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Gold Reserve Announces Blocking of Trust Account Held

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Enterprising Investor Member Level  Thursday, 03/28/19 11:10:47 PM
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Gold Reserve Announces Blocking of Trust Account Held at Venezuelan Bank (3/27/19)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) reports that a trust account at Bandes Bank in Venezuela that holds approximately $21.5 million of the Company's funds has been blocked by the US Government under new US sanctions targeting certain Venezuelan financial institutions. On March 22, 2019, the US Treasury Department's Office of Foreign Assets Controls ("OFAC") designated Bandes Bank as a Specially Designated National ("SDN") pursuant to Executive Order 13850. The trust account at Bandes Bank is held by Gold Reserve's US subsidiary, Gold Reserve Corporation. As a result of the SDN designation of Bandes Bank, property in which an SDN has an interest and that is in the control or possession of a US Person such as Gold Reserve Corporation must be blocked and reported to OFAC. Gold Reserve is treating the Bandes Bank trust account as blocked property and will report the trust account and the funds therein as blocked property to OFAC as required by applicable regulations.

The trust account and funds will remain blocked property until OFAC delists Bandes Bank as an SDN or OFAC issues a specific license to Gold Reserve Corporation to unblock this property. Gold Reserve plans to submit a license application to OFAC to request the unblocking of the trust account and funds. The Company is not able to estimate how long OFAC may take to respond to the license application or to predict whether OFAC will grant the requested license.


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