Gold Reserve announces conclusion of oral hearings in ICSID arbitration against Venezuela
20 Februar 2012 - 10:34AM
PR Newswire (Canada)
SPOKANE, WA, Feb. 21, 2012 /CNW/ - Gold Reserve Inc. (the
"Company") announces that the oral hearings held at the World Bank
in Washington, DC 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. Gold Reserve Inc. CONTACT: Internet -
www.goldreserveinc.comCompany ContactA. Douglas Belanger,
President926 W. Sprague Ave., Suite 200Spokane, WA 99201 USATel.
(509) 623-1500Fax (509) 623-1634
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