Nov 16 2009:

Gold Reserve is going through a legal process with the Venezuelan government for
the seizure of Brisas del Cuyuni project. Photo William Urdaneta
Rusoro Mining Companies and Gold Reserve, two operators of several projects in
southern Bolivar state, are seeking partnerships to strengthen and expand their
participation in the gold sector. By the end of negotiations, raised in a
correspondence between the multinationals, the company would establish a sort of
"mixed" to increase its intervention in the country and the ability to attract
investment through its shareholders.
Gold Reserve may be recalled that recently lost the rights they had in the
Brisas del Cuyuni project, located in Las Claritas, Sifontes municipality, as
the plan lapsed after 20 years of concession.

Rusoro Mining gold is private enterprise with more jobs south of the state and
under his tutelage PMG and 50 percent of the La Camorra and Isidora Mines, which
are part of a joint venture with the Venezuelan state called Venrus CA

Such an association between these MNCs could provide an important development
in the area, if both are successful in obtaining permissions to run certain
projects that are dealers.

Legal Optics
However, legal counsel was consulted CVG Minerven, Emir Rojas, about the letter
indicating the intent of these businesses, and he said that legally it is a
transaction between two private companies would have no objection.

The problem is that it could be among the proposals is being included a
concession that CVG Minerven subleased to Gold Reserve, called Choco 5, which
was to be built in that negotiation should be consultation with the state gold
and the Ministry of Industries Mining and Basic, otherwise companies could be
subject to an administrative process.

Rojas explained that many times such associations lend themselves to
"speculation" and sometimes as long as "fraud" because once consolidated
companies trade their shares, indicating they have a number of mining properties
in the country, which is a "truth half ", because although not always given the
sometimes exploit or sublet to state enterprises, which does not give the same
value.

"Generally, advertising is often more than anything else," says Rojas, who is
alert to these types of cases for people to inform themselves before investing
in shares of mining companies, whatever, because although they can be perfect
opportunities business and jobs for the people of the south, everything has to
be obtained in the current legal framework for companies that later are not
subject to investigations and sanctions. (NG)