Venezuelan Ministry of Mines Revokes Mineral Rights of Siembra Minera – GOLD Reserve Considering All Legal Rights and Remedies
VENEZUELAN MINISTRY OF MINES REVOKES MINERAL RIGHTS OF SIEMBRA
MINERA – GOLD RESERVE CONSIDERING ALL LEGAL RIGHTS AND REMEDIES
SPOKANE, Washington, March 9, 2022 NR-22-01
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced
that it has learned that The Ministry of Mines of Bolivarian Republic of Venezuela (“Ministry of
Mines”) issued a Resolution that purports to revoke the mining rights of the Venezuelan Joint
Venture Company, Siembra Minera SA (55% owned by Venezuela – 45% owned by Gold
Reserve) (‘Siembra Minera SA”) for alleged non-compliance with certain Venezuelan mining
regulations. The Resolution states that Siembra Minera SA may exercise remedies concerning
the revocation in administrative proceedings or court proceedings in Venezuela.
The Venezuelan government has a controlling 55% interest in Siembra Minera SA and any
alleged non-compliance by Siembra Minera SA would be due to failure or inaction by the
Venezuelan government. Furthermore, the government of Venezuela is in non-compliance with
its obligations to Siembra Minera SA and the Company under the Settlement and Joint Venture
Agreement that it signed with the Company in 2016.
Consequently, the Company is considering all legal rights and remedies available to it under the
Settlement Agreement and applicable law.
Doug Belanger, President stated “the government appears to be essentially cancelling its own
rights to the property, and therefore, those of Gold Reserve as a minority shareholder and yet
the Government of Venezuela is the one out of compliance”.
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. 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 revocation of the mining rights held by Siembra Minera SA by the Ministry of
Mines, the timing and ability to appeal or contest such revocation and/or ability to take other
legal actions including with respect to non-compliance by Venezuela of its obligations under the
Settlement Agreement, risks and uncertainties associated with the U.S. and Canadian sanctions
against Venezuela and/or its government officials, risks associated with the continued failure by
Venezuela to honor its commitments under the Settlement Agreement and/or the Award; risks
associated with the collection of the Award and substantial concentration of our operations and
assets in Venezuela and risks that any future Venezuelan administration will fail to respect the
agreements of the prior administration. 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, see the Company’s Annual Information Form and
Management’s Discussion & Analysis for the year ended December 31, 2020 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, 2020 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20211118006317/en/
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
Source: Gold Reserve Inc.