The most used phrase in many Canadian brokerages this morning is "Jeesh...what does this line mean? Hey, anyone speak Spanish round here?" as Ventana Gold (VEN.to), hotpot mining story of the year, announced after the bell yesterday that;
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/26/09) - Ventana Gold Corp. (TSX:VEN - News) ("Ventana" or "the Company") has been advised that Sociedad Minera La Bodega Limitada (or the "Vendor"), the owner of the mineral rights to the La Bodega property in Colombia, is seeking an arbitration in relation to an option agreement (the "Option Agreement") with CVS Explorations Ltda. ("CVS"), Ventana's 100%-owned subsidiary. The Option Agreement provides for CVS to acquire the La Bodega property mineral rights through a series of staged payments as detailed below.
The request for arbitration is an attempt by the Vendor to invalidate the Option Agreement and have the property returned to the Vendor. CVS has operated under the Option Agreement for almost four years without any performance default or allegation of default. The Vendor's request for arbitration is based on arguments that the Option Agreement fails to comply with yada yada continues here
Well guess what, folks? After all my warnings about the total lack of attention paid by Canadian investment houses to the significant risk in that region of Colombia, I'm just going to get our friend the owl to comment on this development:
There'll be details and background in IKN31, out Sunday. In the meantime, here's a hint for all you guys playing catchup on the DD; check how many times the name "Gelvez" comes up in local political and administrative circles in the California/Santander region.