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Message: Re: EL Pauji Concession
1
May 25, 2009 09:30AM
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May 25, 2009 01:28PM

This is a little on the El Pauji concession from GRZ's 20F filed on 3/31:



El Pauji Concession – To be utilized for Infrastructure

The El Pauji alluvial gold concession is for the exploitation of alluvial
gold granted by MEM through a title published in the Official Gazette No.
334,011 on July 20, 1988. The Company has an easement for the El Pauji
concession for Brisas Project infrastructure purposes approved in both the
operating plan by MIBAM in 2003 and the ESIA by MinAmb in 2007. Similar to the
Brisas Alluvial Concession, the El Pauji concession had an initial term of 20
years and two renewal periods of 10 years each, at the discretion of MIBAM. The
Company has a power of attorney to manage the concession on behalf of the
concessionaire and, in accordance with Article 25 of the Mining Law, filed an
application to extend the concession for another 10 years on January 17, 2008,
following the same procedure utilized for the Brisas Alluvial Concession. As was
the case with the Brisas Alluvial Concession, MIBAM did not respond to the
extension application within the six month time period provided for in Article
25 of the Mining Law. Venezuelan legal counsel advised the Company that the
extension application was automatically approved again, due to the positive
silence provision set forth in Article 25 of the Mining Law.

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May 25, 2009 05:59PM
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May 25, 2009 06:36PM
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May 26, 2009 07:08AM
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May 26, 2009 07:13AM
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