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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE
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To: Tim Cruise who wrote (34)1/23/1997 11:53:00 AM
From: Cyber Rock   of 406
 
Recently, the VP of Gold Reserve gave a talk to investors at St. John's, NF on the request of the local NEsbitt Burns office in which he indicated that the VETA rights (deep-hole permits) to be granted by the Venesulean Government would be available by the middle of February 1997 and that investors could expect additional assay results on shallow hole results from the GLR site before that time.

The VP categorically stated that GLR was not and is not engaged in discussions with Place Dome concerning Joint Venture or the takeover of GLR properties in Venesuela. He noted that GLR was interested in developing its own mine on this site and wanted the VETA rights before consideration of such development was expeditiously pursued. He noted, as well, that there was a lesson to be learned from the BRE-X debaucle in Indonesia-- get the COW's /VETA rights first! Of course he was not inferring that GLR's properties were of the same magnitude or held the same set of expectations of lack there of as BRE-X.

Cheers from the Rock!

CNM

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