Company Website:
http://www.goldreserveinc.com
SPOKANE, Wash. -- (Business Wire)
Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company”) announced
today that, by mutual agreement, the Company and the Bolivarian Republic
of Venezuela have extended the previously announced February 24, 2016
Memorandum of Understanding (the “MOU”) from May 27, 2016 to June 21,
2016.
The MOU contemplates settlement, including payment and resolution, of
the arbitral award granted in favor of the Company by the International
Centre for Settlement of Investment Disputes in respect of the Brisas
Project and the payment for the transfer of the related technical mining
data previously compiled by the Company. In addition, a new joint
venture will be established for the development of the Brisas and the
adjacent Cristinas gold-copper projects by the Company and Venezuela.
Gold Reserve’s senior executives are in Caracas and had made significant
progress towards completing the agreements. However, due to their
complexity and the fact that this will be the first transaction pursuant
to the new Venezuelan mining initiative announced earlier this year by
President Nicolas Maduro Moros, the parties were unable to complete the
agreements by May 27, 2016. Gold Reserve is working with senior
officials of the Venezuela government to close the transactions
contemplated in the MOU by June 21, 2016.
Attorney General of Venezuela, Reinaldo Muñoz today stated, “We are
working with the executives of Gold Reserve to finalize this transaction
and move the project forward together.”
Doug Belanger, President of Gold Reserve stated, “We continue to advance
the settlement and joint venture agreements and have made significant
progress towards a successful conclusion. The importance of this project
to Venezuela as well as to Gold Reserve requires that we establish a
solid legal foundation to take this project to its logical conclusion.
In regards to the trading in the Company’s shares on May 27, 2016 and
based on the progress being made on the settlement and the joint venture
agreements, we know of no reason to explain the drop in the stock price.”
Further information regarding the Company can be located at www.goldreserveinc.com,
www.sec.gov
and www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning
of applicable U.S. federal securities laws and “forward-looking
information” within the meaning of applicable Canadian provincial and
territorial securities laws and state Gold Reserve's and its
management's intentions, hopes, beliefs, expectations or predictions for
the future including without limitation statements with respect to the
transactions contemplated by the MOU. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by management at this time, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies.
We caution that such forward-looking statements involve known and
unknown risks, uncertainties and other risks that may cause the actual
outcomes, financial results, performance, or achievements of Gold
Reserve to be materially different from our estimated outcomes, future
results, performance, or achievements expressed or implied by those
forward-looking statements.
This list is not exhaustive of the factors that may affect any of
Gold Reserve's forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to Gold Reserve
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Gold Reserve disclaims any intent or obligation
to update publicly or otherwise revise any forward-looking statements or
the foregoing list of assumptions or factors, whether as a result of new
information, future events or otherwise, subject to its disclosure
obligations under applicable rules promulgated by the Securities and
Exchange Commission and applicable Canadian provincial and territorial
securities laws.
In addition to being subject to a number of assumptions,
forward-looking statements in this release involve known and unknown
risks, uncertainties and other factors that may cause actual results and
developments to be materially different from those expressed or implied
by such forward-looking statements, including without limitation the
risk that the Company and Venezuela may not be able to reach final
agreement on definitive documentation for the transactions contemplated
by the MOU.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160528005007/en/
Contacts:
Gold Reserve Inc.
A. Douglas Belanger, President
Tel.
509-623-1500
Fax 509-623-1634
Source: Gold Reserve Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.