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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Makes 4th Payment to Gold Reserve on $1 Billion Expropriation Settlement

SPOKANE, WASHINGTON -- Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) has announced that it has received the fourth scheduled payment from Venezuela in their $1 billion expropriation settlement.

Gold Reserve "has received the scheduled September installment payment of US$29.5 million from the Bolivarian Republic of Venezuela (“Venezuela”) pursuant to the Settlement Agreement between the Company and Venezuela," the company said in a statement.

“The Company has received now over US$128 million from Venezuela as part of the settlement and we are very optimistic about our new partnership on the project,” said Doug Belanger, Gold Reserve President. "We are pleased with the progress to date on the Siembra Minera Project and look forward to its presentation to the financial community when the 43-101 PEA is completed."

Gold Reserve provided an update on its activities in Venezuela developing the Siembra Minera gold/copper/silver project (owned 45% by the Company and 55% by Venezuela) located in southeastern Venezuela.

"Engineering activities focused both on the early works saprolite gold plant and the primary gold/copper/silver plant are continuing with the completion of a Preliminary Economic Assessment (“PEA”) in accordance with National Instrument 43-101 expected in late October," the company stated. "In addition, Siembra Minera has held a number of recent meetings in the local area and at the mine site with the local and indigenous communities and small miners who have reacted positively to the project. New offices in Caracas and Puerto Ordaz are expected to be established in the coming weeks, as well as initial facilities at the project site. Siembra Minera expects to host project meetings in Caracas and Puerto Ordaz, as well as at the project site near Las Claritas in Bolivar State, in the coming weeks."

"Onsite malaria abatement and treatment programs are continuing and are expected to be intensified in the coming months. Several permitting applications were submitted to various government agencies in August. Once issued, these permits will allow for early works related to the primary project as well as the fast tracking of the early works saprolite mill."

Gold Reserve held its annual shareholder meeting on August 29, 2017. The Company reported second quarter 2017 after-tax profit of US$56.3 million (US$0.55 per share) versus a US$4.6 million loss (US$0.06 per share) for the first six months of 2016. Revenues were US$99.0 million versus no revenues in the same period of 2016.

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