"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."

Obviously MIBAM can't even follow their own law.

There is no gold in El Pauji and it was only going to be used for infrastructure and access to the Brisas mine. It just shows just how poor the DD of the financial media is. They read "GRZ" and "concession extension denied" and then headline "Brisas" which of course is an different concession.

Obviously it is an unfriendly act by the Venezuelans but it doesn't affect the Brisas concession, even though it is now quite obvious to all who bother to do the slightest bit of DD that GRZ will never be allowed to build the Brisas mine under the original rules and that Venezuela by its actions are establishing a "lay down misere" case for the GRZ lawyers at the ICSID hearing.

Nobody can build and operate a gold mine in Venezuela at a profit if the recent gold sale rules remain and are enforced.

Just check the numbers; The CB will be paying less than 1/3 of the real world price of gold in bolivar, which are continually become worth less and less outside of Venezuela and also inside the country as inflation rages. It's not only the 70% that the rule says must be sold locally but also by denying an export permit they can force 100% to be sold in the local market at prices calculated at 2.15 bolivars to the dollar when the real rate is closer to 6.5. Hugo's CB will be paying the "world price" but at artificial currency exchange rates and then the CB can resell that gold for real money and make a huge profit for absolutely no outlay.