Venezuela Lets In Canadian Mining Company
by Lori Mcleod- Financial Post
Thursday, March 29, 2007–Gold Reserve Inc. stunned a skeptical market yesterday after winning a key permit to mine a significant gold-and-copper reserve in Venezuela, sending its stock up nearly 49% in heavy trading.
The news killed fears the foreign miner might never get the green light for the mine from socialist President Hugo Chavez, which it won after making rigorous commitments to invest in the area and its residents that will extend long after the mine is exhausted and Gold Reserve has packed up and gone home.
“I grew up in Canada and lived in small mining towns, and you always have to ask the question ‘What happens when the mine is gone?’ ” said Gold Reserve president Doug Belanger. (more…)
