Rusoro to Transfer Gold Assets to Venezuela Venture After Nationalization

Aug. 30, 2011 02:55PM PST

Bloomberg reported that the assets of Rusoro Mining (CVE:RML) will be transferred to a Venezuelan state-owned joint venture.

Bloomberg reported that the assets of Rusoro Mining (TSXV:RML) will be transferred to a Venezuelan state-owned joint venture.

The market news is quoted as saying:

Chavez on Aug. 23 said that PDVSA would begin gold mining operations in the country after nationalizing the industry this month. The new venture may be able to increase annual production to 500,000 ounces from 100,000 ounces now within two years of funding.

To read the full market news, click here.

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