0001072725-15-000039.txt : 20151127 0001072725-15-000039.hdr.sgml : 20151126 20151127153631 ACCESSION NUMBER: 0001072725-15-000039 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151127 DATE AS OF CHANGE: 20151127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLD RESERVE INC CENTRAL INDEX KEY: 0001072725 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 810266636 STATE OF INCORPORATION: A0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31819 FILM NUMBER: 151258132 BUSINESS ADDRESS: STREET 1: 926 W SPRAGUE AVENUE STREET 2: SUITE 200 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: 5096231500 MAIL ADDRESS: STREET 1: 926 W SPRAGUE AVENUE STREET 2: SUITE 200 CITY: SPOKANE STATE: WA ZIP: 99201 6-K 1 gdrzfform6k112715.htm FORM 6-K gdrzfform6k112715.htm - Generated by SEC Publisher for SEC Filing

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of November 2015

Commission File Number: 001-31819

Gold Reserve Inc.

(Exact name of registrant as specified in its charter)

926 W. Sprague Avenue, Suite 200
Spokane, Washington 99201
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

The following exhibits are furnished with this Form 6-K:

99.1 September 30, 2015 Interim Consolidated Financial Statements

99.2 September 30, 2015 Management’s Discussion and Analysis

99.3 Chief Executive Officer’s Certification of Interim Filings

99.4 Chief Financial Officer’s Certification of Interim Filings

Cautionary Statement Regarding Forward-Looking Statements and information

The information presented or incorporated by reference herein contains both historical information and "forward-looking statements" within the meaning of the relevant sections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws, that state Gold Reserve Inc.’s (the “Company”) intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements and forward-looking information are collectively referred to herein as "forward-looking statements".

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein and many of which are outside its control. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation, the uncertainties associated with: the timing of the enforcement and collection of the amounts awarded (including pre and post award interest and legal costs) (the "Arbitral Award") by the International Centre for Settlement of Investment Disputes (the "ICSID") for the losses caused by Venezuela violating the terms of the treaty between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments (the "Canada-Venezuela BIT") related to the Brisas Project (the "Brisas Arbitration"), actions and/or responses by the Venezuelan government to the Company's collection efforts related to the Brisas Arbitration, economic and industry conditions influencing the sale of the Brisas Project related equipment, and conditions or events impacting the Company’s ability to fund its operations and/or service its debt.

Forward-looking statements involve risks and uncertainties, as well as assumptions, including those set out herein, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements. The words "believe," "anticipate," "expect," "intend," "estimate," "plan," "may," "could" and other similar expressions that are predictions of or indicate future events and future trends which do not relate to historical matters, identify forward-looking statements. Any such forward-looking statements are not intended to provide any assurances as to future results.

Numerous factors could cause actual results to differ materially from those described in the forward-looking statements, including without limitation:

· the timing of the enforcement and collection of the Arbitral Award (as defined herein), if at all;

· the costs associated with the enforcement and collection of the Arbitral Award and the complexity and uncertainty of varied legal processes in various international jurisdictions;

· the Company's current liquidity and capital resources and access to additional funding in the future when required;

· continued servicing or restructuring of the Company's outstanding notes or other obligations as they come due;

· shareholder dilution resulting from restructuring or refinancing the Company's outstanding notes and current accounts payable relating to the Company's legal fees;

· shareholder dilution resulting from the conversion of our outstanding notes in part or in whole to equity;

· shareholder dilution resulting from the sale of additional equity;

· value realized from the disposition of the remaining Brisas Project related assets, if any;

· value realized from the disposition of the Brisas Project Technical Mining Data (as defined herein), if any;

· prospects for exploration and development of other mining projects by the Company;

· ability to maintain continued listing on the TSX Venture Exchange or continued trading on the OTCQB;

· corruption, uncertain legal enforcement and political and social instability;

· currency, metal prices and metal production volatility;

· adverse U.S. and/or Canadian tax consequences;

· abilities and continued participation of certain key employees; and

· risks normally incident to the exploration, development and operation of mining properties.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. See "Risk Factors" contained in the Company's Annual Information Form and Annual Report on Form 40-F filed on sedar.com and sec.gov, respectively for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change in the Company’s affairs since the date of this report that would warrant any modification of any forward-looking statement made in this document, other documents periodically filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC") or other securities regulators or documents presented on the Company’s website. Forward-looking statements speak only as of the date made. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to the Company’s disclosure obligations under applicable U.S. and Canadian securities regulations. Investors are urged to read the Company’s filings with U.S. and Canadian securities regulatory agencies, which can be viewed online at www.sec.gov and www.sedar.com, respectively.

