SPOKANE, Wash.--(BUSINESS WIRE)--May 10, 2018--
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the
“Company”) is pleased to announce that the mixed company Empresa Mixta
Ecosocialista Siembra Minera S .A. (“SM”), owned 45% by Gold Reserve and
55% by the Bolivarian Republic of Venezuela, has received the Permit to
Effect for the Siembra Minera Gold Copper Project (the "SM Project")
from the Venezuelan Ministry of the Environment. The SM Project is a
gold-copper-silver deposit located in the Kilometer 88 mining district
of Bolivar State in southeast Venezuela. On March 16, 2018, Gold Reserve
published a 43-101 compliant Preliminary Economic Assessment on the SM
Project which can be found at www.goldreserveinc.com,
www.sedar.com
or www.sec.gov.
The Permit to Effect will allow site clearing, construction of a
temporary camp and warehouse facilities, drilling of dewatering and
development drill holes, construction of access roads on the property,
and opening of the quarry for construction aggregates. The quarry permit
was previously received from Bolivar State in October, 2017. Additional
permits and authorizations will be required to further develop the SM
Project and these are scheduled to be requested during this early works
stage. The Company is very pleased with the proactive approach to
support the project and fast track the permitting process while
respecting the environmental and mining laws of Venezuela.
The Company also announced that SM is launching social programs to
improve the health care in the area, addressing the malaria problem with
medicines and protective measures. This program also includes the
rehabilitation and upgrading of schools and sports courts located in the
vicinity of the project area and developing engineering assessments for
future upgrades to the local communities' water supply and sewage system
infrastructure.
On May 11, 2018 an inauguration ceremony on the property is expected to
be held to mark the formal commencement of activities now that the
Environmental Permit has been issued. The ceremony is to be attended by
the Minister of the Environment, the Minister of Mines, the Bolivar
State Governor the Commanders of the Army for Bolivar State and
Commanders of the National Guard, along with representative of Sifontes
Municipality, the surrounding communities and local labor leaders as
well as representatives of Siembra Minera and the Company.
Minister of Mines Victor Cano stated, “The issuance of the Permit to
Effect, which authorizes the start of the early works construction
activities on the SM Project, is a major milestone for the project and
the people of Venezuela. This will also have a major positive impact to
the local community with many jobs, job training, better health care,
and education for the children.”
Gold Reserve also announces that this week an additional US $13.6
million has been transferred to its bank account in North America from
its Trust account in Venezuela.
Further information regarding the Company can be located at www.goldreserveinc.com,
www.sec.gov
and www.sedar.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning
of applicable U.S. federal securities laws and “forward-looking
information” within the meaning of applicable Canadian provincial and
territorial securities laws and state Gold Reserve’s and its
management’s intentions, hopes, beliefs, expectations or predictions for
the future including without limitation statements with respect to the
development of the SM Project, including the activities to be undertaken
pursuant to the Permit to Effect issued for the project and social
programs to be undertaken in the project area . 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, including without limitation the risk that
the development of the SM project, the activities planned to be
undertaken pursuant to the Permit to Effect and the social programs
planned to be undertaken in the SM Projectarea may not proceed
as anticipated. This list is not exhaustive of the factors that may
affect any of Gold Reserve’s forward-looking statements. For a more
detailed discussion of the risk factors affecting the Company’s
business, including without limitation the effect of sanctions imposed
by the governments of the United States and Canada against dealings with
certain Venezuelan entities and individuals, see the Company’s Annual
Information Form and Management’s Discussion & Analysis for the year
ended December 31, 2017 which have been filed on SEDAR and are available
under the Company’s profile at www.sedar.com
and which form part of the Company’s Form 40-F for the year ended
December 31, 2017 which have been filed on EDGAR and are available under
the Company’s profile at www.edgar.com.
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 Securities and Exchange Commission
and applicable Canadian provincial and territorial securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510006321/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500
President
Fax:
509-623-1634
