U.s. Third Circuit Court of Appeals Affirms Previously Announced District Court Order Granted to GOLD Reserve and Others
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153160999
NR 23-03
U.S. THIRD CIRCUIT COURT OF APPEALS AFFIRMS PREVIOUSLY ANNOUNCED
DISTRICT COURT ORDER GRANTED TO GOLD RESERVE AND OTHERS
SPOKANE, WASHINGTON, July 10, 2023
Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ( Gold Reserve or the Company) announces
that on July 7, 2023 the United States Co urt of Appeals for the Third Circuit (the Third Circuit) issued a
judgment affirming the orders of the United States District Court for the District of Delaware (the Delaware
Court) issued on March 23, 2023 and March 31, 2023 (see Gold Reserve’s press releases dated April 4,
2023 and May 3, 2023).
Rockne J. Timm, CEO stated, “The ruling by the Third Circuit is welcome but, at the same time,
and subject to applicable sanctions laws in the U.S. and Canada, we are open to resolving amicably all of
our pending issues with Venezuel a. This includes, but is not lim ited to, our U.S. $996 million judgment
(inclusive of interest) that is the subject of the Company’s litigation in Delaware, but also the recovery of
our Bandes Trust funds and the more recent expropriation of the Siembra Minera mining rights.”
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 Reserv e’s and its management’s intentions, hopes, beliefs,
expectations or predictions for the future. Forw ard-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 involv e 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 outco mes, future results, performance, or achievements
expressed or implied by those forward-looking statem ents, including without limit ation, the completion of
the PDV Holdings, Inc (“PDVH”) sale process, whether OFAC will grant an authorization in connection with
any potential sale of PDVH shares and/or whether it changes its decision or guidance regarding the sales
process, the ability to enforce the wr it of attachment fieri facias grant ed to Gold Reserve, that PDVH’s
parent company, Petroleos de Venezuela, S.A. (“PDVSA ”) has opposed the inclusio n of any additional
judgements in the existing sales process and may appeal the Third Circuit’s decision upholding the orders
of the District Court, including the potential time and cost associated with such appeal and whether PDVSA
will be successful in any such appeal, that the Company will be granted an order from the Delaware Court
such that the Company can formally participate in any sales process of the PDVH shares, the timing set for
various reports will not be met, the ability to otherwise participate in the potential sales process in connection
with the PDVH shares (and related costs associated therewith), the amount, if any, of proceeds associated
therewith; the competing claims of certain creditors, the Other Creditors (as detailed in the applicable court
documents filed with the Delaware Court) of Venezuela and the Company, incl uding any priority afforded
thereto, and the proceeds from the sale of the PDVH shares may not be suffici ent to satisfy the amounts
outstanding under the September 2014 arbitral award and/or corres ponding November 15, 2015 U.S.
judgement in full. This list is not exhaustive of the fa ctors that may affect any of Gold Reserve’s forward-
looking statements. For a more deta iled discussion of the risk factors affecting the Company’s business,
see the Company’s Annual Report on Form 20-F and Management’s Discussion & Analysis for the year
ended December 31, 2022 and other reports that hav e been filed on SEDAR and are available under the
Company’s profile at www.sedar.com and which have been filed on EDGAR and are available under the
Company’s profile at www.sec.gov/edgar.
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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 Regulati on Services Provider (as that term is defined
in policies of the TSX Venture Exc hange) accepts responsib ility for the adequacy or accuracy of this
release.
Gold Reserve Inc. Contact
Rockne J. Timm
999 W. Riverside Ave., Suite 401
Spokane, WA 99201 USA
Tel: (509) 623-1500
Fax: (509) 623-1634