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

To: Syncrude who wrote (302)	2/4/1999 1:28:00 PM
From: barry doment	Respond to of 406

SPOKANE, WASHINGTON, February 4, 1999 Gold Reserve Corporation (TSE: GLR – NASDAQ: GLDR) announced today that the shareholders approved the formation of a Canadian parent company, GOLD RESERVE INC., effective on Thursday, February 4, 1999. Gold Reserve Inc. will be listed for trading in the next several weeks on The Toronto Stock Exchange under the symbol GLR.A and on NASDAQ under the same symbol GLDR, concurrent with the delisting of Gold Reserve Corporation. The old certificates will represent share certificates of Gold Reserve Inc., so no additional action is necessary on the part of existing shareholders. As a result of the exchange transaction, there are potential significant tax benefits for our Canadian shareholders. The exchange of shares of the Company for Gold Reserve Inc. is a "deemed disposition" resulting in a taxable gain or loss, as the case may be, for Canadian tax purposes. Based on the recent trading price of the Company's shares, we expect a majority of our Canadian shareholders will realize a tax loss for the year ending December 31, 1999. For U.S. tax purposes, shareholders will recognize a gain, if any, but not loss on the exchange. The closing share price of Gold Reserve Corporation on February 4, 1999 will be the price used to calculate any tax impact of the exchange transaction. Rockne J. Timm President and CEO stated, "The overwhelming approval of this transaction by our shareholders marks a new era for the Company. The formation of Gold Reserve Inc. is integral to our long-term success."

To: Syncrude who wrote (302)	2/10/1999 12:10:00 PM
From: barry doment	Read Replies (1) \| Respond to of 406

POKANE, WA, Feb. 10 /CNW/ - Gold Reserve Corporation (TSE: GLR - NASDAQ: GLDR) announced that the effective date of the formation of its new Canadian parent company, Gold Reserve Inc., was February 4, 1999. Canadian shareholders will realize a loss or a gain, as the case may be, for Canadian income tax purposes as a result of the ''deemed disposition'' of their Gold Reserve Corporation (Montana) shares. United States shareholders will recognize a gain, if any, but not a loss, for U.S. income tax purposes. The effective price of the transaction for tax purposes is Canadian $2.22 per share or US $1.438 per share. Shareholders are urged to consult their own tax advisors as to the particular tax benefits or consequences to them as a result of the reorganization. Shareholders are also reminded they do not need to transfer the old share certificates for new ones. The old certificates will automatically represent the new shares.