(Signature page follows)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 27, 2015

GOLD RESERVE INC. (Registrant)

By: /s/ Robert A. McGuinness

Name: Robert A. McGuinness

Title: Vice President – Finance & CFO

EX-99.1 2 gdrzfform6kexhibit991112715.htm INTERIM CONSOLIDATED FINANCIAL STATEMENTS gdrzfform6kexhibit991112715.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1

GOLD RESERVE INC.

September 30, 2015

Interim Consolidated Financial Statements

U.S. Dollars

(unaudited)

GOLD RESERVE INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Expressed in U.S. dollars)

				September 30, 2015		December 31, 2014 (Revised, Note 3)
ASSETS
Current Assets:
Cash and cash equivalents (Note 5)			$	2,247,090	$	6,439,147
Marketable securities (Notes 6 and 7)				178,263		175,541
Deposits, advances and other				357,316		353,742
Total current assets				2,782,669		6,968,430
Property, plant and equipment, net (Note 8)				12,260,257		12,440,654
Total assets			$	15,042,926	$	19,409,084
LIABILITIES
Current Liabilities:
Accounts payable and accrued expenses (Note 4)			$	3,867,288	$	3,928,608
Accrued interest				16,715		2,388
Convertible notes and interest notes (Notes 11 and 12)				41,397,513		34,400,030
Total current liabilities				45,281,516		38,331,026

Convertible notes (Notes 11)				1,042,000		1,042,000
Other (Note 11)				1,012,491		1,012,491
Total liabilities			$	47,336,007	$	40,385,517


SHAREHOLDERS' EQUITY
Serial preferred stock, without par value
Authorized:	Unlimited
Issued:	None
Common shares and equity units			$	289,518,018	$	289,326,172
Class A common shares, without par value
Authorized:	Unlimited
Issued and outstanding:	2015… 76,142,647	2014…... 76,077,547
Equity Units
Issued and outstanding:	2015…………… –	2014…………... 100
Contributed Surplus				12,226,559		11,682,644
Warrants				–		543,915
Stock options (Note 10)				20,904,923		20,669,308
Accumulated deficit				(354,962,307)		(343,215,476)
Accumulated other comprehensive income				19,726		17,004
Total shareholders' deficit				(32,293,081)		(20,976,433)
Total liabilities and shareholders' equity			$	15,042,926	$	19,409,084

Going Concern (Note 1)

Contingencies (Note 4)

The accompanying notes are an integral part of the consolidated financial statements.

Approved by the Board of Directors:

/s/ Patrick D. McChesney /s/ James P. Geyer

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2015		2014		2015		2014
				(Revised -				(Revised -
				Note 3)				Note 3)
OTHER INCOME (LOSS)
Interest	$	3	$	12	$	42	$	170
Write-down of property, plant and equipment		–		–		–		(425,010)
Loss on settlement of debt		–		–		–		(161,292)
Loss on sale of equipment		–		–		(9,432)		–
Foreign currency gain (loss)		(1,665)		(3,979)		13,582		(11,033)
		(1,662)		(3,967)		4,192		(597,165)
EXPENSES
Corporate general and administrative		609,284		765,254		2,230,697		2,722,724
Exploration		58,747		333,152		180,809		778,269
Legal and accounting		22,656		313,614		151,102		562,982
Venezuelan operations		30,122		51,663		88,222		109,535
Arbitration (Note 4)		169,617		4,149,059		1,498,224		4,429,906
Equipment holding costs		171,195		212,617		561,503		660,873
Interest expense		2,517,763		1,962,812		7,040,466		5,091,634
		3,579,384		7,788,171		11,751,023		14,355,923

Net loss for the period	$	(3,581,046)	$	(7,792,138)	$	(11,746,831)	$	(14,953,088)


Net loss per share, basic and diluted	$	(0.05)	$	(0.10)	$	(0.15)	$	(0.20)
Weighted average common shares outstanding		76,129,267		76,070,283		76,095,043		76,056,420

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2015		2014		2015		2014
				(Revised -				(Revised -
				Note 3)				Note 3)
Net loss for the period	$	(3,581,046)	$	(7,792,138)	$	(11,746,831)	$	(14,953,088)
Other comprehensive income (loss), net of tax:
Items that may be reclassified subsequently to the
consolidated statement of operations:
Unrealized gain (loss) on marketable securities (Note 6)		(65,494)		(102,214)		2,722		(47,241)
Other comprehensive income (loss)		(65,494)		(102,214)		2,722		(47,241)
Comprehensive loss for the period	$	(3,646,540)	$	(7,894,352)	$	(11,744,109)	$	(15,000,329)

The accompanying notes are an integral part of the consolidated financial statements.

