| Name | Title | Contact Details |
|---|---|---|
James Seal |
Associate General Counsel | Profile |
Ronald Hatfield |
General Counsel - Litigation | Profile |
Norse Gold`s main asset is it 100% interest in the 3,231 hectare Morris Lake Property, consisting of seven claims and three leases, 75 km north of Yellowknife. Gold on the property was discovered in 1945. Work conducted at the Viking zone included underground test work and diamond drilling. The Property saw additional drilling during the late 1980`s and again during the period 2005 to 2008 when Viking Gold Exploration Inc. held the claims. A total of 117 holes totaling more than 14,000 metres of diamond drilling have been reported on the leases within which the Viking zone is situated. Highlights of the drilling on the Viking zone include an intercept of 12.34 g/t gold over 8.25 metres. At the Max zone, located south of the Viking zone a single hole collared in 1.5 metres that assayed 16.87 g/t gold with further gold intercepts down the hole including 1.50 metres assaying 9.29 g/t gold; no follow-up drilling was conducted at that site. Other gold zones have been located on the property, such as at the Greenlee and Lucky Lake occurrences. Each of these received initial drill testing in the 1940`s and visible gold was reported in some of the drill holes. The geological model for the gold mineralization is that of an Archean lode gold deposit consisting of high grade shoots within a shear-vein system. The possibility that low-grade, large-tonnage deposits occur on the Property has not been tested.
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.
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