CARACAS, Venezuela _ President Hugo Chavez is awarding a valuable gold mining concession to a joint venture between a Russian-financed company and the Venezuelan government, in an apparent bid to secure new sources of state income as oil prices fall. Venrus, a joint enterprise formed last year between Rusoro Mining Corp. (TSXV:RML)and a Venezuelan state holding company, will begin developing the country's largest gold mine, Las Cristinas, this year, Chavez told Congress late Tuesday.
"Russian company to run Venezuela’s biggest gold mine 15.01.2009
http://www.russia-ic.com/news/show/7671/
The Venezuela’s government and Rusoro Mining Company formed a joint venture named Venrus to develop the gold field with estimated reserves of 35.2 million ounces.
However, there is an unsolved dispute concerning the license to operate the gold mine, currently owned by Canadian Crystallex International.
Crystallex invested US$114 million in the project and fully completed engineering works, when in November of 2008 the Venezuela’s government announced Las Cristinas is to be nationalized. The company expected to launch production of 252 thousand ounces per year in 2010.
Rusoro Mining operates several gold mines with 12.8-million-ounce reserves in Venezuela.
http://www.goldeditor.com/articledisplay.php?id=3108
http://www.pr-inside.com/rusoro-they-ve-been-good-to-us-r943…