Hey, remember at the beginning of the year when Gold Reserve (GRZ) shareholders were celebrating the fact that they’d rebuffed the Rusoro (RML.v) hostile bid? It was about the same time as when GRZ was trading in the U$1.10 range.
Here’s Reuters’ report guaranteed to loosen the bowels of anyone silly enough to still believe the tosh that comes from Doug Belanger’s mouth and be long GRZ. Expect to win it back through the courts now, do you? ‘Scuse me while I stifle a giggle or twenty-seven.
Venezuela denied a request by a subsidiary of Canadian mining Gold Reserve to extend a grant in the Brisas gold project, informed the Ministry of Basic Industries and Mining through the Official Gazette that circulated on Monday.
Moreover, the resolution declared extinct on the granting mineral rights in (Gold Reserve’s) El Pauji concession for exploration and exploitation of gold and diamonds in southern Latin America .
The ministry claimed that Gold Reserve “is not solvent with the Republic,” it proceeded to not renew the grant, which expired on July 20, 2008.