Russian Billionaire TXT to VHeadline: Let the world know please! It's a big deal for us...

VHeadline editor & publisher Roy S. Carson writes: Russian billionaire Andre Agapov sent a text message from the Venezuelan jungle this morning (Wednesday) asking VHeadline to "let the world know!" He was responding to a midnight query on a Central Bank of Venezuela (BCV) resolution (090603) which authorizes the Venezuela-Russia VenRus C.A. consortium to export 50% of it's gold production, clearing the way for Agapov-owned Rusoro Mining to take a giant leap forward in the exploitation of Venezuela's massive gold reserves.

The BCV had modified two resolutions since earlier regulations had caused widespread confusion in the gold mining industry which led to delegations from Guayana trade unions and the government's VenRus joint venture partners, Rusoro, door-stepping Central Bank HQ in Caracas against the threat of an immediate cessation of production and the loss of thousands of jobs in the already depressed south-eastern region of Venezuela.

• Under resolution 090603, VenRus (aka Rusoro) may now export its share of gold production to international markets while the Venezuelan government retains control over the remainder as per the socialist 50/50 JV terms.

VenRus strategic planning executive Luis Medina said that because of "certain variations in the global economy" gold is now the safest element for investors worldwide. "The collapse of the US dollar is further strengthening gold and there is increasing demand throughout the industry ... prices have rallied strongly over the past two years."

Venrus executive director Yaliangelica Briceno sees the BCV clarification as a "new reality" for gold mining in Venezuela adding that the JV takes a greater degree of social responsibility for communities with regard to control over environmental quality, information and good quality and relevant community resources."

Roy S. Carson
editor@vheadline.com

IN FURTHER NEWS:

VHeadline has learned that BCV resolution 090603 does NOT apply equally to gold produced by other mining interests than those designated "mixed companies" (aka socialist joint ventures) by the Venezuelan government and typified by the VenRus consortium.

A Central Bank of Venezuela (BCV) official explains that while Toronto-based Crystallex and the state-owned Venezuelan Guayana Corporation (CVG) had agreed a (currently inoperable) mine operating contract to exploit the massive Las Cristinas goldfield, it would be subject to previous regulatory requirements which stipulate that at least 70% of produced gold must be sold on the domestic market at the officially controlled US$ / Bs.F 2.15 exchange rate.

Privately-owned gold mining interests in Venezuela have seen this latter as prohibitive but both the Venezuelan government and the BCV have not been persuaded to make any concessionary moves with respect to gold sales by non-VenRus affiliates.