Mon, Aug. 8, 5:47 PM
- Gold Reserve (OTCQB:GDRZF) surged more than 17% in today's trade after unveiling a $770M settlement agreement with Venezuela's government.
- The government also agrees to buy Gold Reserve’s technical mining data for $240M, and the two sides will form a joint venture to develop the Brisas-Cristinas gold project, which is expected to cost $2.1B.
- Gold Reserve will drop its $740M international arbitration claim against Venezuela, which the company won in court last year after the Brisas project was expropriated.
- Venezuela still must raise the money and pay it out, even as it tries to cope with a major economic downturn amid weak oil prices.
Jan. 4, 2013, 12:45 PM