Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Free
Message: Gold Reserve wants compensation for Venezuela mine

Gold Reserve wants compensation for Venezuela mine

posted on Jan 15, 2009 03:23PM

This article has been hitting the wires like crazy the last few hours and it seems to be drowning out Gold Reserves earlier release right after the bell. Could this be a play by Rusoro after GRZ's pr?





Gold Reserve wants compensation for Venezuela mine
1 hour ago

CARACAS, Venezuela (AP) — Gold Reserve Inc. says it has not been
officially notified of President Hugo Chavez's plans to rescind its
gold mining concession.

But the Spokane, Washington-based company says it would consider
turning over its Brisas del Cuyuni concession if compensated. It
estimates investments including drilling, studies and equipment are
worth $230 million.

Chavez says he's bringing that and four other gold concessions under
state control. He said a joint venture called Venrus will exploit the
country's gold deposits. That joint venture was formed last year by
Venezuela and Russian-financed Rusoro Mining Corp.

Gold Reserve said in a statement Wednesday it could turn to
international or Venezuelan courts if not properly compensated.

Share
New Message
Please login to post a reply