GOLD Reserve Receives First Payment from Venezuela
NR 17-05
GOLD RESERVE RECEIVES FIRST PAYMENT FROM VENEZUELA
SPOKANE, WASHINGTON, June 16, 2017
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 Agreemen t, 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 Internatio nal 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 Venezu ela’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 rati fy their commitment to move forward towards the
future development and creation of the joint ve nture named Empresa Mixta Ecosocialista Siembra
Minera, S.A., and continues to strengthen the Ven ezuelan 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.
Gold Reserve Inc. Contact
A. Douglas Belanger, President
926 W. Sprague Ave., Suite 200
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 inten tions, 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-l ooking 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 ac hievements 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 Venezuela defaults on its payment obligations, the risk
that the Company may not receive intere st 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.”