http://www.eluniversal.com/2011/08/29/anuncian-plan-de-exploracion-de-nuevas-minas-de-oro.shtml

MINING | As part of the nationalization of industry
Announced plan to explore new gold mines
"The goal is to make a great plan for certification and exploration of mines have been known for many years and discovering new deposits," said Minister of Basic Industries and Mining, José Khan.

EL UNIVERSAL
Monday August 29, 2011 2:40 PM
Caracas .- The Government initiated an exploration program to discover other gold mines, an operation that will be owned by joint ventures controlled by the state, said Monday the Minister of Basic Industries and Mining (Mibam), Joseph Khan.

"The goal is to make a great plan for certification and exploration of mines have been known for many years and new deposits," Khan said in a press release Mibam.

The announcement of exploration is part of a plan that also includes the nationalization of the gold mining industry passed last week by President Hugo Chavez, to increase international reserves in gold and combat smuggling of mineral and predation environment.

"This stage of the chain is also effected through the formation of joint ventures with private and small mines, where the state will have absolute control over 55% of the shares," confirmed Khan.

The minister is also expected to create new partnerships to gold mining and related activities such as storage, transport, distribution and marketing home and abroad, among others, AFP reported.

As one of these early associations, the National Mining and EPS state Petroleos de Venezuela (PDVSA) will form a partnership with private investors to develop the Las Cristinas and Brisas projects in Cuyuni, formerly operated by the Canadian Crystallex and Gold Reserve, respectively.

Only in Las Cristinas, the reserves would rise to 32.5 million ounces, according to government figures.

The Venezuelan government, which since 2007 has passed the state control of strategic economic sectors such as banking and telecommunications, expropriated in 2009 to 500,000 hectares of gold.

Venezuela ranked 15 th in the world gold reserves, with more than 360 tons, according to official figures. Most of this amount is on the outside and the government ordered their repatriation in the coming weeks.