The Executive denied the Canadian miner to extend a concession overcome on the auriferous project Breezes, when alleging several breaches in the contract including the payment of obligations.

According to it indicates the Official Newspaper that it circulated yesterday, the request of the company to prorogue his mining rights in the alluvium the Paují for the exploration and operation of gold and diamonds in the south of the country, overcome the 20 of July of the 2008, was rejected because “the concessionaire is not reliable with the Republic”.

“That would have to now happen to be mixed company with state majority, as it looks for in the sector”, it said to a spokeswoman of the Ministry of Basic Industries and Mining.

In addition, the resolution warns that the measurement does not exempt to the concessionaire “of the payment of the sums owed by concept of special advantages, fines, taxes and I interest moratorios”.

The Canadian miner had noticed the past month that she could introduce an arbitration against Venezuela by the revocatory one of a permission of auriferous operation in the 2008 looking for “a right” value by his investments, that calculated could ascend to about 5,000 million dollars.

A representative of Gold Reserve preferred not to comment on the information.

The company obtained in 1992 the Breeze concession, with considered reserves of 10.2 million ounces of gold, although never this area of 1,850 hectares could explode on a large scale because it did not manage to obtain all the required administrative permissions. EFE