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Nine Months Ended September 30, 2015 and the Year Ended December 31, 2014

(Unaudited - Expressed in U.S. dollars)

	Common Shares and Equity Units			Contributed Surplus	Warrants	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
	Common Shares and Equity Units
	Common Shares	Equity Units	Amount
						(Revised -	(Revised -
						Note 3)	Note 3)
Balance, December 31, 2013	75,522,411	500,236	$ 289,149,413	$ 5,171,603	$ 543,915	$ 19,849,225	$ (317,645,497)	$ (2,574)
Net loss							(25,569,979)
Other comprehensive income								19,578
Stock option compensation (Note 3)						896,742
Fair value of options exercised			76,659			(76,659)
Equity Units converted to shares	500,136	(500,136)
Equity component of convertible
notes (Note 11)				6,511,041
Common shares issued for:
Option exercises	55,000		100,100
Balance, December 31, 2014	76,077,547	100	289,326,172	11,682,644	543,915	20,669,308	(343,215,476)	17,004
Net loss							(11,746,831)
Other comprehensive income								2,722
Stock option compensation						306,161
Fair value of options exercised			70,546			(70,546)
Equity Units converted to shares	100	(100)
Warrant expiration				543,915	(543,915)
Common shares issued for:
Option exercises	65,000		121,300
Balance, September 30, 2015	76,142,647	–	$ 289,518,018	$ 12,226,559	–	$ 20,904,923	$ (354,962,307)	$ 19,726

The accompanying notes are an integral part of the consolidated financial statements.

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2015		2014		2015		2014
				(Revised -				(Revised -
				Note 3)				Note 3)
Cash Flows from Operating Activities:
Net loss for the period	$	(3,581,046)	$	(7,792,138)	$	(11,746,831)	$	(14,953,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock option compensation (Note 3)		24,637		828,875		306,161		828,875
Depreciation		2,215		2,617		5,965		8,050
Loss on settlement of debt		–		–		–		161,292
Loss on sale of equipment		–		–		9,432		–
Write-down of property, plant and equipment		–		–		–		425,010
Accretion of convertible notes		2,503,435		1,948,484		6,997,483		4,401,333
Changes in non-cash working capital:
Net (increase) decrease in deposits and advances		(179,138)		(2,448)		(3,574)		(53,710)
Net increase (decrease) in accounts payable and accrued expenses		(233,951)		3,195,768		(46,993)		3,409,215
Net cash used in operating activities		(1,463,848)		(1,818,842)		(4,478,357)		(5,773,023)
Cash Flows from Investing Activities:
Purchase of property, plant and equipment		–		–		–		(150,000)
Proceeds from sales of equipment		–		–		165,000		–
Net cash provided by (used in) investing activities		–		–		165,000		(150,000)
Cash Flows from Financing Activities:
Proceeds from the issuance of convertible notes		–		–		–		12,000,000
Net proceeds from the issuance of common shares		121,300		31,850		121,300		100,100
Restructure fees		–		–		–		(684,488)
Settlement of convertible notes		–		–		–		(4,000)
Net cash provided by financing activities		121,300		31,850		121,300		11,411,612
Change in Cash and Cash Equivalents:
Net increase (decrease) in cash and cash equivalents		(1,342,548)		(1,786,992)		(4,192,057)		5,488,589
Cash and cash equivalents - beginning of period		3,589,638		10,251,418		6,439,147		2,975,837
Cash and cash equivalents - end of period	$	2,247,090	$	8,464,426	$	2,247,090	$	8,464,426

The accompanying notes are an integral part of the consolidated financial statements.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 1. The Company, Going Concern and Significant Accounting Policies:

The Company. Gold Reserve Inc. ("Gold Reserve" or the "Company") is engaged in the business of acquiring, exploring and developing mining projects. The Company is an exploration stage company incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. The Company is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. All amounts shown herein are expressed in U.S. dollars unless otherwise noted.

