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.
