Gold Reserve Responds to Market Activity
Posted on: Wednesday, 21 September 2005, 09:00 CDT
Gold Reserve Inc. (TSX: GRZ) (AMEX: GRZ) President Doug Belanger today commented on the Company's common share trading and price volatility and the subsequent trading halt on the Toronto Stock Exchange and the American Stock Exchange midday Tuesday, September 20, 2005. Several news services reported comments that the President of the Bolivarian Republic of Venezuela, Hugo Chavez Frias, made regarding the development of the Las Cristinas property.
"We wish to assure the market that the gold and copper concessions for the Company's Brisas Project are in compliance with Venezuelan laws and regulations and we are moving ahead with the development of the Brisas Project. We enjoy an excellent working relationship with the Venezuelan Government and look forward to the economic and social development of the Brisas Project in a mutually beneficial manner with the communities located near the project, the people in Bolivar State, and the Bolivarian Republic of Venezuela," said Doug Belanger.
Gold Reserve Inc. is a Canadian company which has the Brisas gold/copper project and the Choco 5 gold exploration property in Bolivar State, Venezuela. The Brisas Project is estimated to have 10.1 million ounces of gold and 1.29 billion pounds of copper in proven and probable ore reserves. Further information on Brisas tonnage, grades, reserve estimates and calculations, and the bankable feasibility study is available at www.goldreserveinc.com, www.sedar.com and www.sec.gov.
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risk factors that may cause the actual financial results, performance, or achievements of Gold Reserve to be materially different from our estimated future results, performance, or achievements expressed or implied by those forward looking statements. These are discussed in greater detail in Gold Reserve's filings with the U.S. Securities and Exchange Commission at www.sec.gov and the Annual Information Form and other reports filed with Canadian provincial securities commissions at www.sedar.com. Gold Reserve expressly disclaims any intention or obligation to update or revise any forward looking statement whether as a result of new information, events or otherwise.
Source: Business Wire
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