Gold Reserve Welcomes Venezuela’s Proposed New Mining Law
GOLD RESERVE INC A NEW (GDRZF)
NASDAQ:AMEX Investor Relations:
goldreserveinc.com
Company Research
Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (“Gold Reserve” or the “Company”) (TSX-V: GRZ, BSX: GRZ.BH, OTCQX: GDRZF) welcomes the initial approval of Venezuela’s proposed new mining law (the “Draft Mining Law”), by the National Assembly. The Draft Mining Law must undergo a second discussion before it can be enacted and published in the Official Gazette, but approval in first discussion represents an important step in the legislative process.The Draft Mining Law is intended to modernize Venezuela’s mining regime and encourage both national and foreign investment. Key provisions of the Draft Mining Law include:a return to a concession model allowing private national and foreign companies to hold mining concessions;real property rights for exploration and exploitation with an initial term of 30 years, extendable for a total of up to 60 years;access to international arbitration for dispute resolution;a competitive royalty structure, including a flat 4% royalty for gold, sil
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