Gold Reserve reported the government intends to go to international arbitration
Written by Editor
martes, 28 de abril de 2009
Arturo Acosta Rivero, president of Venezuela Gold Reserve's Brisas gold and Company Cuyuni-holder of mineral rights, announced it has been reported to "the Republic of Venezuela for the existence of a conflict between the company and the Venezuelan Government, based on The agreement between the governments of Canada and Venezuela for the Promotion and Protection of Investments (Canada-Venezuela treaty) and the agreement between the governments of Barbados and Venezuela for the Promotion and Protection of Investment (Treaty Barbados-Venezuela).
Rivero said that this conflict has been presented as a result of the formal notification of the Ministry of People's Power for Environment, dated May 2008, which revoked the permission or authorization for the allocation of resources given in March 2007, which would started the construction of infrastructure and services of the Brisas Project. "The company has taken this action as a result of the unwillingness of the Venezuelan Government, to replace the 2007 authorization and the absence of any meaningful dialogue to resolve the long wait for the development of the Brisas Project."

There is a will to solve the problem

It is our intention reiterated Rivero-settle this amicably, however, if the problem is not solved Gold Reserve could apply international arbitration at any time under the Barbados-Venezuela Treaty, or after six months from the date of notification under the Canada-Venezuela treaty. Should the company be forced to resort to international arbitration, require the payment of the fair market value of your investment at the time of revocation, which is estimated at an amount exceeding U.S. $ 5 billion. In May 2008, the date of the revocation, the prices of gold and copper were U.S. $ 880 per ounce and $ 3.75 per pound.

Gold Reserve through their actions along all these years, has demonstrated a high sense of social responsibility and belonging to Venezuela, Guyana, and particularly the 21 indigenous and Creole communities living in the catchment area of the Brisas Project, at km 88. Programs and sustainable development projects that make up this project would improve the quality of life of the inhabitants of this area of the municipality Sifontes.

The company is firmly convinced that the protection and conservation of the environment is a crucial element in its success. Under this approach devoted more effort to design a project that meets the highest environmental and social standards (Equator Principles), which will mitigate and compensate for biodiversity and ensure the greatest benefits of the Brisas Project to their communities in the immediate short, medium and long term.

It is recalled that Gold Reserve is a Canadian mining, with over 15 years of presence in Venezuela, through its subsidiary Company's Brisas gold Cuyuní, invested $ 250 million for the Brisas Project, aiming to exploit gold and copper , at Kilometer 88. The deposit contains proven and probable reserves by 10.2 million ounces of gold and 1,400 million pounds of copper. (Gold Book Press)