Business
Gold Reserve reports on status of Brisas property
Gold Reserve reports on status of Brisas property
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nNov. 9, 2009 (Canada NewsWire Group) -- SPOKANE, WA, Nov. 9 /CNW/ -- Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX: GRZ) reported today that the Venezuelan Government has recently notified the Company through the issuance of an Administrative Act dated October 21, 2009 of its intent to cancel the Company's underlying hardrock concession. The Venezuelan Government's action comes just days after the October 26, 2009 seizure of the Brisas alluvial gold concession, which is coextensive with the hardrock concession, and the Government's taking over control of the Brisas Camp.Doug Belanger, President of Gold Reserve stated, \"The Government's actions are a continuation of its wrongful treatment of Gold Reserve and its investments and further evidence of the Government's earlier decision to expropriate the entire Brisas Project.\"FORWARD-LOOKING STATEMENTSThis release contains forward-looking statements that state Gold Reserve's or its management's intentions, hopes, beliefs, expectations or predictions for the future. In this release, 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.Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: the outcome or process of any potential proceedings under the Venezuelan legal system or before arbitration tribunals as provided in the investment treaty entered into between Venezuela and Canada to determine compensation due to Gold Reserve resulting from its claims in arbitration against the Venezuelan government and its agents and agencies, or if the Brisas Project is transferred to the Venezuelan government and the parties do not reach agreement on compensation; concentration of operations and assets in Venezuela; corruption and uncertain lega...