Gold Reserve Inc. 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”).
In April 2008, investing hundreds of millions of dollars for exploration and development, and successfully developing the Brisas Project to the point of construction 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 ICSID of the World Bank. On September 22, 2014, the ICSID Tribunal unanimously awarded to the Company the Arbitral Award (the "Award") totaling $740.3 in damages, including pre-award interest and legal costs and expenses. The Award (less legal costs and expenses) accrues post-award interest at a rate of LIBOR plus 2%, compounded annually. The Company is diligently pursuing enforcement and collection of the Award in jurisdictions that allow for the recognition and enforcement of commercial arbitral awards.
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