Canadian Mining Journal

News

NATIONALIZATION: Venezuela’s government takes over Brisas project

VENEZUELA — Gold Reserve of Spokane, WA, has confirmed that the Venezuelan government has taken physical...



VENEZUELAGold Reserve of Spokane, WA, has confirmed that the Venezuelan government has taken physical possession of the Brisas alluvial gold concession. The move comes despite the fact that a week earlier the company requested an international arbitration panel settle issues between it and the government. Gold Reserve is seeking arbitration of a dispute arising from its claims that the Venezuelan government has violated investment treaties with Canada.

 

Company president Doug Belanger stated, “The government’s actions are a continuation of its wrongful treatment of Gold Reserve and its investments and a further demonstration of the government’s earlier decision to expropriate the entire Brisas project.”

 

Gold Reserve says it has spent US$300 million bringing the Brisas project to the brink of production. The measured and indicated resource is 556.85 million tonnes grading 0.661 g/t Au and 0.127% Cu. Contained metals total 11.8 million oz of gold and 1.6 billion lb of copper. Proven and probably reserves are 482.7 million tonnes grading 0.66 g/t Au and 0.13% Cu. That estimate was made in March 2008 using a gold price of US$470/oz and a copper price of US$1.35/lb.

 

The Gold Reserve website is at www.GoldReserveInc.com.