expired, the next step is the formal signatures for the granting of the deep mineral rights, sometime in the first "Venezuelan" quarter of 1998, ie. usually by March 31, but subject to other government priorities that could extend this period. Gold Reserve will then proceed with the development of its Brisas deposit in the best interests of its shareholders, no doubt.

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