BRIEF-Gold Reserve executes settlement agreement with Bolivarian Republic of Venezuela

Mon Aug 8, 2016 9:58am EDT
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Aug 8 (Reuters) - Gold Reserve Inc:

* Has executed a settlement agreement with Bolivarian Republic of Venezuela

* Venezuela has agreed to acquire company's mining data for $240 million

* Agreement includes payment of arbitral award granted in favor of co in respect of Brisas project

* Mixed co board will be comprised of seven individuals, of which four will be appointed by venezuela and three by gold reserve

* Venezuela, co have entered into an agreement for formation of a jointly owned company

* Agreement includes payment from venezuela which amounts to us$769.7 million, including accrued interest up to Feb 24, in two installments

* Mixed company will be beneficially owned 55 pct by venezuela and 45 pct by a wholly-owned subsidiary of gold reserve

* Venezuela and co will work to complete financing to fund contemplated us$2.1 bln anticipated capital costs of Brisas Cristinas project Source text for Eikon: Further company coverage: