Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Reserves Limited GLR - TSE -- Ignore unavailable to you. Want to Upgrade?

To: james flannigan who wrote (342)	3/6/2001 8:21:04 AM
From: russwinter	Read Replies (1) \| Respond to of 406

This is a very important and positive development for GLDR. They will either be carried to production or cashed out. DJ Venezuela's Minerven May Replace Placer Dome By Year End CARACAS (Dow Jones)--Venezuela's state-owned gold-mining company Minerven may replace concession holder Placer Dome Inc. (PDG) at its Las Cristinas mine by the end of 2001, a person close to the deal said Monday. Minerven is currently negotiating with several companies, including Canada-based Gold Reserve Inc. (GLDR), South Africa's AngloGold Ltd. (AU), and Homestake Mining Co. (HM), the person, who asked not to be identified, told Dow Jones Newswires. Placer Dome will likely arrive at a "negotiated settlement" to sell all or part of its 70% interest in the mine, which has proven reserves of 12 million ounces, the person said. They added that Minerven is also negotiating with Scotia Capital for financing. Company officials couldn't be reached for comment. Placer Dome suspended construction at Las Cristinas July 1999 due to low metals prices. Last June, it wrote off its $116 million investment in the project. Minerven is awarding 25-year exploration and production concessions in the southeastern state of Bolivar. Besides Las Cristinas, Minerven is awarding concessions at its Las Brisas mine, with 5 million ounces of proven reserves, and an adjacent area with 5 million ounces of estimated reserves, the person close to the deal said. This is all part of the government's plan to establish "strategic associations" with private companies to rejuvenate its ailing mining and heavy industry sectors. Minerven is the gold-mining arm of state mining and heavy industry holding Corporacion Venezolana de Guayana.