http://www.venezuelanalysis.com/news.php?newsno=2255My last Venezuela post for the night...I swear!
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.
Gold Reserve's long-term plan will be hashed out with the help of a non-governmental organization and area residents. One possibility they will explore is the creation of a tourist area, which Mr. Belanger said may be feasible given the area's beauty, the project's proximity to a major highway and the airstrip and other infrastructure that will be built to accommodate the mine and its workers.
While construction is underway, the mine will employ 2,000, many of whom will be drawn from the local community. Gold Reserve will build training facilities, then bring workers up to speed on modern mining techniques during the 24 to 30 months it will take to construct the mine.
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