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Gold Reserve Inc. says permit rescinded for Venezuela mine

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May 9, 2008

CARACAS, Venezuela—Mining company Gold Reserve Inc. says its permit to develop a gold and copper deposit in Venezuela's biologically diverse Imataca Forest has been formally rescinded.

The Spokane, Washington-based gold miner says Venezuela's Environment Ministry cited environmental problems and illegal mining on its 1,235 acre Brisas property as reasons for revoking the permit.

Gold Reserve on Thursday denied that any illegal miners operate there, and said its representatives are meeting with Venezuelan officials to review their decision.

Canada-based Crystallex International Corp. last week said the Ministry had turned down its request to develop gold deposits in the Las Cristinas mining area, also in Venezuela's southern Bolivar state.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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