I think the best case scenario now is: Chavez approves construction at LC. Somewhere between then and production he is defeated, deposed, banished or worse. New Government / Pres supports foregin investments and business.

Dude, you just nailed it. We can get the permit and commence the construction of the mine, but we'll be impaired (share value) by the "Hugo Factor". As we near completion of the mine construction we will never reach a fair valuation due to the overall expectation that the mine will be stolen by you know who... even if he doesn't do anything stupid at that point, and we do commence gold production, we will never be fully valued due to the same expectations. We need the permit and Venezuela needs to get rid of Chavez unless they want to get dragged back into the dark ages... today that country is on the fast track to total destruction.

An interesting comparison can be drawn between Venezuela and Canada. 30 million people, a bounty of natural resources and a dictator running the country. Our people (most of us) enjoy the highest standard of living in the world and the Venezuelan people (millions of them) live in abject poverty. There is a line that you need not step over with socialism or socialist policies/tendancies... Canada is on the safe side of it. Venezuela unfortunately, has leaped over it and is going down in flames as a result. Chavez so blinded by his egomania he can't even see it ... Castro is his hero. I've been to Cuba, it doesn't work. Russia is trying to overcome decades of failed social/commie policy. China is emerging as a democracy, slowly but surely, and the capitalists are winning the game there. chavez is a moron and it is really sad that the uneducated poor are the ones propelling his revolution and sealing their miserable fate at the same time... tragic.