SPOKANE, Wash.--(BUSINESS WIRE)--Sep. 14, 2017--
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the
“Company”) is pleased to provide an update on current and ongoing
activities in Venezuela with respect to the Siembra Minera
gold/copper/silver project (owned 45% by the Company and 55% by the
Bolivarian Republic of 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. 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.
The Company’s annual meeting of shareholders was held on August 29, 2017
and all management proposals were passed. The Company has also 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.
The Company also announces that it 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.
Doug Belanger, President, stated, “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. 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.”
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 Siembra Minera project, including the preparation of
a PEA for the project. 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 a
PEA for the Brisas Cristinas project will not be completed within the
time frames anticipated and the risk that the development of the Siembra
Minera project may not proceed as anticipated.
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 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: http://www.businesswire.com/news/home/20170914006477/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500
President
Fax:
509-623-1634