The Venezuelan ministry of energy and mines has granted Gold Reserve (NASDAQ) a 10-year extension to explore and develop its Alfa diamond and gold concessions in east-central Venezuela.
Several diamond- and gold-bearing gravel zones have been identified within the concession, both on land and in the Caroni River.
Following exploration, Gold Reserve plans to build a processing plant for full-scale land mining in 1994. The river will be mined later by a high-capacity dredge being developed by Gold Reserve’s Venezuelan subsidiary. Gold Reserve is also exploring its Brisas concession in the country’s Kilometre 88 district.
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