PEMBROKE, Bermuda, March 5,
2025 /CNW/ -- Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX:
GDRZF) announced today that its wholly owned subsidiary, GR Mining
(Barbados) Inc. (GR Mining), filed
a request for arbitration against the Bolivarian Republic of
Venezuela ("Venezuela") under the Additional Facility
Rules of the International Centre for the Settlement of Investment
Disputes of the World Bank in Washington,
D.C.
The arbitration arises from Venezuela's arbitrary and unlawful measures
that deprived GR Mining of its rights to, and materially damaged
its investment in, the multi-billion-dollar Siembra Minera mining
project located in Venezuela.
The precise amount of GR Mining's loss is subject to
quantification in the arbitration but, at present, is estimated to
exceed USD $7 billion.
A copy of the request for arbitration has been posted on the
Company's website, and is available here.
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. They are
frequently characterized by words such as "anticipates", "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed", "positioned"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements
contained in this press release include, but are not limited to,
statements relating to: the Request for Arbitration and the
commencement of arbitration proceedings against Venezuela; the Company's and GRM's ongoing
dispute with Venezuela in respect
of the Project; and the damages sought by the Company and GRM from
Venezuela.
We caution that such forward-looking statements involve known
and unknown risks, uncertainties and other risks that may cause
actual events, outcomes or results in Gold Reserve to be materially
different from out estimated outcomes, results, performance, or
achievements expressed or implied by those forward-looking
statements, including but not limited to: the outcome or process of
any arbitration proceedings involving Gold Reserve, GRM and
Venezuela, including the outcome
or process of the ongoing dispute between the Company, GRM and
Venezuela in respect of the
Project generally; the quantum of damages or other award received
as a result of any arbitration proceedings or otherwise, if any
such award is received at all, which is not guaranteed; and if any
such award is received, the significant risk that the there will be
no collection on any such award.
For a more detailed discussion of the risk factors affecting
the Company's business, see the Company's management information
circular dated August 20, 2024, the
Company's Management's Discussion & Analysis for the 9-month
period ended September 30, 2024, the
Annual Information Form on Form 40-F and Management's Discussion
& Analysis for the year ended December
31, 2023 and other reports that have been filed on SEDAR+
and are available under the Company's profile at www.sedarplus.ca
and 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 information or 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 information or 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.
For further information regarding Gold Reserve Ltd., please
contact:
Rosebank Centre, 5th Floor, 11 Bermudiana Road, Pembroke HM 08,
Bermuda
investorrelations@goldreserve.bm
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SOURCE Gold Reserve Ltd.