Gold Reserve Announces Conclusion of Oral Hearings in ICSID Arbitration Against Venezuela
22 Februar 2012 - 1:46AM
Business Wire
Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-Amex:GRZ) (the
“Company”) announces that the oral hearings held at the World Bank
in Washington, D.C., and presided over by a three-member tribunal
in the arbitration conducted under the auspices of the
International Centre for the Settlement of Investment Disputes
concluded, as scheduled, on February 17, 2012.
The hearings focused on the evidentiary record in the case and
counsel for both the Company and the Bolivarian Republic of
Venezuela addressed the issues of jurisdiction, liability and
damages. The oral hearings presented an opportunity for the
arbitral tribunal to hear testimony from fact witnesses and expert
witnesses, as well as to address questions to the parties.
Gold Reserve claims damages arising from violations of three
provisions of the Canada-Venezuela bilateral investment treaty
resulting in the effective expropriation of Gold Reserve’s sizable
investments in the world-class Brisas gold/copper project and the
promising Choco 5 property.
Gold Reserve seeks compensation corresponding to the
restitution, or fair market value, of the rights to develop the
Brisas Project and Choco 5, as of the date of the Tribunal’s
decision. Gold Reserve has presented evidence that the fair market
value of those rights as last updated in its Reply dated July 29,
2011, is approximately $2.1 billion. The Tribunal will assess the
evidence presented on this and other matters in making its final
decision.
Doug Belanger, President, stated, “The oral hearings were the
culmination of an extensive undertaking by the Company’s counsel,
technical, legal and financial experts, as well as its employees,
to present Gold Reserve’s case to the Tribunal. Upon review of the
entire record of evidence, it is clear that Gold Reserve’s claims
are well supported.”
The Tribunal granted both parties the opportunity to submit a
post-hearing brief, to be filed simultaneously, in order to comment
in conclusion on the full evidentiary record, as is typically
permitted in such arbitrations. Those briefs are due to be filed by
March 16, 2012. The Tribunal may issue its decision thereafter. It
is typical for tribunals in this type of arbitration to require six
to eighteen months (the historical average is approximately 1.2
years) to finalize and issue its decision.
CAUTIONARY STATEMENT REGARDING 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: our ability to satisfy the requirements of the plan of
compliance accepted by the staff of the NYSE Amex or to satisfy the
continued listing requirements of the TSX.V or other ongoing
listing standards; 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; the potential delisting of our Common Shares and uncertainty
regarding any appeal thereof; 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 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.
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