Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-Amex:GRZ) (the "Company")
announces that the oral hearings held at the World Bank in Washington,
D.C., and presided over by a three-member tribunal in the arbitration
conducted under the auspices of the International Centre for the
Settlement of Investment Disputes concluded, as scheduled, on February
The hearings focused on the evidentiary record in the case and counsel
for both the Company and the Bolivarian Republic of Venezuela addressed
the issues of jurisdiction, liability and damages. The oral hearings
presented an opportunity for the arbitral tribunal to hear testimony
from fact witnesses and expert witnesses, as well as to address
questions to the parties.
Gold Reserve claims damages arising from violations of three provisions
of the Canada-Venezuela bilateral investment treaty resulting in the
effective expropriation of Gold Reserve's sizable investments in the
world-class Brisas gold/copper project and the promising Choco 5
Gold Reserve seeks compensation corresponding to the restitution, or
fair market value, of the rights to develop the Brisas Project and Choco
5, as of the date of the Tribunal's decision. Gold Reserve has presented
evidence that the fair market value of those rights as last updated in
its Reply dated July 29, 2011, is approximately $2.1 billion. The
Tribunal will assess the evidence presented on this and other matters in
making its final decision.
Doug Belanger, President, stated, "The oral hearings were the
culmination of an extensive undertaking by the Company's counsel,
technical, legal and financial experts, as well as its employees, to
present Gold Reserve's case to the Tribunal. Upon review of the entire
record of evidence, it is clear that Gold Reserve's claims are well
The Tribunal granted both parties the opportunity to submit a
post-hearing brief, to be filed simultaneously, in order to comment in
conclusion on the full evidentiary record, as is typically permitted in
such arbitrations. Those briefs are due to be filed by March 16, 2012.
The Tribunal may issue its decision thereafter. It is typical for
tribunals in this type of arbitration to require six to eighteen months
(the historical average is approximately 1.2 years) to finalize and
issue its decision.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that state Gold
Reserve's or its management's intentions, hopes, beliefs, expectations
or predictions for the future.