valada, what a load of rubbish...

Now we can argue forever on the relative values of contracts vs concessions, but the truth is that right now all of the mining land in Venezuela is owned by the government and they issue concessions to various companies under strict terms and conditions which, if they are adhered to means that the concession remains in good standing for the term it was issued for. That may change with the new mining law, but right now that's what applies. GRZ does have a concession and they get annual inspections and reviews which result in a certificate being issued stating that they are in compliance with the terms of that concession. CVG owns the concession to Las Cristinas and they have sub-contracted out the rights under that concession to KRY. That's the current legal position and it can be easily confirmed by checking the KRY and GRZ web site and their official filings.

GRZ still has several permits and all permits to commence construction were already issued only to be rescinded on very shaky grounds by Ortega last year. So much for your point number 2.

GRZ has over $100 million in cash plus about $40 million in equipment. The only debt is a convertible issue which has a current market value of $20 to $30 million and is in effect until 2021 and cost 5.5% in interest. There are plenty of miners who would give their eye teeth for $100 million at only 5.5% pa in the current environment. Even without Brisas and Choco 5 GRZ has to be worth at the very least the cash in the bank! GRZ has around 57 million shares FD. That makes the cash value of each share worth $2.10 US without allowing anything for the $270 million invested in Brisas engineering and drilling data, the 10.4 million ounces of P&P gold in Brisas and the Choco 5 property.