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To: Luisa G. who wrote (2096)	11/6/1998 6:16:00 AM
From: Ronald W.Millar	Respond to of 81011

Louisa: I think that a few other shareholders were worried as well about GSR after Mr. Fennell's resignation. After reading Bill Murphy's insight (resignation due to possible difference in the direction of the company especially in light of todays depressed gold market) and my phone call to the head office of Golden Star, I am more confident than ever in the future of this company. This resignation (if based on the direction of the company) may be a strong positive development for the long term of the shareholders. There are so many outstanding prospects....that maybe it is the perfect time to slow down...and wait for the market to come to us. IMO (of course). Regards: Ron

To: Luisa G. who wrote (2096)	11/6/1998 6:59:00 AM
From: Bill Murphy	Read Replies (2) \| Respond to of 81011

Luisa G, Dave Fennell is a proud man. He is a lawyer and former All-Pro defensive linemen for the Edmonton Eskimos and owns a couple million shares of stock of a company that was 21 just a couple of years ago. He set out to find gold and did so in an almost unprecedented fashion. We feel he found 7 properties that will become mines. The next one to become a reality ( Gros Rosebel in Surniam, a JV with Cambior, is going much better than expected ) and probably will be a mine even at $300 gold. Fennell could not control the gold price. At, $390 instead of $290 he is an extremely wealthy man and very successful as his gold finds would be much more advanced than they are now. He was frustrated and wanted to move forward as he is bullish for the price of gold. The Board insisted on greater caution. Exit Fennell. They have $13 million in cash and have cut their burn rate to $600,000 per month. There are no other problems. In fact, the stock is a safer buy here and more attractive now because I expect them to be taken over ( therefore a good premium to be paid to today's stock price ) by Cambior or some other well heeled mining company. bill