GOLD Reserve Announces Filing of International Arbitration Against the Venezuelan Government
GOLD RESERVE ANNOUNCES FILING OF INTERNATIONAL ARBITRATION AGAINST
THE VENEZUELAN GOVERNMENT
Pembroke, Bermuda – Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) announced today
that its wholly owned subsidiary, GR Mining (Barbados) Inc. (GR Mining), filed a request for
arbitration against the Bolivarian Republic of Venezuela (“Venezuela”) under the Additional
Facility Rules of the International Centre for the Settlement of Investment Disputes of the World
Bank in Washington, D.C.
The arbitration arises from Venezuela’s arbitrary and unlawful measures that deprived GR Mining
of its rights to, and materially damaged its investment in, the multi-billion-dollar Siembra Minera
mining project located in Venezuela.
The precise amount of GR Mining’s loss is subject to quantification in the arbitration but, at
present, is estimated to exceed USD $7 billion.
A copy of the request for arbitration has been posted on the Company’s website, and is available
here.
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. 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. They are frequently characterized by words
such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”,
“estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or
statements that certain events or conditions “may” or “will” occur. Forward-looking statements
contained in this press release include, but are not limited to, statements relating to: the Request
for Arbitration and the commencement of arbitration proceedings against Venezuela ; the
Company’s and GRM’s ongoing dispute with Venezuela in respect of the Project; and the
damages sought by the Company and GRM from Venezuela.
We caution that such forward-looking statements involve known and unknown risks, uncertainties
and other risks that may cause actual events, outcomes or results in Gold Reserve to be materially
different from out estimated outcomes, results, performance, or achievements expressed or
implied by those forward-looking statements, including but not limited to: the outcome or process
of any arbitration proceedings involving Gold Reserve, GRM and Venezuela , including the
outcome or process of the ongoing dispute between the Company , GRM and Venezuela in
respect of the Project generally; the quantum of damages or other award received as a result of
any arbitration proceedings or otherwise , if any such award is received at all , which is not
guaranteed; and if any such award is received, the significant risk that the there will be no
collection on any such award.
For a more detailed discussion of the risk factors affecting the Company’s business, see the
Company’s management information circular dated August 20, 2024, the Company’s
Management’s Discussion & Analysis for the 9-month period ended September 30, 2024, the
Annual Information Form on Form 40 -F and Management’s Discussion & Analysis for the year
ended December 31, 2023 and other reports that have been filed on SEDAR+ and are available
under the Company’s profile at www.sedarplus.ca and which have been filed on EDGAR and are
available under the Company’s profile at www.sec.gov/edgar.
Investors are cautioned not to put undue reliance on forward -looking information or 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
information or 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.
For further information regarding Gold Reserve Ltd., please contact:
Rosebank Centre, 5th Floor, 11 Bermudiana Road, Pembroke HM 08, Bermuda