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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE
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To: Tim Cruise who wrote (32)1/7/1997 8:15:00 PM
From: lloyd   of 406
 
Timothy,

As you are aware, Gold Reserve has approx 100 drill holes planned for January. Although it is possible that they may release their findings in January, given the delays at the labs that Gold Reserve uses, I would say it is unlikely we will see anything until later in the quarter. However, given gold at $356-$359oz, I would say that we are more likely to see more takeovers of small companies in this sector. I hope that Gold Reserve is just such a candidate.

Best of luck ........ Lloyd

P.S. ABX (TSE)is looking very attractive at $36.75 a share. This is approx. $200 of market capitilization per oz of gold. Relatively cheap for ABX and it could get cheaper. Further, if they can secure BXM, they are picking up a company at approx $65 of market cap per oz (given $21.75 a share, approx.). This could make ABX even more attractive.
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