Gold Reserve Ltd. (GDRZF)
OTCQX OTCQX Primary Summary
Bidder for Citgo parent Gold Reserve says happy with refiner's management
Executives of Toronto-listed Gold Reserve said on Thursday the mining company is pleased with the performance of Venezuela-owned Citgo Petroleum's management, a sign that top company executives might remain if a bid by a Gold Reserve subsidiary for the refiner's parent is approved by a U.S. federal judge.
Bondholders, bidders ready objections to Gold Reserve group's Citgo bid
Lawyers representing holders of a defaulted Venezuelan bond and some bidders that participated in a U.S. auction of shares in the Venezuelan parent of U.S. refiner Citgo Petroleum are getting ready to object to the auction's recommended outcome, three sources close to the preparations said.
Gold Reserve: Speculative Arbitrage 'Buy' On Citgo Auction And Lisbon Proceedings
GDRZF's main value driver today is its ICSID award and enforcement claims. The most realistic way to enforce this award is through the upcoming Citgo share auction. Unfortunately, Citgo's starting bid is now set at $3.7 billion, so for GDRZF to make a partial recovery, the sale price must exceed senior claims. Estimates vary, but senior claims could be around $6.8 billion today. This makes a full recovery very unlikely with Citgo's sale.
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Gold Reserve Ltd. Profile
| Metals & Mining Industry | Materials Sector | Mr. James Hayward Coleman BBA, LLB, Q.C. CEO | OTCQX Exchange | CA38068N3067 ISIN |
| US Country | 5 Employees | - Last Dividend | 4 Apr 1984 Last Split | - IPO Date |
Overview
Gold Reserve Inc. stands out as an exploration stage company with a primary focus on the evaluation, acquisition, exploration, and development of mining projects. This company, founded in 1956 and currently based in Spokane, Washington, has a rich history of seeking out and developing valuable mining interests. Its activities span from the intense evaluation stages of potential mining opportunities to the hands-on exploration and development of mining projects. Gold Reserve Inc. has carved a niche for itself within the mining industry by targeting projects that have significant potential for valuable mineral deposits.
Products and Services
Siembra Minera Project: This project is a cornerstone of Gold Reserve Inc.'s portfolio, encompassing an extensive area of approximately 18,950 hectares in Bolivar, Venezuela. The Siembra Minera project is known for its rich deposits of gold, copper, silver, and other strategic minerals. The focus on this project underlines the company's commitment to exploring and developing sites with a diverse range of valuable resources, positioning itself to meet various market demands.
LMS Gold Project: Located in Alaska, the United States, the LMS Gold project represents Gold Reserve Inc.'s interest in diversifying its exploration and development initiatives beyond its mainstay Venezuelan projects. This project underscores the company's efforts to tap into the lucrative North American mining sector, with a particular focus on gold exploration. The LMS Gold project reflects Gold Reserve Inc.’s strategic approach to expanding its portfolio and leveraging opportunities in different geographical locations.
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