GOLD RESERVE ANNOUNCES FILING OF INTERNATIONAL ARBITRATION AGAINST THE VENEZUELAN GOVERNMENT
Gold Reserve (OTCQX: GDRZF) has announced that its subsidiary, GR Mining (Barbados) Inc., has filed for international arbitration against Venezuela with the World Bank's International Centre for Settlement of Investment Disputes. The arbitration stems from Venezuela's alleged unlawful actions that stripped GR Mining of its rights to the Siembra Minera mining project.
The company estimates damages exceeding USD $7 billion, though the final amount will be determined during arbitration proceedings. The dispute centers on Venezuela's measures that materially damaged GR Mining's investment in the multi-billion-dollar mining project.
Gold Reserve (OTCQX: GDRZF) ha annunciato che la sua filiale, GR Mining (Barbados) Inc., ha avviato un arbitrato internazionale contro il Venezuela presso il Centro Internazionale per la Risoluzione delle Controversie in Materia di Investimenti della Banca Mondiale. L'arbitrato deriva dalle presunte azioni illecite del Venezuela che hanno privato GR Mining dei suoi diritti sul progetto minerario Siembra Minera.
L'azienda stima danni superiori a USD $7 miliardi, sebbene l'importo finale sarà determinato durante le procedure di arbitrato. La controversia si concentra sulle misure adottate dal Venezuela che hanno danneggiato materialmente l'investimento di GR Mining nel progetto minerario da miliardi di dollari.
Gold Reserve (OTCQX: GDRZF) ha anunciado que su subsidiaria, GR Mining (Barbados) Inc., ha presentado un arbitraje internacional contra Venezuela ante el Centro Internacional de Resolución de Disputas de Inversiones del Banco Mundial. El arbitraje surge de las supuestas acciones ilegales de Venezuela que despojaron a GR Mining de sus derechos sobre el proyecto minero Siembra Minera.
La empresa estima daños que superan los USD $7 mil millones, aunque el monto final se determinará durante el proceso de arbitraje. La disputa se centra en las medidas de Venezuela que dañaron materialmente la inversión de GR Mining en el proyecto minero de varios miles de millones de dólares.
골드 리저브 (OTCQX: GDRZF)는 자회사인 GR Mining (Barbados) Inc.가 세계은행의 국제 투자 분쟁 해결 센터에 베네수엘라를 상대로 국제 중재를 신청했다고 발표했습니다. 이 중재는 베네수엘라의 불법적인 행동으로 인해 GR Mining이 시엠브라 미네라 광산 프로젝트에 대한 권리를 박탈당했다는 주장에 기초하고 있습니다.
회사는 USD $70억 이상의 손해를 추정하고 있지만, 최종 금액은 중재 절차 중에 결정될 것입니다. 이 분쟁은 베네수엘라의 조치가 GR Mining의 수십억 달러 규모의 광산 프로젝트에 대한 투자를 실질적으로 손상시켰다는 것에 초점을 맞추고 있습니다.
Gold Reserve (OTCQX: GDRZF) a annoncé que sa filiale, GR Mining (Barbados) Inc., a déposé une demande d'arbitrage international contre le Venezuela auprès du Centre international pour le règlement des différends relatifs aux investissements de la Banque mondiale. L'arbitrage découle des actions illégales présumées du Venezuela qui ont privé GR Mining de ses droits sur le projet minier Siembra Minera.
La société estime les dommages à plus de USD $7 milliards, bien que le montant final sera déterminé au cours de la procédure d'arbitrage. Le litige concerne les mesures du Venezuela qui ont matériellement nui à l'investissement de GR Mining dans le projet minier de plusieurs milliards de dollars.
Gold Reserve (OTCQX: GDRZF) hat bekannt gegeben, dass ihre Tochtergesellschaft GR Mining (Barbados) Inc. ein internationales Schiedsverfahren gegen Venezuela beim Internationalen Zentrum für die Beilegung von Investitionsstreitigkeiten der Weltbank eingeleitet hat. Das Schiedsverfahren resultiert aus den angeblich rechtswidrigen Handlungen Venezuelas, die GR Mining ihrer Rechte am Siembra Minera Bergbauprojekt beraubt haben.
Das Unternehmen schätzt den Schaden auf über USD $7 Milliarden, wobei der endgültige Betrag während des Schiedsverfahrens festgelegt wird. Der Streit konzentriert sich auf die Maßnahmen Venezuelas, die die Investition von GR Mining in das milliardenschwere Bergbauprojekt erheblich geschädigt haben.
- Pursuing legal action to recover substantial damages estimated at over $7 billion
- Case filed with reputable World Bank arbitration body
- Loss of rights to multi-billion-dollar Siembra Minera mining project
- Significant uncertainty regarding arbitration outcome and award collection
- Material damage to company's investment in Venezuela
PEMBROKE,
The arbitration arises from
The precise amount of GR Mining's loss is subject to quantification in the arbitration but, at present, is estimated to exceed USD
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
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
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.
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SOURCE Gold Reserve Ltd.
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