In February 1999 each Gold Reserve Corporation shareholder exchanged its shares for an equal number of Gold Reserve Inc. Class A common shares except in the case of certain U.S. holders who for tax reasons elected to receive equity units which are comprised of one Gold Reserve Inc. Class B common share and one Gold Reserve Corporation Class B common share and substantially equivalent to a Class A common share. As of September 30, 2015, all equity units had been converted to Class A common shares.

Going Concern. As of September 30, 2015, the Company had financial resources comprised of cash, cash equivalents and marketable securities totaling approximately $2.4 million and Brisas Project related equipment, which is being marketed for sale, with an estimated fair value of approximately $12.2 million (See Note 8, Property, Plant and Equipment). The Company's current financial liabilities included notes of $42.9 million (face value) which mature December 31, 2015 and accounts payable and accrued expenses due in the normal course of approximately $3.9 million.

The Company has no revenue producing operations at this time and its working capital position, cash burn rate and debt maturity schedule requires that the Company seek additional sources of funding to ensure the Company’s ability to continue its activities in the normal course. To address its funding requirements in addition to its convertible notes due in December 2015 (see Note 12 to the consolidated financial statements), the Company is continuing its efforts to dispose of the remaining Brisas Project related assets, pursue a timely and successful collection of the Arbitral Award and the sale of the Brisas Project Technical Mining Data.

The Company's efforts to address its longer-term funding requirements may be adversely impacted by financial market conditions, industry conditions, regulatory approvals or other unknown or unpredictable conditions and, as a result, there can be no assurance that additional funding will be available or, if available, offered on acceptable terms. In view of these uncertainties there is substantial doubt about the Company's ability to continue as a going concern.

These financial statements do not reflect potentially material adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations.

Basis of Presentation and Principles of Consolidation. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The statements include the accounts of the Company, Gold Reserve Corporation, four Venezuelan subsidiaries, a Mexican subsidiary and four other subsidiaries which were formed to hold the Company’s interest in its foreign subsidiaries or for future transactions. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. The Company’s policy is to consolidate those subsidiaries where control exists.

Cash and Cash Equivalents. The Company considers short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. The Company manages the exposure of its cash and cash equivalents to credit risk by diversifying its holdings into major Canadian and U.S. financial institutions.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Property, Plant and Equipment. Included in property, plant and equipment is certain equipment which was originally purchased for the Brisas Project at a cost of approximately $24.6 million. The carrying value of this equipment has been adjusted to its estimated fair value of $12.2 million and it is not being depreciated. The recoverable value of this equipment may be different than management’s current estimate.

The Company has additional property, plant and equipment which are recorded at the lower of cost less accumulated depreciation or estimated net realizable value. Replacements and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Depreciation is provided using straight-line and accelerated methods over the lesser of the useful life or lease term of the related asset.

Impairment of Long Lived Assets. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to fair value. Fair value is generally determined by discounting estimated cash flows, using quoted market prices where available or making estimates based on the best information available.

Foreign Currency. The U.S. dollar is the Company’s (and its foreign subsidiaries’) functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.

Stock Based Compensation. The Company maintains the 2012 Equity Incentive Plan (the "2012 Plan") which provides for the grant of stock options to purchase Class A common shares of the Company. The Company uses the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 10 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of share options, in addition to the fair value attributable to stock options granted, is credited to capital stock. The Company also maintains the Gold Reserve Director and Employee Retention Plan. Each Unit granted under the Retention Plan to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common Share (1) on the date the Unit was granted or (2) on the date any such participant becomes entitled to payment, whichever is greater. The Company will not accrue a liability for these units until and unless events required for vesting of the units occur. Stock options and Units granted under the respective plans become fully vested and exercisable upon a change of control.

Income Taxes. The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Net Loss Per Share. Net loss per share is computed by dividing net loss by the combined weighted average number of Class A common shares and equity units outstanding during each year. In periods in which a loss is incurred, the effect of potential issuances of shares under options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same.

Convertible Notes. Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the notes using the effective interest rate method over the expected life of the notes, with the resulting charge recorded as interest expense.

Comprehensive Loss. Comprehensive loss includes net loss and other comprehensive income or loss. Other comprehensive loss may include unrealized gains and losses on available-for-sale securities. The Company presents comprehensive loss and its components in the consolidated statements of comprehensive loss.

