Wednesday 30 October 2013

Gold Reserve v Venezuela

Listed below is information about the procedural status of the Company’s arbitration against Venezuela,
Gold Reserve Inc. v. The Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/09/1.
April 2009 Gold Reserve Inc. notifies Venezuela of its claims under the Canada-Venezuela
Bilateral Investment Treaty and its intention to commence arbitration if an amicable
resolution cannot be reached.
October 2009 Gold Reserve Inc. files Request for Arbitration with ICSID under Rules of ICSID’s
Additional Facility.
November 2009 ICSID registers the Request for Arbitration.
January 2010 Gold Reserve Inc. appoints its Arbitrator.
February 2010 Venezuela appoints its Arbitrator.
March 2010 Tribunal is constituted.
April 23, 2010 First Session of the Tribunal was held:

 The agenda for the first session included, as is typical, a number of procedural
issues regarding the conduct of the arbitration, including the schedule for the
further proceedings.
 The Tribunal established that:
o The arbitration would be conducted in both in English and Spanish, as
the ICSID Rules permit; and
o The Tribunal established the briefing schedule as follows:
 September 24, 2010 - Gold Reserve’s Memorial (principal
submission on the merits, including liability and damages)
 March 7, 2011 - Venezuela’s Counter-Memorial (its principal
defensive submission)
 June 14, 2011 - Gold Reserve’s Reply
 September 20, 2011 - Venezuela’s Rejoinder
 February 6, 2012 –The oral hearing before the arbitrators (10
hearing days reserved). At the Tribunal’s request, the oral
hearing was rescheduled from the original date of December 5,
2011.
 A decision by the Tribunal may be issued by late 2012 or early 2013
o The time period from May 30, 2010 to April 30, 2013 is 22 months
 It is possible that the briefing schedule may change as sometimes arbitrators are
persuaded that circumstances justify extensions of time, etc.
 One can follow how the case progresses in fact, as the ICSID Secretariat updates
its website, by noting the date when filings in a case are actually made.
September 24, 2010 Gold Reserve Inc. files Memorial (principal submission on the merits, including
liability and damages)

Gold Reserve claims damages in the amount of US $1.928 billion, as the minimum
measure of its losses calculated up to the date of the filing. Gold Reserve will update
its damage claim as appropriate as the arbitration proceeds.
 Page 2 of 4
December 10, 2010 Venezuela files a request for production of documents.

This request for documents is in addition to the September 24, 2010 submission made
by Gold Reserve which was accompanied by 33 volumes of hard copy exhibits and
thousands of electronic pages of appendices.

December 14, 2010 Letter from Tribunal to parties fixing time to file observations on Venezuela’s request
for production of documents.

 Gold Reserve to file its observations by December 24, 2010
 Venezuela may comment on Gold Reserve’s communications by January 14,
2011.
December 22, 2010 Venezuela files a memorial on jurisdiction (as noted on ICSID’s website).

This filing is a jurisdictional objection and not a memorial. The objection claims that
Gold Reserve does not have a right to present a claim under the Canada-Venezuela
Bilateral Investment Treaty.

December 24, 2010 Gold Reserve files observations on Venezuela’s request for production of documents.

Gold Reserve has objected to the scope of Venezuela’s request. The Tribunal is
expected to rule as to which if any of the documents requested Gold Reserve should
produce.

December 29, 2010 Letter from the Tribunal to parties fixing time limits to file observations on
Venezuelan’s jurisdictional objections:
 Gold Reserve will file its observations and objections by January 14, 2011
 Venezuela will reply by January 31, 2011
 Gold Reserve will file Rejoinder by February 14, 2011.
The Tribunal confirms that, pending the parties’ submissions of observations on
Venezuela’s jurisdictional objections, the proceeding is not suspended and Venezuela
is obliged to continue preparation of its Counter - Memorial for submission by March
7, 2011.

January 14, 2011 Gold Reserve files observations on Venezuela’s preliminary objections to jurisdiction.
January 26, 2011 Gold Reserve files observations on Venezuela’s request for production of documents.
January 31, 2011 Venezuela files jurisdictional objection reply.
February 3, 2011 The Tribunal issue Procedural Order No. 1, granting in part, denying in part
Venezuela’s request for the production of certain documents, granting view-only
access to those documents to be produced that contain proprietary information, and
establishing a revised schedule for the remaining written submissions as follows:
 Venezuela’s Counter-Memorial due April 14, 2011
 Gold Reserve’s Reply due July 15, 2011
 Venezuela’s Rejoinder due October 17, 2011
The hearing date remains the same: February 6, 2012.

