What Happened?
Spokane, WA-based Gold-Reserve-Incorporated Retired Robert McGuinness as Vice President of Finance and Chief Financial Officer
About the Company
Gold Reserve Inc. (“Gold Reserve” or the “Company”) is engaged in the business of acquiring, exploring and developing mining projects. The Company, an exploration stage company incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014, is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. In 1992, the Company acquired and began developing what is known as the Brisas gold and copper project, located in the historic Km 88 mining district of the State of Bolivar in southeastern Venezuela (the “Brisas Project”). From 1992 to 2009, the Company invested close to US $300 million in acquisition, land exploration, development, equipment, and engineering costs, developing the Brisas Project into what management believed was a world class mining project. In April 2008 the Bolivarian Republic of Venezuela revoked the Authorization to Affect, eliminating the Company`s ability to exploit the Brisas Project. In October 2009, the Company filed a Request for Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes (“ICSID”) of the World Bank, in Washington D.C., against the Bolivarian Republic of Venezuela seeking compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project in violation of the terms of the Treaty between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments. In September 2014, the ICSID Tribunal unanimously granted us an Award of $740.3 million. In July 2016, we signed a Settlement Agreement (as amended) whereby Venezuela agreed to pay us $792 million to satisfy the Award and $240 million for the purchase of the Mining Data for a total of approximately $1.032 billion payable in monthly installments. The first $240 million to be received by Gold Reserve from Venezuela is related to the sale of the Mining Data. Venezuela has paid the Company a total of approximately $254 million pursuant to the Settlement Agreement. Approximately $913 million (including interest of approximately $135 million) remains unpaid. The Company is currently working on collecting the remaining payments contemplated under the Settlement Agreement (See Arbitral Award section) and executing the Mixed Company Agreement (See Mixed Company section). The Company maintains its executive/administrative office at 999 West Riverside Ave., Suite 401, Spokane, Washington 99201 USA, and is listed on the Toronto Venture Exchange (symbol: GRZ.V) and quoted on the OTCQX Markets Exchange (symbol: GDRZF). The Company employed 8 individuals as of June 30, 2021.
About the Person
Robert McGuinness is Vice President of Finance and Chief Financial Officer at Gold Reserve Incorporated. Previously, Robert held various senior HR leadership roles in the industry.
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