UPDATE 1-Venezuela ends 2nd Gold Reserve Brisas' concession
Wed May 27, 2009 10:54am EDT

* Government wants to run mines as joint ventures * Gold Reserve says
concession is small part of project
(Adds Gold Reserve comment, background) CARACAS, May 27 (Reuters) - Venezuela has ended a second concession held by Gold Reserve (GRZ.TO) at the Brisas project, which is in one of Latin America's largest gold deposits, part
of a strategy to increase state control of key economic sectors. The government's official publication on Wednesday declared "extinct" the Brisas del Cuyuni concession, one of several properties that make up the Brisas project. Just two days ago the government ended Gold Reserve's El Pauji concession in the same project. Brisas contains an estimated 10.2 million ounces of gold and adjoins the legendary Las Cristinas project. Gold Reserve said in a statement the Brisas del Cuyuni alluvial gold concession comprises about 3 percent of the proven and probable gold reserves of the Brisas project. It said El Pauji contained no mineralization. Venezuela President Hugo Chavez wants to develop Brisas and
Las Cristinas, together one of Latin America's largest gold projects, via a joint venture between the government and Russian-owned mining companies.
(Reporting by Ana Isabel Martinez; Writing by Frank Jack
Daniel; Editing by Walter Bagley)


http://www.reuters.com/article/marke...