Gold Reserves Limited GLR - TSE Message Board

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

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To: Pete Schueler who wrote (297)	12/17/1998 5:30:00 PM
From: Syncrude	of 406

Pete, While I am not privy to options still open to Crystallex with respect to its title to Las Cristinas 4 and 6, I understand that the Company may communicate its plans, early in 1999. For the past several quarters, PDG has been indicating to the financial community that it was working to secure financing for Las Cristinas. In the recent weeks, PDG has been announcing acquisitions for which no financing problems were encountered. The delay in starting up construction, as announced by PDG, is a mystery. GLR's trading price reflects some very real risks present, that you may not find with Getchell, namely possible environmental constraints with respect to the Imataca Rain Forest Reserve which covers Brisas. I am not suggesting that the project will not move, only that the market is assigning a high risk premium to the share price. In fact, GLR is trading a close to cash value per share, giving 0 value to Brisas.

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