Gold Reserve Inc. (the "Company") has history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring and developing mining properties and placing them into production. Consistent with that strategy, the Company in 1992 acquired and began developing what is now known as the Brisas gold and copper project, located in the historic Km 88 mining district of the State of Bolivar in southeastern Venezuela (the “Brisas Project”).
From 1992 to 2009, the Company invested close to US $300 million in acquisition, land exploration, development, equipment, and engineering costs, developing the Brisas Project into what management believed was a world class mining project. In April 2008 the Bolivarian Republic of Venezuela arbitrarily revoked the Authorization to Affect, eliminating the Company’s ability to exploit the Brisas Project.
In October 2009, Gold Reserve initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes (“ICSID”) of the World Bank. In September 2014, the ICSID Tribunal granted us an Award of $740.3 million. In July 2016, we signed a settlement agreement whereby Venezuela agreed to pay us $792 million to satisfy the Award and $240 million for the purchase of the Mining Data for a total of approximately $1.032 billion payable in monthly installments (the "Settlement Agreement") (See Brisas Arbitral Award).
On June 13, 2017, Venezuela deposited the Initial Payment of $40 million into the Trust Account (See Introduction/Settlement Agreement) and subsequently made additional monthly installment deposits of $29.5 million each from July through November, 2017 for a total of $187.5 million. Since June 30, 2017 and through May 2018, Venezuela has transferred a total of $142.1 million to our bank account in the U.S. with $45.4 million remaining in the Trust Account.
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