VENEZUELA — Gold 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.