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

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To: Syncrude who wrote (292)	12/16/1998 10:08:00 AM
From: Pete Schueler	Read Replies (1) of 406

I just received the Proxy/Prospectus on this conversion to a Canadian company proposal. I think the proposal has merit. I spoke with Doug Belanger yesterday and he claims that it will enable the company to operate in a friendlier domicile. The document is way too lengthy to find if any other issues such as options repricing are part of the deal but I hope someone will go through this thing and look for bugs. One thing does trouble me, page 99, compensation for the chiefs was up substantially in 1997 in the face of an industry wide tailspin. Would appreciate any comments on this. Pete

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