GOLD Reserve Receives Transfer from Venezuela
GOLD RESERVE RECEIVES TRANSFER FROM VENEZUELA
SPOKANE, WASHINGTON, OCTOBER 9, 2018 NR 18-04
Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the “Company”) is
pleased to provide an update on the transfer of funds from BANDES Bank associated with the
Company's Settlement Agreement with Venezuela.
US $14.9 million has been transferred by BANDES Bank to the Company’s bank account in
North America, leaving approximately US$22 million remaining in the Company’s trust account
in Venezuela. Venezuela's monthly payment obligations, pursuant to the Settlement Agreement,
are in arrears by approximately US $206.5 million excluding the amount remaining in the Trust
Account. The Company and Venezuela continue to work on satisfying the unpaid amounts.
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
999 W. Riverside Ave., Suite 401
Spokane, W A 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.
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, and the
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 .
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.