Gold Reserve Ltd (QX) (GDRZF) Quote

Gold Reserve Inc. has a history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring, and developing mining properties and placing them into production. The Company is incorporated under the laws of the Province of Alberta, Canada and is listed on the TSX Venture Exch... Gold Reserve Inc. has a history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring, and developing mining properties and placing them into production. The Company is incorporated under the laws of the Province of Alberta, Canada and is listed on the TSX Venture Exchange and the OTCQX Markets Exchange. In 1992, the Company acquired and began developing what is now known as the Brisas gold and copper project, located in the State of Bolivar in southeastern Venezuela (the "Brisas Project"). In April 2008, the Bolivarian Republic of Venezuela ("Venezuela") revoked the previous authorization to proceed with construction of the Brisas Project. Subsequently, in September 2014, an ICSID Tribunal awarded the Company $740.3 million in damages, including interest and legal costs. In July 2016, we signed a Settlement Agreement (as amended), whereby Venezuela agreed to pay the Company approximately $1.032 billion to satisfy the Award and the purchase of our Mining Data. As of December 31, 2022, the Company had received a total of approximately $254 million in cash and marketable debt securities in payment under the Settlement Agreement. In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"), the entity whose purpose is to develop the Siembra Minera Project which includes the Brisas Project. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation and 45% by Gold Reserve. In March 2022, the Ministry of Mines of Venezuela issued a resolution to revoke certain gold, copper, silver and other strategic mineral rights granted to Siembra Minera contained within Bolivar State comprising what is known as the Siembra Minera Project. The Company is considering all legal rights and remedies available under the Settlement Agreement and applicable law. Recent U.S. and Canadian government sanctions targeting Venezuela continue to adversely impact our ability to freely receive funds from Venezuela relating to the Settlement Agreement as well as our ability to develop and operate the Siembra Minera Project. See the Company's website at ***goldreserveinc.com for additional information. Show more