The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Friday, 30th March 2007 (3463 views)

The president of the Gold Reserve group has described its securing of a deal at Venezuela's biggest gold mine as a "major milestone".

Doug Belanger said that construction would begin immediately on the $640 million (£326.9 million) project, for which the deposit was approved in 1992.

The Canadian mining group's copper and gold project is expected to have a lifespan of between 20 and 25 years.

Gold Reserve shares closed at $7.66 on the Toronto Stock Exchange as a result of the news, gaining nearly 50 per cent in the process.

Crystallex, another Canadian mining company, also saw its shares increase by 28 per cent to $4.50 on Wednesday.

Jim Coleman, Gold Reserve's chairman of the board, said the group's persistence had paid dividends.

"There were people who wondered if this was ever going to happen ... it was a long process and we stayed with it," he told Petroleumworld.com.

 

« Back to Gold News stories