Rusoro Mining advances in Venezuela says MineWeb.com by 24hgold

Mots clés associés : Hugo Chavez | Venezuela |

Venezuelan gold � Rusoro advances, Crystallex 'encouraged'

Project permits or acquisitions apparently move much more rapidly in Venezuela if a gold mining company adds the Chavez Administration as a joint venture partner.

Author: Dorothy Kosich
Posted: Tuesday , 09 Sep 2008

RENO, NV -

As gossip in the investment community and Rusoro Mining itself makes very clear, the junior miner may be the vehicle of choice for the Venezuela Government and the Chavez Administration to jump into the pool of gold deposits found in the KM 88 area.

President Hugo Chavez's "solid political alliance" with Russian for the past few years, the investment by Russian gold miner Peter Hambro in Rusoro, and the social connections of Rusoro CEO Andre Agapov have all contributed to the success of the Vancouver-based junior.

In a presentation to the Denver Gold Forum Monday, Rusoro President George Salamis declared, "Rusoro is essentially a Russian owned and Russian operated company" in the eyes of the Venezuelan Government.

He also attributed his company's rapid success in a politically challenging country in which do to business to having gained the trust of the Venezuelan Government.

Just maybe, it may also help when the Chavez Administration becomes an equal partner in Rusoro's newly acquired Mina Isadora, which Salamis called "a true gem of a mine," which Hecla Mining just happened to sell on its way out of the country after a three-month shutdown.

"We're very happy to put in partnership with the government on this one," Salamis declared, adding that Rusoro is the first company to partner with the Venezuelan Government in a mixed enterprise joint venture gold mining company.

The new partnership also extends to milling ore as Rusoro announced last week that it had completely landmarks agreements with government ministries to custom mill ore from various MINERVEN operations in the El Callao District and to officially begin processing the ore from the Isidora Mine.

Nevertheless, the new partnership doesn't necessarily dazzle other foreign miners with stalled projects in Venezuela. Rusoro recently made an all-stock offer, which Gold Reserve apparently felt it could refuse for its Las Brisas gold project.

However, Salamis told the Denver Gold Forum audience that Rusoro made the offer with the thought "we could remove the deadlock in the Kilometer 88 situation." Kilometer 88, located in the Bolivar State, is currently Venezuela's highest ore grade region, and emerging as a world-class mining district. The Las Brisas and Las Cristinas projects are located in the region, conveniently next door to each other from the perspective of Russian companies interested in possibly acquiring two stalled gold projects.

Rusoro views itself as the "active consolidators in Venezuela," Salamis said, noting that the company has acquired two operating gold mines, making the transition from exploration company to gold producer in only 12 months.

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