Anyone seen or heard about all those impovershed miners getting compensated or seen the pictures of the big party that they are now having with their windfall? NOT!

I sure would like to believe this whole takeover story fiasco was just an orchistrated stunt to pander votes from the miners, because the money promised to them is not yet forthcoming, and probably never is coming.

Nothing that all these beaurocrats have done or said in the last few years, since I have been following Venezuelan events and news, would lead me to believe that the takedown of our PPS was planned (at least not well). But the sobering fact is somehow this has been achieved, whether intended or not. Could all the serious bumbling, ministers scared to proceed, the almost clockwork contradictory news releases and retractments and/or the induviduals and groups constantly engaging in numbers of power struggles have been a plan? Just to force a 40/40/20 joint venture? If it was, what a brilliant plan! I would then have to spend the rest of my life telling everyone what great intellectuals these Venezuelans really are! Oil now going to Fifty? Poor Hugo! Burning through his cash and the world economic situation exasperating the situation. Anything he could export other than oil is also worth less now.

As the past few years went by, I became an expert on Venezuela (ha HA!). Prior to this, I would have never guessed how naive and nonsensical the citizenry could be, as Chavez just feeds them more and more bulloney by the bucketfull. I wonder if anyone down there could ever grow a spine. People have been shot because they complain Chavez will not allow opposition canidates to speak and now he's threatening to cut off Goverment cheese to the areas that do not vote for his hand picked goonies. Do you think that actual people could continue to stand for this?

I always thought that greed was going to be the motivator, now what we have is neccesity as a motivator. Chavez like any other dictator must have cash availiable to fund all of his dirty operation- The Army, the judges, the police, the national gaurd (another name for the national gangsters) etc. Without money his machine grinds to a halt, he probably gets overthrown. I imagine his cash flow situation is a lot worse than he is been admitting to. Up until recently I figured the best scenario would be a permit with Chavez in control- But now I don't. I think we have better chance of success with new people in charge, even though getting to mine LC could take much longer as things would have to settle out first. I for one am sick of this guy, sorry if any of you people like him, but I do not. He is now going to have to locate sources of wealth other than oil. Even though the gold located there is one of the largest deposits on the planet it was once dwarfed by his oil revenues, not now, and that gold is looking mighty good. Two or three weeks ago Chavez was spouting he was going to set up his own new economic system with China, Iran, Cuba and Russia. Today I heard his revised plan- only Russia was mentioned. Russia is just toying with him because of his proximity to the US of A, and he buys their junk arms. I don't think the rest of these countries are interested, and they are avoiding further engagement with the Chavez plan like avoiding poop on the lawn.

I'm sure Chavez wants the gold, wants to maximize his take, and ride out this downturn in oil while doing a "keep 'em all guessing" tapdance. I think he wants to control it all now- But the only way he gets the gold quickly is by approving the construction permit to KRY, unless the unbeliveably stealthy Venezuelan Government has been buying mine equipment (all in secret) while they systematacly crush the PPS of the mining companies so they will just leave! Brilliant!

So, if the permit appears, how do you play it?

As long as Chavez is in place IMO he will eventually confenscate the mine. It does him no good now without equipment and someone to setup the infrastructure of the mine. I really think I would have to exit post permit (not my original plan) unless the head cheese and his cheesyhead pals were deposed or planted somewhere. With a new progressive government- I might leave some on the table (a sum smaller to my original plan). Still, all this has left a bad taste in my mouth and not only is this guy screwing up his own country's future, but I think when this is all over, I will probably stay away from Latin and Central America for future investments as a rule.

I am posting this off topic because this is my opinion and how I now feel about things concerning my KRY investment in Venezuela.

If anyone feels that my rant has merit you have permission to copy and paste it anywhere you wish.

Hondobud.