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

To: Syncrude who wrote (259)	3/4/1998 1:07:00 PM
From: shorty	Read Replies (1) \| Respond to of 406

Saw you over at KRY Patrick, I don't profess to be the most knowledgable on this play. But really like the nature of GLR and their position in Venuzuela. According to GLR they have secured the Veta rights which went unnopposed over the thirty day period. Which started Dec 11/97 approx. Stock currently undervalued and nice to be on the long side of the fence here. Shorts made good money off GLR and rightly so. I think now we just wait for the decision which I think may clarify all things at once and with finallity. PDG the only one with resources to carry this through at current POG. With 50 million CDN in the bank I reduce the the Canadian share price by approx $2 putting $1.75 on material assets to value at current, fully diluted market cap 24 million to give me a cost of about 42 million for 40% of this play. Looks pretty good as I beleive the gold to be there but would not want to develope it as a stand alone project, apparently could be savings of up to 20 million per year to develope as one mine. Firm beleiver in buy low sell high and analysts tell me the market can still justify $10 per share here. I certainly hope so. May see the Venuzuelan Gov forcing partnership and this is the delay on the announcements. I don't think PDG is very flexible as right now a marginal project but definately to be one of the biggest in South America and in the top 10 in the world. Again PDG figures to be about 25% of production down the road with Aldeberon(BGO, AZS) being 25% as well. They have made some costly agreements and purchases in the last year.That are currently not economically viable and as with the agreement for 51% of Aldeberon costing $1.6 billion you can guestimate the value of Gold reserve. It hope PDG likes the buy low sell high theory as GLR could be the steal of the century. Talk To You Later . Scott