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10/10/08

Gold Reserve (GRZ) faces reality

Looks like Doug Belanger has finally admitted to himself that it's all over. With this sale of assets, the illusion of setting up and running a gold mine in Venezuela fades away. It only remains to see how much Rusoro will offer for the rest of the company. All rather sad, really........

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Gold Reserve Announces Sale of Certain Equipment
Friday October 10, 12:55 pm ET

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX:GRZ - News) (AMEX:GRZNews) announced it has agreed to sell one SAG mill, two ball mills (35,000 tonne per day through-put) and related motors currently being manufactured for the Companys Brisas Project. The total value of this transaction is approximately $43 million. The Company will recover approximately $18 million of progress payments and the purchaser will assume the Companys remaining payment obligations related to the equipment of approximately $25 million.

The Companys decision is consistent with its intention to stay financially strong by recovering amounts already paid and reducing future obligations. The sale of this equipment is not expected yada yada etc etc continues here