Endeavour Mining settles with Gold Reserve

Endeavour Mining announced Friday that it has reached a settlement agreement with Gold Reserve Inc. whereby Endeavour will pay CAD 1.5 million to Gold Reserve in exchange for all claims without admission of liability.

On December 16, 2008 Gold Reserve brought a claim for USD 500 million in damages, in addition to USD 50 million in punitive damages, against Endeavour's financial advisory business and a co-defendant.

Endeavour filed a statement of defense and counterclaim on August 19, 2009. On June 16, 2010, Gold Reserve amended the Statement of Claim and reduced the damages claimed against the defendants to USD 150 million plus USD 50 million in punitive damages.

Endeavour sold its financial advisory business at the end of 2011.