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Gold/Mining/Energy : Gold Reserve Inc.
GRZ.V 2.190+1.9%3:59 PM EDT
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From: MeTwo3/9/2022 11:54:39 AM
   of 27
 
Venezuelan Ministry of Mines Revokes Mineral Rights of Siembra Minera – Gold Reserve Considering All Legal Rights and Remedies

SPOKANE, Wash.--(BUSINESS WIRE)--Mar. 9, 2022-- Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that it has learned that The Ministry of Mines of Bolivarian Republic of Venezuela (“Ministry of Mines”) issued a Resolution that purports to revoke the mining rights of the Venezuelan Joint Venture Company, Siembra Minera SA (55% owned by Venezuela – 45% owned by Gold Reserve) (‘Siembra Minera SA”) for alleged non-compliance with certain Venezuelan mining regulations. The Resolution states that Siembra Minera SA may exercise remedies concerning the revocation in administrative proceedings or court proceedings in Venezuela.

The Venezuelan government has a controlling 55% interest in Siembra Minera SA and any alleged non-compliance by Siembra Minera SA would be due to failure or inaction by the Venezuelan government. Furthermore, the government of Venezuela is in non-compliance with its obligations to Siembra Minera SA and the Company under the Settlement and Joint Venture Agreement that it signed with the Company in 2016.

Consequently, the Company is considering all legal rights and remedies available to it under the Settlement Agreement and applicable law.

Doug Belanger, President, stated: “The government appears to be essentially cancelling its own rights to the property, and therefore, those of Gold Reserve as a minority shareholder and yet the Government of Venezuela is the one out of compliance.”
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