Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-Amex:GRZ) (the “Company”) announces that the oral hearings held at the World Bank in Washington, D.C., and presided over by a three-member tribunal in the arbitration conducted under the auspices of the International Centre for the Settlement of Investment Disputes concluded, as scheduled, on February 17, 2012.
The hearings focused on the evidentiary record in the case and counsel for both the Company and the Bolivarian Republic of Venezuela addressed the issues of jurisdiction, liability and damages. The oral hearings presented an opportunity for the arbitral tribunal to hear testimony from fact witnesses and expert witnesses, as well as to address questions to the parties.
Gold Reserve claims damages arising from violations of three provisions of the Canada-Venezuela bilateral investment treaty resulting in the effective expropriation of Gold Reserve’s sizable investments in the world-class Brisas gold/copper project and the promising Choco 5 property.
Gold Reserve seeks compensation corresponding to the restitution, or fair market value, of the rights to develop the Brisas Project and Choco 5, as of the date of the Tribunal’s decision. Gold Reserve has presented evidence that the fair market value of those rights as last updated in its Reply dated July 29, 2011, is approximately $2.1 billion. The Tribunal will assess the evidence presented on this and other matters in making its final decision.Doug Belanger, President, stated, “The oral hearings were the culmination of an extensive undertaking by the Company’s counsel, technical, legal and financial experts, as well as its employees, to present Gold Reserve’s case to the Tribunal. Upon review of the entire record of evidence, it is clear that Gold Reserve’s claims are well supported.” The Tribunal granted both parties the opportunity to submit a post-hearing brief, to be filed simultaneously, in order to comment in conclusion on the full evidentiary record, as is typically permitted in such arbitrations. Those briefs are due to be filed by March 16, 2012. The Tribunal may issue its decision thereafter. It is typical for tribunals in this type of arbitration to require six to eighteen months (the historical average is approximately 1.2 years) to finalize and issue its decision.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV