US Gold Firm Taps Mining Veteran Warke for Venezuela Project

A US-owned exploration firm has signed a deal with mining veteran Richard Warke’s company to advance a long-stalled gold project in Venezuela, the latest signal of renewed foreign interest in the country’s mineral riches.

Warke’s Augusta Capital Corp. will have the option to build a 50% ownership in Gold Reserve Ltd.’s stake in Siembra Minera by spending as much as $200 million to develop the asset, according to a memo obtained by Bloomberg News. The earn-in agreement says Vancouver-based Augusta Capital must spend the funds over four years, with at least $25 million within the next year.