Business
Gold Reserve's Annual Information Form and Form 10-K now available
Gold Reserve's Annual Information Form and Form 10-K now available
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Mar. 31, 2010 (Canada NewsWire Group) -- /CNW/ -- Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX: GRZ) announced that it has filed its 2009 Annual Information Form and Form 10K on SEDAR and on EDGAR, respectively. To access the documents, please visit the following links www.sedar.com and www.sec.gov or go to the Company's website at www.goldreserveinc.com. Management encourages shareholders to read these documents.As more fully described in our Annual Report, with the expropriation of the Brisas Project our primary objectives now include: pursuing our arbitration against Venezuela in a timely and efficient manner while exploring opportunities to settle our dispute; selling Brisas Project assets and continuing to reduce costs; redeeming, restructuring or otherwise modifying the terms of the 5.50% subordinated notes; and identifying alternative mining opportunities.On November 9, 2009 our Request for Arbitration under the Additional Facility Rules of the Centre for Settlement of Investment Disputes, against the Bolivarian Republic of Venezuela (\"Respondent\"), was registered and shortly thereafter the Tribunal was established. We are seeking compensation in the arbitration for all of the loss and damage resulting from what we believe to be Venezuela's wrongful conduct which includes the full market value of the legal rights to develop the Brisas Project. Our current arbitration efforts consist of engaging and assisting technical, legal, and financial experts, preparing for the initial meeting with the Respondent and the three member arbitration tribunal and developing and filing our initial pleadings, the filing of which is expected to occur in 2010.As a result of the expropriation of the Brisas Project by Venezuela and our loss of control and physical access to the project in October 2009, we recorded a $150.7 million non-cash write-off of the carrying value of the expropriated assets, including Brisas equipment on order of approximately $14.5 million, resulting in a consolidated net loss after extraordinary item for the year ended December 31, 2009 of approximately $165.5 million. Although we have been successful with our efforts to reduce controllable costs as evidenced by the reduction in loss before extraordinary item in 2009 compared to 2008, our efforts have been partially obscured by the non-cash adjustment...