Financial Instruments. Marketable equity securities are classified as available for sale with any unrealized gain or loss recorded in other comprehensive income. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits and advances are accounted for at cost which approximates fair value. Accounts payable, convertible notes and interest notes are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.

Contingent Value Rights. Contingent value rights ("CVR") are obligations arising from the disposition of a portion of the rights to future proceeds of the Arbitral Award against Venezuela and/or the sale of the Brisas Project Technical Mining Data that was compiled by the Company.

Warrants. Common share purchase warrants ("Warrants") issued by the Company entitle the holder to acquire common shares of the company at a specific price within a certain time period. The fair value of warrants issued is calculated using the Black-Scholes method.

Note 2. New Accounting Policies:

Adopted in the year

In April 2014, the FASB issued Accounting Standards update (“ASU”) 2014-08 which changes the criteria for reporting discontinued operations and adds new disclosure requirements for discontinued operations and individually significant components of an entity that are disposed of or classified as held for sale but do not meet the definition of a discontinued operation. The updated guidance requires an entity to only classify dispositions as discontinued operations due to a major strategic shift or a major effect on an entity’s operations in the financial statements. This update was effective for the Company commencing with the reporting period beginning January 1, 2015. Adoption of these requirements did not have a significant impact on the Company’s financial statements.

Recently issued accounting pronouncements

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of interest. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a significant impact on its financial statements.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

In August 2014, the FASB issued ASU 2014-15 which provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This update is effective for the Company commencing with the annual period ending after December 15, 2016. The Company is still in the process of evaluating the impact of this standard.

Note 3. Revision of Prior Period Financial Statements:

In connection with the preparation of the Company’s consolidated financial statements for the three and nine months ended September 30, 2015, an error was identified in the amount of non-cash stock option compensation expense recorded in the comparative period ended September 30, 2014. Additional compensation expense related to options granted in 2011 should have been recognized in the three and nine months ended September 30, 2014 as a result of the vesting conditions that were contingent upon the issuance of the Arbitral Award, which occurred on September 22, 2014. In accordance with the guidance in SEC Staff Accounting Bulletin No. 99, Materiality, the Company assessed the materiality of the error and concluded that it was not material to any of our previously issued consolidated financial statements but that the error should be corrected by revising the previously issued financial statements when such amounts are presented for comparative purposes. As such, in accordance with the guidance in ASC 250, Accounting Changes and Error Corrections, the Company has revised its comparative consolidated financial statements to correct the effect of this error in the comparative period. This non-cash revision did not impact net cash flows or total shareholders’ equity for any prior period.

The following table presents the effect of this revision on the individual line items within the Company’s Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss and Balance Sheets.

	Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Year Ended December 31, 2014
	As Previously Reported	Adjustment	As Revised	As Previously Reported	Adjustment	As Revised	As Previously Reported	Adjustment	As Revised
Arbitration (stock option compensation)	$3,459,850	$689,209	$4,149,059	$3,740,697	$689,209	$4,429,906	$4,267,230	$689,209	$4,956,439
Net loss for the period	7,102,929	689,209	7,792,138	14,263,879	689,209	14,953,088	24,880,770	689,209	25,569,979
Net loss per share, basic and diluted	0.09	0.01	0.10	0.19	0.01	0.20	0.33	0.01	0.34
Comprehensive loss for the period	$7,205,143	$689,209	$7,894,352	$14,311,120	$689,209	$15,000,329	$24,861,192	$689,209	$25,550,401

	As at December 31, 2014
	As Previously Reported	Adjustment	As Revised
Stock options	$ 19,980,099	$ 689,209	$ 20,669,308
Accumulated deficit	$(342,526,267)	$ (689,209)	$(343,215,476)

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 4. Arbitral Award Enforcement:

In October 2009, Gold Reserve initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the ICSID of the World Bank. The Company filed its claim to obtain compensation for the losses caused by the wrongful actions of Venezuela that terminated the Brisas Project in violation of the terms of the Treaty between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments (the "Canada-Venezuela BIT"). (Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1)).

The September 22, 2014 ICSID Arbitral Award

On September 22, 2014, the ICSID Tribunal unanimously awarded to the Company the Arbitral Award
(the "Award") totaling (i) $713 million in damages, plus (ii) pre-award interest from April 2008 through the date of the Award based on the U.S. Government Treasury Bill Rate, compounded annually totaling, as of the date of the Award, approximately $22.3 million and (iii) $5 million for legal costs and expenses, for a total, as of September 22, 2014, of $740.3 million. The Award (less legal costs and expenses) accrues post-award interest at a rate of LIBOR plus 2%, compounded annually (approximately $58,000 per day) for a total estimated Award as of the date of this report of $760 million. An ICSID Additional Facility Award is enforceable globally in jurisdictions that allow for the recognition and enforcement of commercial arbitral awards.

Although the process of getting an Award recognized and enforced is different in each jurisdiction, the process in general is- the Company files a petition or application to confirm the Award with the competent court; Venezuela has the right to oppose such petition for confirmation or recognition; thereafter there are a number of filings made by both parties and in some cases hearings before the court. If the court subsequently confirms the enforcement of the Award then the court will issue a judgement against Venezuela. Thereafter the Company will begin the process of executing the judgment by identifying and attaching specific property owned by Venezuela that is not protected by sovereign immunity.

The December 15, 2014 Reconfirmation of Arbitral Award

Subsequent to the issuance of the Award, Venezuela and the Company filed requests for the ICSID Tribunal to correct what each party identified as "clerical, arithmetical or similar errors" in the Award as is permitted by the rules of ICSID’s Additional Facility. The Company identified what it considered an inadvertent arithmetic error that warranted an increase in the Award of approximately $50 million and Venezuela identified what it contended were significant inadvertent arithmetic errors that supported a reduction of the Award by approximately $361 million. On December 15, 2014, the Tribunal denied both parties’ requests for correction and reaffirmed the Award originally rendered in favor of Gold Reserve on September 22, 2014 (the "December 15^th Decision"). This proceeding marked the end of the Tribunal’s jurisdiction with respect to the Award.

Legal Activities in France

The Award was issued by a Tribunal constituted pursuant to the arbitration rules of ICSID’s Additional Facility and, by agreement of the parties the seat of the Tribunal was in Paris. As a consequence, the Award is subject to review by the French courts.

Venezuela's Requests for Annulment

Application for Annulment of the September 22, 2014 ICSID Arbitral Award

In late October 2014, Venezuela filed an application before the Paris Court of Appeal, declaring its intent to have the Award annulled or set aside. According to the initial schedule established by the Paris Court of Appeal, written pleadings were supposed to be closed by October 15, 2015 and the hearing of Venezuela’s application to annul was to take place on November 3, 2015. Because the president of the section who was to rule on the case has been promoted to become a judge at the French Supreme Court, the Paris Court of Appeal decided to postpone the hearing from November 3, 2015 to February 4, 2016, and subsequently postponed the date of the closure of the proceedings from October 15, 2015 to December 3, 2015, upon Venezuela’s request. At this stage, the Company expects that a judgment on Venezuela’s application will be rendered in spring 2016, although this is a matter over which the Company has no control.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Application for Annulment of the December 15, 2014 Reconfirmation of Arbitral Award

Venezuela also filed an application before the Paris Court of Appeal to annul the December 15th Decision whereby the Tribunal dismissed Venezuela’s motion to correct the Award (see December 15, 2014 Reconfirmation of Arbitral Award above). Venezuela filed its brief on this matter on May 5, 2015 and on May 7, 2015 the Paris Court of Appeal accepted a proposal by both parties to follow the same procedural schedule established for the initial application for annulment discussed above. Following the same procedural schedule could allow a decision on both of Venezuela's annulment applications in spring 2016. Although, similar to the initial application for annulment, this is a matter over which the Company has no control. Neither annulment proceedings discussed herein affect the finality of the Award or its enforceability in the interim.

Application for Exequatur

On October 31, 2014, the Company filed an application before the Paris Court of Appeal to obtain an order of exequatur for the recognition of the Award in France. Venezuela opposed the Company’s application and requested a stay of execution pending the determination of its application for annulment of the Award discussed above. On January 29, 2015, the Paris Court of Appeal granted the Company’s application for exequatur and dismissed Venezuela’s request to stay the execution of the Award pending the outcome of its application to annul the Award. Since Venezuela was denied its motion to stay the execution of the Award, the exequatur or recognition of the Company’s ICSID Award granted on January 29, 2015, is not appealable and remains in full force and effect.

Legal Activities in US District Court for the District of Columbia

On November 26, 2014, the Company filed in the U.S. District Court for the District of Columbia a petition to confirm the Award that had been rendered by an arbitral tribunal constituted under the Additional Facility Rules of the International Center for the Settlement of Investment Disputes (“ISCID”) of the World Bank.

