GOLD Reserve Announces Shareholder Distribution
GOLD RESERVE ANNOUNCES SHAREHOLDER DISTRIBUTION
Spokane, Washington, March 8, 2019 NR 19-01
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the
“Company”) reports that it currently has a cash balance of $167 million (including $21.5 million
held in Bandes Bank and from the sale of Venezuelan sovereign debt received in 2018) with
current liabilities of approximately $3 million. The Board of Directors have decided to
distribute to shareholders a minimum of $90 million with the final distribution amount and
method (which may require shareholder and/or regulatory approvals) to be determined by the
Board in the coming weeks.
In July 2016, we signed a Settlement Agreement, subsequently amended, whereby
Venezuela agreed to pay the Company $1.032 billion to satisfy its ICSID Award (including
interest) and to purchase our mining data related to the Brisas Project. The ICSID Award has
been recognized in courts of the United States, France and Luxembourg and is not appealable by
Venezuela.
The Company has received approximately $276 million under the terms of the Settlement
Agreement with approximately $756 million remaining to be paid by Venezuela. Of the amount
due, approximately $354 million is in arrears and if the Company determines an event of default,
interest will accrue commencing July 2016 at Libor plus 2% on all unpaid amounts and the
Company may recommence enforcement and collection of the Award.
Gold Reserve Inc. Contact
A. Douglas Belanger, President
999 W. Riverside Ave., Suite 401
Spokane, WA 99201 USA
Tel. (509) 623-1500
Fax (509) 623-1634
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 future payments under the Settlement Agreement,
future distributions to shareholders, if any, and the development of the Siembra Minera Project,
including social programs undertaken in the project area, currently or in 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.
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 the risks that payments due under the Settlement Agreement
continue to be delayed, the Company may not receive future payments due under such
agreement, the Company may not be able to repatriate payments that are received, imposition of
further sanctions by the U.S., Canada or other jurisdictions that may negatively impact our
ability to freely transfer funds from Venezuela or our ability to do business in Venezuela
including the development of the Siembra Minera project and the activities planned to be
undertaken in connection with the project area may not proceed as anticipated.
This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking
statements. For a more detailed discussion of the risk factors affecting the Company’s business,
including without limitation the effect of sanctions imposed by the governments of the United
States and Canada against dealings with certain Venezuelan entities and individuals, see the
Company’s Annual Information Form and Management’s Discussion & Analysis for the year
ended December 31, 2017 which have been filed on SEDAR and are available under the
Company’s profile at www.sedar.com and which form part of the Company’s Form 40-F for the
year ended December 31, 2017 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 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.