Gold Reserve wants compensation for Venezuela mine

Gold Reserve Inc. says it has not been officially notified of President Hugo Chavez's plans to rescind its gold mining concession. But the Spokane, Washington-based company says it would consider turning over its Brisas del Cuyuni concession if compensated. It estimates investments including drilling, studies and equipment are worth $230 million. Chavez says he's bringing that and four other gold concessions under state control. He said a joint venture called Venrus will exploit the country's gold deposits. That joint venture was formed last year by Venezuela and Russian-financed Rusoro Mining Corp. Gold Reserve said in a statement Wednesday it could turn to international or Venezuelan courts if not properly compensated.