Predictably, V-Disease puts their own spin on the story...

Published: Friday, October 23, 2009
Bylined to: VHeadline.com Reporters

Chavez government moves swiftly to take possession of Las Brisas del Cuyuni

VHeadline Venezuela News reports: Venezuelan south-east regional newspaper Nueva Prensa says that it has received unofficial confirmation that the Chavez government has moved swiftly to take possession of the controversial Las Brisas del Cuyuni goldfield in southern Bolivar State following yesterday's announcement by Spokane (USA) headquartered Gold Reserve Inc., to go to international arbitration citing a massive US$5 billion compensation claim.

Independent VHeadline sources make clear that the Venezuelan government is keen to include Las Brisas (and possibly the adjacent Las Cristinas) fields in the 50/50 Venrus C.A. 50/50 socialist joint venture with powerful Russian interests.

News is circulating in the Las Claritas district of southern Bolivar State that the re-possession of Venezuela's sovereign gold resources is a matter of urgency for the Chavez government in the light of massive debts owed by both the state-owned oil co Petroleos de Venezuela (PDVSA) and the equally state-owned Venezuelan Guayana Corporation (CVG) with the Russians ready to finance a series of mining projects which, initially, would provide more than 1,000 jobs in the critically impoverished San Isidro parish close to Las Claritas a Kilometer 99.

• Local government officials say they're ready to implement long-held plans for local services including highway improvements, water and electricity supply and medical facilities, once the necessary funds have been made available.

It is known that key industry executives are scheduled to meet this weekend and early next week to hammer out details which could see Venezuela's gold industry go into immediate and substantial production although central government bullion projections for this year may be unattainable under current circumstances.

Meanwhile, Venezuelan government officials appear to be unaffected by Gold Reserve's press release late, Thursday, announcing a decision to go to arbitration.

Legal sources say it will be difficult for Gold Reserve to reach a settlement on terms they currently estimate to be in the region of $5 billion and that any decision may be delayed 4-5 years or even more.

VHeadline Venezuela News