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\nOct. 27, 2009 (Canada NewsWire Group) -- SPOKANE, WA, Oct. 27 /CNW/ -- Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX: GRZ) reported today that the Venezuelan Government has assumed control of the Brisas Property in southeastern Venezuela. Government personnel arrived at the Brisas Camp on Monday to deliver notification of the Government's takeover of the property relating to the Brisas Del Cuyuni alluvial gold concession and to take physical possession of that property. The 500-hectare alluvial concession area is coextensive with the underlying hard rock concession area.The Government's actions come less than a week after the company filed its request for international arbitration. 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 a further demonstration 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 investment treaties entered into between Venezuela, Canada and/or Barbados 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 th...