Although some of us here are true believers I think most of us here have realistic concerns about KRY's standing in Venezuela.

I don't doubt KRY is hated by the locals and some members of the Chavez govt. If KRY was as well loved down there, as KRY would lead us to believe, we would be pouring gold by now. KRY is like one of those big box stores that puts up a “Coming Soon” sign in a big empty field and then never opens even after years of public notice. Even after laying the foundation for the store. It pisses off the locals and the locals never seem to understand the holdup is the govt and not the big box store. The members of the Chavez govt who hate KRY are probably the ones who don't feel they got enough bribes or maybe they are the ones who not only wear red shirts but maybe red underwear too.

I believe the problem for KRY, the Chinese, the Russians, us, and even Roy Carson, is that Chavez and his govt are extremely unpredictable and often untranslatable. This drives us all crazy and scares off big investors.

I think Fung is right to be “concerned”. He knows he's been lied to repeatedly in the past, (and passed those lies on to us) that everything was fine and that the permit would be coming soon. Only then to have the permit rejected. Plus he knows even getting the permit can mean very little in the way of real progress because Gold Reserves had its permit revoked.

Fung knows he has to get the Chinese to sign the deal in order to keep KRY alive but he also knows Chavez can (I'm not saying he will) flush the whole JV deal down the toilet by withholding (for whatever stupid reason) the permit needed to go forward.

I don't doubt, for a minute, that Fung and others are working their asses off to make this JV a real deal. I'm sure they are doing everything in their power to make this happen and soon. They know they are running out of time. But they also know, in the Alice-in-Wonderland World of Venezuela, nothing is ever what it seems to be, so anything could happen. Good or bad.

BTW I doubt that if this JV deal goes in the crapper that it will have any real negative impact on Ven-China relations. Compared to their other projects or their arms/cash for oil arrangements, I think LC is small potatoes for them.

One more thing. A few days ago I seemed to remember someone posted a comment on the assurances that Chavez gave to the Chinese. Although KRY (and KRY alone) officially stated that assurances were “sought” by the Chinese from Chavez I don't recall any real evidence or official statements that Chavez actually gave those assurances. Am I wrong on this?

I believe we are assuming assurances were actually given only because talks are continuing. But, if you recall, KRY felt good about talks for the permit the weekend before the permit was rejected by Minister Ugly Face.

Still waiting.

Cividale