February 25, 2011 The Tribunal denied Venezuela’s petition to bifurcate the arbitration into a jurisdiction
phase and a merits phase and decided that Venezuela’s jurisdictional objections will be
addressed together with the merits in accordance with Arbitration (Additional
Facilities) Rule 45(5).
April 14, 2011 Venezuela files counter-memorial on jurisdiction and merits.
 Page 3 of 4
May 16, 2011 Gold Reserve files a request for production of documents.
June 1, 2011 Venezuela files observations on Gold Reserve’s request for production of documents.
June 9, 2011 The Tribunal issues a decision on production of documents.
July 6, 2011 The Tribunal approves a request by both parties of an extension of filing deadlines:
 Gold Reserve’s Reply due July 29, 2011
 Venezuela’s Rejoinder due November 14, 2011
The hearing date remains the same: February 6, 2012.
July 29, 2011 Gold Reserve files Reply to Venezuela’s Counter Memorial

October 11, 2011 Venezuela files a request for an extension to file its Rejoinder and to re-schedule the
hearing for a later date.
October 17, 2011 Gold Reserve files observations on Venezuela’s request.
October 20, 2011 The Tribunal issues a decision on the request for an extension:
 Venezuela’s Rejoinder due December 5, 2011
 The hearing dates remains unchanged to commence February 6, 2012
November 30, 2011 By agreement of the parties and the Tribunal the schedule is amended as follows:
 Venezuela’s Rejoinder due December 8, 2011
 The oral hearing on the merits and jurisdiction will commence on February 9,
2012
December 8, 2011 Venezuela files Rejoinder on the merits.
February 13, 2012 -
February 17, 2012
The Tribunal holds a hearing on jurisdiction and merits in Washington, DC
March 16, 2012 Both Gold Reserve and Venezuela file a post-hearing brief.
May 25, 2012 Gold Reserve files a second post-hearing brief.
June 8, 2012 Venezuela files observations on Gold Reserve’s second post-hearing brief.
June 18, 2012 Gold Reserve files observations on Venezuela’s response of June 8, 2012.
July 25, 2012 The Tribunal issues a procedural order requesting further testimony from Gold
Reserve’s and Venezuela’s experts on quantum issues.
December 10, 2012 Gold Reserve files a request for the Tribunal to issue instructions for the
implementation of Procedural Order No. 2.
January 21, 2013 Following several exchanges between the parties, the Tribunal decides on Gold
Reserve’s request of December 10, 2012.
January 25, 2013 Gold Reserve files a request for the Tribunal to issue further instructions for the
implementation of Procedural Order No. 2. Venezuela files observations on Gold
Reserve’s request of January 25, 2013.
January 29, 2013 The Tribunal issues a decision on Gold Reserve’s request of January 25, 2013.
February 1, 2013 The Tribunal decides on the procedural calendar.
February 26, 2013 Venezuela files a request for the Tribunal to decide on production of documents.
February 28, 2013 Gold Reserve files observations on Venezuela’s request of February 26, 2013.
Venezuela amends its request of February 26, 2013.
March 1, 2013 The Tribunal decides on Venezuela’s request of production of documents of February
26, 2013.
March 5, 2013 Gold Reserve files observations on Venezuela’s amended request of February 28,
2013.
March 8, 2013 Venezuela files a response to Gold Reserve’s observations of March 5, 2013. Page 4 of 4
March 11, 2013 Gold Reserve files further observations on Venezuela’s request of February 28, 2013.
March 12, 2013 The Tribunal decides on Venezuela’s amended request for production of documents of
February 28, 2013.
April 9, 2013 The Tribunal decides on the procedural calendar for the oral procedure.
April 15, 2013 The Tribunal decides on the procedural calendar for the written and oral procedure.
April 26, 2013 The Tribunal confirms the parties’ agreement to amend the procedural calendar for the
written procedure.
May 7, 2013 The Tribunal confirms the parties’ agreement to further amend the procedural calendar
for the written procedure.
May 24, 2013 Gold Reserve and Venezuela each file an expert report.
July 3, 2013 Gold Reserve and Venezuela experts file comments on each other’s reports filed May
24, 2013.
August 5, 2013 Gold Reserve and Venezuela file observations on each other’s expert reports.
September 9, 2013 The Tribunal issues Procedural order No. 3 concerning procedural matters related to
the hearing to be held on the 15th and 16th of October 2013.
October 15, 2013 –
October 16, 2013 The Tribunal holds a hearing on further expert evidence in Paris.
October 22, 2013 The Tribunal issues Procedural Order No. 4 concerning the post-hearing procedural
calendar
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   Great to see breakout achieved in share price today 30/10.13 .
An exciting time ahead for all Gold Reserve fans.
$ 15 is within our grasp , perhaps a little  more if the new investment turns out to be good one too and the BOD have previous .

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