Gold Reserve Welcomes Venezuela’s New Mining Law

SEATTLE (Scrap Monster): Gold Reserve Ltd. is pleased to provide an update to its previous news release issued on March 16, 2026, regarding Venezuela’s new mining law (the “Mining Law”), which has now been formally enacted and published in Official Gazette of the Bolivarian Republic of Venezuela No. 7.020 Extraordinario of April 16, 2026.

The Mining Law represents a modernization of Venezuela’s mining regime and a significant step toward the opening of the sector for national and foreign investors to participate in the exploration and development of gold and strategic minerals.

The Company conducted a detailed review of the draft Mining Law during the legislative process and confidentially submitted proposed comments to the relevant authorities. The Company notes that certain of its key recommendations were reflected in the final enacted law, including the express repeal of the 2015 Gold Law, which eliminates the mandatory state-majority participation regime in the gold and strategic-minerals sector.

Other key provisions of the Mining Law include:

·         mining concessions will have an initial term of up to 30 years, extendable for two successive periods of up to 10 years each, for a maximum total term of up to 50 years;

·         broadened dispute resolution framework allowing for arbitration;

·         royalty framework with rates to be determined contractually within statutory ceilings;

·         express authorization to sell minerals both within Venezuela and internationally.

In parallel with the legislative developments in Venezuela, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) has issued General License 55 (“GL-55”) and related licenses applicable to Venezuela’s minerals sector. GL-55 authorizes, subject to certain conditions, the negotiation of and entry into contracts for new investment in Venezuela’s gold and minerals sector.

“The enactment of the Organic Mining Law is a landmark step for Venezuela’s mining sector,” said Paul Rivett, Vice-Chair of Gold Reserve. “We are encouraged by these new measures which collectively create the conditions for the responsible development of Venezuela’s world-class mineral resources. We look forward to continuing to work constructively with the Venezuelan authorities.”

Courtesy: www.stocktitan.net