• Gold Reserve notified to the National Government intention to go to an international arbitration

Before the absence and will to establish some type of dialogue with the representatives of this auriferous company on the part of the National Government

• Rafael Figueroa

The Pebble. This information was provided by Ing. Arthur Rivero Acosta, that in is the president of the Gold reserves to Venezuela and the Auriferous Company Breezes of the Cuyuni, to titilar of the mining rights of the company “Announced to mass media Ing. Rivero “has notified him to the Bolivariana Republic of Venezuela of the existence of a conflict between the company and the Venezuelan government, under both the agreement between the Government of Canada and the Government of the Republic of Venezuela, for the Promotion and the Protection of the Investments `Treaty Canada - Venezuela' and the agreement between the Government of Barbados and the Government of Republic of Venezuela for the Promotion and the Protection of the bearded-Venezuela'" Investments `Tried.

Also, it indicated Rivero that this conflict has appeared mainly as a result of the received formal notification of the Ministry of the Popular Power for the Atmosphere, of date May 2008, where they revoked the Permission or authorization for the affectation of Natural Resources granted in March of 2007. “That would give to beginning to the construction of the phase of infrastructure and the services of the Project Breezes, consequently the company has taken this measurement like result to the lack from will of the Venezuelan government, to replace the authorization of March of 2007 and the absence of any dialogue significant to solve the prolonged delay for the development of the project breezes” informed Rivero

Will To solve the Problem

“It is our intention to solve this conflict friendly, nevertheless, if the problem is not solved the company in a friendly way could apply at any time for the international arbitration under the Barbados-Venezuela Treaty or after six months, as of the date of the notification, under the Canada-Venezue Treaty it. In the case that the company is forced to resort to the international arbitration, we would demand the payment of the right value of market of our investment at the time of the revocatory one, which we considered in an amount superior to US$5 billions. In May of 2008, date of the revocatory one, the price of Gold and the copper were of US$880 by Ounce and US$3.75 by pound” limited Rivero.

It emphasizes Arthur Rivero that through its activities throughout all these years, the company has demonstrated to its high sense of responsibility and property towards Venezuela, the Guayana region and very especially towards 21 indigenous communities and c

riollas that makes life in the zone of influence of the Project Breezes, in km 88. Their programs and projects of sustainable development would allow to improve the quality of life of the inhabitants of this Mining municipality as it is it Sifontes.

“In Gold Reserve we think that the protection and conservation of the environment are a crucial element in the success of our operations. For this reason, we have dedicated the greater effort in designing a project that fulfills the highest social environmental standards and `Principles Ecuatoriales', that the biodiversity mitigates and compensates and tries the majors benefits of the Project Breezes for its immediate communities in the short one, medium and long term” I emphasize Arthur Rivero.