Company Website:
http://www.goldreserveinc.com
SPOKANE, Wash. -- (Business Wire)
Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the
“Company”) today reported that it has entered into a further amendment
to the settlement agreement (the “Settlement Agreement”) previously
entered into with the Bolivarian Republic of Venezuela (“Venezuela”).
Under the terms of the amended Settlement Agreement, Venezuela will pay
Gold Reserve a total of approximately US$1,032,000,000 as result of
negotiations of the parties to satisfy the arbitral award granted in
favor of the Company by the International Centre for Settlement
Investment Disputes (the “Award”), including the price agreed for the
mining data related to the Brisas property.
Venezuela has paid Gold Reserve an initial installment of US$40,000,000
and will pay the balance of the amount owing in installments (the
“Installments”) over approximately the next two years. The amended
Settlement Agreement contemplates that Venezuela’s obligations
thereunder will be partially collateralized with Venezuelan sovereign
debt.
This is an important milestone for not only Gold Reserve but for
Venezuela. The Company would like to acknowledge the considerable
efforts of its team and its Venezuela counterparts, who have worked
extremely hard to bring this to a successful conclusion.
The Company and its Venezuela counterparts also ratify their commitment
to move forward towards the future development and creation of the joint
venture named Empresa Mixta Ecosocialista Siembra Minera, S.A., and
continues to strengthen the Venezuelan productive economy through
development of gold, copper and silver projects.
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
payments contemplated by the Settlement Agreement, as amended, the
contemplated pledge of Venezuela debt securities as security for such
payments and the development of the Brisas Cristinas project.
Forward-looking statements are necessarily based upon 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, including without limitation Venezuela’s
ability to fund the contemplated future payments to the Company pursuant
to the Settlement Agreement, the uncertainty of the value of the
Venezuela debt securities to be pledged to the Company in the event
Venezueladefaults on its payment obligations, the risk that the
Company may not receive interest payments on the debt securities in the
amounts and on the schedule contemplated by such securities, the risk
that Venezuela and the Company may not be able to arrange financing for
the anticipated capital costs of the Brisas Cristinas project and the
risk that the development of the Brisas Cristinas project may not
proceed as anticipated.
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.
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/20170616005633/en/
Contacts:
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500
President
Fax:
509-623-1634
Source: Gold Reserve Inc.
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