Gold Reserve Announces Conclusion of Hearings in ICSID Arbitration against Venezuela
Gold Reserve Inc. (GRZ.V) has reported that the oral hearings held at the World Bank in Washington, DC 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.
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.
It is estimated that the Tribunal will take up to 18 months to issue its decision.
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