UPDATE 1-Gold Reserve says Venezuela seized mine, shares drop - News

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UPDATE 1-Gold Reserve says Venezuela seized mine, shares drop

By: AFX | 27 Oct 2009 | 02:34 PM ET

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TORONTO, Oct 27 (Reuters) - Gold Reserve said on Tuesday the Venezuelan government had seized control of its Brisas gold property, deepening a dispute between the miner and Hugo Chavez's government, and pulling the company's shares down 15 percent. The Toronto-listed company's rights to much of the deposit were taken away by the government earlier this year, and Gold Reserve filed for international arbitration last week, seeking to recoup billions of dollars in damages. It said government personnel arrived at Brisas on Monday to deliver notification of the government's takeover of the property and to take physical possession of it. Shares of Gold Reserve were down 18 Canadian cents at C$1.01 on the Toronto Stock Exchange. (Reporting by Cameron French; Editing by Frank McGurty) Keywords: GOLDRESERVE/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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