This just gets worse and worse to watch. Rusoro is now launching and all share bid for Gold Reserve, read the details of the proposed deal here. The offer values GRZ and its Las Brisas property at a buck 8. Yes, that's a possible 10 million ounces of gold worth...61 million dollars? Am I doing my math right? Rusoro obviously talks like they are doing something great here offering them a 108% premium to Friday's closing price and over 200% premium to the last 30 days trading but my goodness. They are obviously avoiding the fact that the reason the stock is worth garbage is because they entered into an agreement with the Venezuelan government in November announcing they were going to rob Gold Reserve and Crystallex of the land they have been working so hard on developing all these years.
This is an insult to the mining and investment community. Venezuela and Rusoro created the stock collapse of GRZ, it was purely fabricated so they could sweep in and "legally" take over the asset. Worse part is that I have no doubt that those snakes bought at those low, low prices, they knew exactly what they were going to do, not only will they be stealing a huge gold deposit but they will make millions in the process. It's lunacy! How can we sit and watch this unfold without acting, this will set a dangerous precedent if it is allowed to develop the way it is going and we as investors and miners will be setting ourselves up for more of it unless we take a hard stand.
It's one thing to accept your losses and move on but it is another to submit yourself to the will of others. Gold Reserve deserves better, I doubt they will receive it, but this just isn't right.
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