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2/10/09

More on the Rusoro / Gold Reserve ruling today


Otto has managed to get his grubby hands on a copy of the ruling today and the scanned copy of said 19 pages of fascinating legalese can be yours by clicking right here. As it turns out, no surprises that Endeavour Financial was the spanner in the works, but more interest is the role a certain Frank Giustra (yeah him...PIK.v, Clinton's pal, partner in crime of Casey in the Uranium pump-of-the-century) who had his fingers in the pie all along.

Meanwhile, Rusoro (RML.v) did the only thing left to do and withdrew its bid for Gold Reserve (GRZ) after the bell today. For the record I managed to unload my small amount of GRZ at U$1.07 this afternoon so the whole thing has cost me zero dollars and zero cents. I was pretty surprised that Mr. Market allowed me to get out so well today. Let's see what happens to GRZ tomorrow morning when the world wakes up and realizes that nobody wants them and their negotiation position in Venezuela is just the same as it was the day before RML.v made a bid for the company. A Pyrrhic victory if ever there was one (for shareholders at least).

Y'know, just for a minute there I thought that some serious goldmining would get done at Brisas/LC. Back to hibernation mode for the long-sufferers. Meanwhile, RML.v shareholders will have their new 100,000oz/year facility at Increible to soften their blow at the end of this year. Precisely 100,000oz more than Doug Belanger has ever mined in Venezuela over the last gawdknows how many years.