Gold Reserve Reports on Status of Brisas Property
09 November 2009 - 2:00PM
Business Wire
Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX: GRZ) reported today
that the Venezuelan Government has recently notified the Company
through the issuance of an Administrative Act dated October 21,
2009 of its intent to cancel the Company’s underlying hardrock
concession. The Venezuelan Government’s action comes just days
after the October 26, 2009 seizure of the Brisas alluvial gold
concession, which is coextensive with the hardrock concession, and
the Government’s taking over control of the Brisas Camp.
Doug Belanger, President of Gold Reserve stated, “The
Government’s actions are a continuation of its wrongful treatment
of Gold Reserve and its investments and further evidence of
the Government’s earlier decision to expropriate the entire Brisas
Project.”
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that state Gold
Reserve’s or its management’s intentions, hopes, beliefs,
expectations or predictions for the future. In this release,
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.
Numerous factors could cause actual results to differ materially
from those in the forward-looking statements, including without
limitation: the outcome or process of any potential proceedings
under the Venezuelan legal system or before arbitration tribunals
as provided in the investment treaty entered into between Venezuela
and Canada to determine compensation due to Gold Reserve resulting
from its claims in arbitration against the Venezuelan government
and its agents and agencies, or if the Brisas Project is
transferred to the Venezuelan government and the parties do not
reach agreement on compensation; concentration of operations and
assets in Venezuela; corruption and uncertain legal enforcement;
requests for improper payments; competition with companies that are
not subject to or do not follow Canadian and U.S. laws and
regulations; regulatory, political and economic risks associated
with Venezuelan operations (including changes in previously
established laws, legal regimes, rules or processes); the ability
to obtain, maintain or re-acquire the necessary permits or
additional funding for the development of the Brisas Project; the
result or outcome of the trial regarding the enjoined hostile
takeover bid for Gold Reserve; significant differences or changes
in any key findings or assumptions previously determined by us or
our experts in conjunction with our 2005 bankable feasibility study
(as updated or modified from time to time) due to actual results in
our expected construction and production at the Brisas Project
(including capital and operating cost estimates) or our inability
to undertake such construction or production; the method and manner
of our determination of reserves, risk that actual mineral reserves
may vary considerably from estimates presently made; impact of
currency, metal prices and metal production volatility;
fluctuations in energy prices; changes in proposed development
plans (including technology used); our dependence upon the
abilities and continued participation of certain key employees; the
prices, production levels and supply of and demand for gold and
copper produced or held by Gold Reserve; the potential volatility
of Gold Reserve’s Class A common shares; the price and value of
Gold Reserve’s notes, including any conversion of notes into Gold
Reserve’s Class A common shares; the prospects for exploration and
development of projects by Gold Reserve; and risks normally
incident to the operation and development of mining properties.
This list is not exhaustive of the factors that may affect any
of Gold Reserve’s forward-looking statements. 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 U.S. Securities and
Exchange Commission (the “SEC”).
In addition to being subject to a number of assumptions,
forward-looking statements in this release involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to be materially different from
those expressed or implied by such forward-looking statements,
including those factors outlined in the "Cautionary Notes" and
"Risks Factors" contained in Gold Reserve's filings with the
Canadian provincial securities regulatory authorities and U.S.
Securities and Exchange Commission, including Gold Reserve’s Annual
Information Form and Annual Report on Form 20-F for the year ended
December 31, 2008, filed with the Canadian provincial securities
regulatory authorities and U.S. Securities and Exchange Commission,
respectively, on March 31, 2009.
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