SPOKANE, Wash.--(BUSINESS WIRE)--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 Agreement, 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 International 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 Venezuela’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 ratify their commitment to move forward towards the future development and creation of the joint venture named Empresa Mixta Ecosocialista Siembra Minera, S.A., and continues to strengthen the Venezuelan 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.
