Gold Reserve Inc. has a 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. The Company is incorporated under the laws of the Province of Alberta, Canada and is listed on the TSX Venture Exchange and the OTCQB Markets Exchange.
In 1992, the Company 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"). The Brisas deposit, which is one of the largest undeveloped gold/copper deposits in the world, contains ore reserves of 10.2 million ounces of gold and 1.4 billion pounds of copper. From 1992 to 2009, the Company invested close to US $300 million in acquisition, land exploration, development, equipment, and engineering costs, which the Company believed developed the Brisas Project into a world class mining project.
In April 2008, after the Company successfully developed the Brisas Project to the point of construction, the Bolivarian Republic of Venezuela arbitrarily revoked the previous authorization to proceed with construction of the Brisas Project, eliminating the Company’s ability to exploit the Brisas Project. As a result of this and other acts by or on behalf of Venezuela, on October 21, 2009 the Company filed a Request for Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes ("ICSID") of the World Bank, in Washington D.C., against the Bolivarian Republic of Venezuela seeking compensation for the losses caused to the Company by what the Company believes are Venezuela's violations of the Agreement between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments ("Canada-Venezuela Treaty") in regard to the Company and its investments in Venezuela.
The information regarding the Company's Venezuelan properties contained herein should be considered in context of our October 21, 2009 news release "Gold Reserve Files International Arbitration Against Venezuelan Government."
The Company is diligently pursuing its arbitration claim against the Bolivarian Republic of Venezuela while continuing to pursue other opportunities, with the goal of successfully developing proven and probable reserves by making selective property and/or corporate acquisitions.