Gold Reserve Inc. Comments on Recent Market Activity
13 Juni 2011 - 7:15PM
Business Wire
At the request of Market Surveillance, on behalf of the Toronto
Stock Exchange, Gold Reserve Inc. (TSX:GRZ) (NYSE-Amex:GRZ) is
issuing this press release to confirm that it is not aware of any
material corporate developments which would account for the recent
increase in its stock price and trading volume.
The Company’s international arbitration against the Republic of
Venezuela regarding the illegal expropriation of its Venezuelan
properties is proceeding well but there are no material
developments with respect to the case at this time. The Company is
also pursuing possible settlement of the arbitration but no
assurances can be given at this time that it will be successful in
reaching a settlement. The time table remains intact with Gold
Reserve required to submit its reply on July 15, 2011 to
Venezuela’s counter memorial. The hearing on the merits is still
scheduled for February 6, 2012.
The Company is continuing to pursue the sales of equipment that
was purchased for the Brisas project. Sales of this equipment will
allow us to work with the Company’s note holders on a possible
restructuring or retirement of the notes.
Gold Reserve is also pursuing other new opportunities in the
mining industry but has nothing to report at this time.
Please visit our website at www.goldreserveinc.com under
Investor Relations: SEDAR Filings or SEC Filings.
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 of our arbitration under the Additional
Facility Rules of the International Centre for Settlement of
Investment Disputes of the World Bank, in Washington D.C. to
determine compensation claimed by us resulting from our claims
against the Venezuelan government and its agents and agencies;
corruption and uncertain legal enforcement; political and social
instability; 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 Venezuela including changes in laws and legal
regimes; the result or outcome of the litigation regarding the
enjoined hostile takeover bid for us; impact of currency, metal
prices and metal production volatility; our dependence upon the
abilities and continued participation of certain key employees; the
value of our 5.50% senior subordinated convertible notes due on
June 15, 2022 and potential volatility of our Class A common shares
(also referred to herein as “Common Shares”), including potential
dilution as a result of the conversion of the convertible notes
into our common shares by either us or the holder; the prospects
for exploration and development of alternative projects by us; and
risks normally incident to the exploration, development and
operation 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 Statement
Regarding Forward-Looking Statements" 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 10-K for the year ended December 31, 2010, filed with the
Canadian provincial securities regulatory authorities and U.S.
Securities and Exchange Commission, respectively.
FOR FURTHER INFORMATION:
Internet – www.goldreserveinc.com
Gold Reserve (AMEX:GRZ)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Gold Reserve (AMEX:GRZ)
Historical Stock Chart
Von Jul 2023 bis Jul 2024