Business
Gold Reserve reports on offer from Rusoro Mining Ltd.
SPOKANE, WA, Aug. 27 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) announced that it received an...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Aug. 27 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)\nannounced that it received an unsolicited non-binding expression of interest\nfrom Rusoro Mining Ltd. ("Rusoro") (CDNX:RML.V) to complete a 100% business\ncombination by issuing two shares of Rusoro for each share of Gold Reserve.\n\n\nThe Board of Directors of the Company reviewed the expression of interest\nand unanimously determined that it is inadequate and not in the best interests\nof the Company's shareholders.\n\n\nDoug Belanger, President of Gold Reserve, stated, "This highly\nconditional expression of interest attributed a $90 million value to Gold\nReserve's equity, which the Board determined was inadequate and not in the\nbest interests of shareholders. For example, the expression of interest did\nnot take into account Gold Reserve's current financial position, and gave\nlittle value for our Company's proven and probable reserves of 10.2 million\nounces of gold and 1.4 billion pounds of copper, the mobile CAT equipment, the\nequipment currently being manufactured, the extensive intangibles attached to\nthe Brisas Project and the value of the Choco 5 exploration property. Our\nobjective is to enhance shareholder value and in that regard we are always\nwilling to discuss any potential opportunities to achieve that objective."\n\n\nThe offer letter and the Company's response are available at\nwww.goldreserveinc.com.\n\n\nFor the Company's periodic TSX (SEDAR) or SEC (Edgar) filings please\nvisit our website at www.goldreserveinc.com under the Investor Relations\nsection.\n\n\nGold Reserve Inc. is a Canadian company, which holds the rights to the\nBrisas gold/copper project and the Choco 5 gold exploration property in\nBolivar State, Venezuela.\n\n\nOn Behalf of the Board of Directors\nGold Reserve Inc.\nA. Douglas Belanger, President\n\n\nCertain statements included herein, including those that express\nmanagement's expectations or estimates of our future performance concerning\nthe Brisas Project constitute "forward-looking statements" within the meaning\nof the United States Private Securities Litigation Reform Act of 1995.\nForward-looking statements are necessarily based upon a number of estimates\nand assumptions that, while considered reasonable by management at this time,\nare inherently subject to significa...