Maybe KRY will do the same soon...
Gold Reserve notifies Venezuelan Government of investment dispute
SPOKANE, WA, April 21 /CNW/ - Gold Reserve Inc. (TSX:GRZ - NYSE-Amex:GRZ)
announced today that it has notified the Bolivarian Republic of Venezuela of
the existence of a dispute between the Company and the Venezuelan Government
under both: (1) the Agreement between the Government of Canada and the
Government of the Republic of Venezuela for the Promotion and Protection of
Investments ("Canada - Venezuela Treaty") and (2) the Agreement between the
Government of Barbados and the Government of the Republic of Venezuela for the
Promotion and Protection of Investments ("Barbados-Venezuela Treaty").
This dispute has arisen primarily as a result of the Venezuelan Ministry
of Environment's formal notification in May 2008 revoking the March 2007
permit or Authorization for the Affectation of Natural Resources for the
Construction of Infrastructure and Services Phase of the Brisas Project. The
Company has taken this action as a result of the Venezuelan Government's
failure to reinstate the March 2007 authorization and the lack of any
meaningful dialog to resolve the prolonged obstruction of our rights to the
Brisas Project.
It is our intent to settle the dispute amicably. However, if the dispute
is not settled amicably, the Company may file for international arbitration at
anytime under the Barbados-Venezuela Treaty or after six months from the date
of notification under the Canada-Venezuela Treaty. In the event the Company is
compelled to file for international arbitration, we would make a claim for the
fair market value of our investment at the time of the revocation which we
believe was in excess of US$5 billion. In May 2008, the time of the
revocation, the price of gold and copper was $880 per ounce and $3.75 per
pound, respectively.
http://www.newswire.ca/en/releases/archive/April2009/21/c3916.html
