TVX completes property purchase

An associated company of TVX Gold (TSE) has completed its acquisition of a majority interest in a controversial gold property in Venezuela.

Known as Brisas del Cuyuni and situated in the Kilometre 88 area, the property is the subject of an ownership dispute between Gold Reserve (TSE) and the Venezuelan company Inversiones 871010 C.A. A subsidiary of Gold Reserve is said to have owned the property since 1988.

TVX recently paid the remaining US$3.15 million of the US$3.5-million total price to acquire the 90% interest. According to Gold Reserve, TVX’s exercising of its option “does not change any aspect of the lawsuit or related matters.”

Gold Reserve has continued to explore the property as well, in spite of the lawsuit.