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Article: Canada court stops Rusoro takeover of Gold Reserve
- Article from:
- AP Worldstream
- Article date:
- February 11, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Russian-financed gold miner Rusoro Mining Ltd. has been legally blocked from buying out a company with rights to develop a lucrative Venezuelan gold mine.
Rusoro said in a statement Tuesday it has withdrawn its purchase offer for Spokane, Washington-based Gold Reserve Inc.
Gold Reserve has been waiting since May for a permit to begin construction on its Brisas gold mining project in Venezuela's southern Bolivar state. And as President Hugo Chavez's government announces plans to expand control over the sector, the future of this and other gold mining concessions have become increasingly doubtful.
Last month, Chavez said a joint venture between the Venezuelan state and ...