Gold Reserve Announces Sale of Certain Equipment (Business Wire)

Friday October 10, 12:55 pm ET SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX: ) announced it has agreed to sell one SAG mill, two ball mills (35,000 tonne per day through-put) and related motors currently being manufactured for the Company’s Brisas Project. The total value of this transaction is approximately $43 million. The Company will recover approximately $18 million of progress payments and the purchaser will assume the Company’s remaining payment obligations related to the equipment of approximately $25 million. The Company’s decision is consistent with its intention to stay financially strong by recovering amounts already paid and reducing future obligations. The sale of this equipment is not expected to impact the start-up of the Brisas Project to the extent the current delays in Venezuela are resolved. The... [read full story]