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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (372)	7/6/2002 8:58:41 PM
From: The Vet	Respond to of 406

The question still remains. What does bashing Vannessa on this message board have anything to do with Gold Reserve?? I just listed the URLs.. I didn't "bash" Vannessa except for my comment on Vannessa accusing CVG of lying which was a direct inference drawn from their own statements. Obviously Vannessa knows how to impress a proposed partner; accuse them of lying to the press. Now if the deal went through as originally structured Vannessa would be a partner of CVG in Las Cristinas. That is undisputed. I stand by my comment; it's not a really good way to foster good relationships with your partners to publicly accuse them of lying. Really, what do you think? The other quote was one I took from a URL posted where both these figures were quoted. I just put them together from different places. Do you doubt the figures? They were both published in the URLs. The $850 million USD interestingly enough is exactly the figure suggested in Gold Reserve's joint Brias/Cristinas development proposal they put to the CVG a few months ago. goldreserveinc.com This report quotes the cost of the project at $850 million USD. That's a bit out of the range of $1.42 million ( Canadian pesos ) Vannessa says it can raise. My problem with Vanessa's action is that they are using dubious legal processes to delay and frustrate the joint Cristinas/Brias project in which Gold Reserve has a definite interest, so it's a justifiable subject for discussion here. It seems obvious to me that Vannessa's limited plan to mine, effectively high grading the deposit making it worthless for later full exploitation is not acceptable to Venezuela. Do you have any other explanation? As far as Crystallex goes, I believe that they had run out of legal options, but the dispute with Placer Dome and subsequently with Vannessa has allowed them a second shot at the prize. I don't think that's right but you can't blame them for trying. If the legal issue was between PLacer Dome and CVG it would be legitimate. Interposing Vannessa smacks of legal trickery and as such I expect it to fail and the people who count in Venezuela seem to agree with me. Your comment on Gold Reserve's actions. I think they were smart to conserve capital and wait out the legal maneuvers and low price of gold. They had already found a major resource, proven it with a comprehensive drilling program and secured title. When gold was less than $300 an ounce no new mine could be justified regardless of where it was. Gold Reserve did this without dilution as well, not like some others who issue more shares in every excuse. No company managed to achieve all three steps with Las Cristinas. Had they frittered away the balance of their funds they would not be in a position to do a deal once Cristinas is sorted out. And it will be, probably sooner rather than later, now the ownership question of Cristinas is settled. Now I have answered your questions and offered a few in return. Let's keep it civil, there are legitimate questions to be discussed and it is obvious certain parties in the mix are not telling all the truth and as "mushroom" investors the more light that can be thrown on the issues the better.

To: Syncrude who wrote (372)	7/15/2002 8:20:53 PM
From: The Vet	Respond to of 406

Canadian embassy's "hands tied" in Vannessa-CVG dispute - Venezuela Monday, July 15, 2002 12:34 (GMT-0300) The Canadian embassy in Caracas "has its hands tied" with regard to the legal battle between Vancouver-based Vannessa Ventures (TSX: VVV) and Venezuela's state-owned heavy industries corporation CVG, an embassy spokesperson told BNamericas. The war is being waged in Venezuelan courts, after CVG cancelled its contract with Vannessa de Venezuela for the Las Cristinas gold deposit in May and decided to invite other mining companies to participate in a tender to operate the project. The deposit has more than 11Moz of gold and there are companies willing to invest some US$400mn-500mn to develop the resources, according to CVG The official said the Canadian embassy is giving assistance to all Canadian interests in Venezuela, including to Vancouver-based Crystallex (Amex: KRY) which claims part of the Las Cristinas concessions, and to Gold Reserve (OTCBB: GLDR), which has rights to the neighboring Las Brisas deposit. "There are many parties with an interest in the concessions [announced by CVG], and the embassy cannot favor one over the other, as that would cause a conflict of interests," said the embassy official. While the embassy has tried to remain uninvolved, it did help Vannessa present a request for international arbitration, via the ministry of foreign relations, which is the entity responsible under the two countries' Foreign Investment Protection Accord (FIPA). According to the embassy official, the Las Cristinas debacle sends an unfavorable message to the international business community about Venezuela. "It is a very delicate situation, very thorny, and for the reasons explained before, we're not as active as we would like to be," he pointed out. The dispute erupted last year after CVG refused to recognize the sale of Placer Dome's interest in Las Cristinas to Vannessa. The Venezuelan government believes the deposit requires more investment than the US$50mn proposed by Vannessa. Placer Dome had been planning a US$570mn project at Las Cristinas, in eastern Venezuela's Bolivar state, but wrote off its investment of US$116mn before selling its 95% share in the venture to Vannessa last July for US$50. CVG has the other 5% plus an option to raise its stake to 30%. By Harvey Beltran BNamericas.com

To: Syncrude who wrote (372)	7/25/2002 11:13:18 AM
From: The Vet	Read Replies (1) \| Respond to of 406

More CVG bashing of VVV.. I think we can cross Las Cristinas off Vannessa's list of assets... mips1.net Quoting a government commissioned report published in Quinto Dia last week, CVG laid it on thick. Supposedly under pressure for failing to earn a projected $500 million royalty from the Cristinas district, CVG is now in a rush to bring the massive reserves to account, and is making it abundantly clear that Vannessa is not the first, or even last, choice. Whether the result of faulty translation, a lack of market sophistication or simple malice, CVG has accused Vannessa of trading its stock to pump up earnings and falsely pledging Las Cristinas as surety for loans.