Venezuela initially avoided service related to the filing, refusing, among other things, to authorize its U.S. counsel to accept service of Gold Reserve’s petition. Subsequently on April 15, 2015, Venezuela agreed to accept service and further agreed to respond to the petition on or before June 12, 2015. On that date, Venezuela filed a motion to dismiss and raised arguments that were essentially the same as those invoked in its still-pending application to annul the Award before the Paris Court of Appeal. In the alternative, Venezuela asked for a stay of enforcement of the Award pending the annulment determinations by the Paris Court of Appeal. The Company filed its response to Venezuela’s arguments on July 2, 2015, and thereafter through September 25, 2015, further briefing was submitted by both parties to the D.C. district court.

On November 20, 2015, the Court entered an Order denying Venezuela’s motion to dismiss or in the alternative stay the proceedings, granting the Company’s petition to confirm the Award, confirming the Award, and entering judgment for the Company against Venezuela in the amount of $713,032,000 plus (i) pre-award interest in the amount of $22,299,576, (ii) post-award interest on the total amount awarded, inclusive of pre-award interest, at a rate of LIBOR plus 2%, compounded annually, from September 22, 2014, until payment in full; and (iii) $5 million in legal fees and costs awarded by the arbitration tribunal (collectively, the “Judgment”).

The Judgment, which as of the date of the Order was in excess of $760 million, is immediately enforceable in the United States as a judgment of the United States District Court for the District of Columbia. The Company intends to vigorously pursue all available measures to enforce and collect on the Judgment, in full. Venezuela has the option of appealing the Judgment to the U.S. Circuit Court of Appeals for the District of Columbia.

Legal Activities in Luxembourg

On October 28, 2014, the Company was granted an exequatur for the recognition and execution of the Award by the Tribunal d’arrondissement de et à Luxembourg. As a result, the Company is allowed to proceed with conservatory or attachment actions against Venezuela’s assets in the Grand Duchy of Luxembourg. On January 12, 2015, Venezuela filed a notice of appeal of this decision in the Cour d’appel de Luxembourg (the "Luxembourg Court of Appeal") asking for a stay of execution pending the determination of its application to annul the Award before the Paris Court of Appeal.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

The Luxembourg Court of Appeal subsequently issued a scheduling direction, dividing Venezuela’s arguments in two and ordering that the arguments on form and the request for stay of execution be heard together, on May 21, 2015. In accordance with the scheduling direction, the Company filed its response to Venezuela’s first set of arguments, on March 16, 2015, Venezuela filed a reply on April 20, 2015 and, thereafter the Company filed its reply on April 30, 2015.

On June 25, 2015, the Luxembourg Court of Appeal stayed Venezuela's appeal of the October 28, 2014 order of the Chairman of the Tribunal d’arrondissement de et à Luxembourg granting the exequatur (recognition and execution) of the Award in Luxembourg, on the basis that the Paris Court of Appeal is scheduled to hear Venezuela’s application to annul within a few months. The exequatur remains in full effect which means that the Company is free to proceed with additional seizures if and when it deems it appropriate.

The Company, on several occasions, served on the Luxembourg offices of subpoena JP Morgan Chase Bank, N.A. (JP Morgan) and Deutsche Bank Trust Company Americas (DBTCA) the equivalent of writs of garnishment relating to interest payments on Venezuela sovereign bonds and any other funds owned by Venezuela. These banks were chosen because they are designated as paying agents or transfer agents in listing memoranda relating to various bonds issued by Venezuela and listed on the Luxembourg Stock Exchange. The banks continue to deny holding funds for the account of Venezuela, which appears to contradict the information contained in the listing memoranda.

As a result, the Company intends to have the issue determined by the appropriate court or judge having jurisdiction in Luxembourg over such matters or make other legal inquiries in other jurisdictions to assist the Company in understanding the relevant funding process. To that end, the Company applied in the US District Court for the Southern District of Florida for orders, under 28 U.S.C. § 1782, authorizing it to subpoena JP Morgan, DBTCA and The Bank of New York Mellon Corporation (“BNY Mellon”), which are designated as fiscal agents, paying agents, transfer agents and/or registrars on various bonds issued by Venezuela. On July 22, August 10 and September 11, 2015, respectively, the Company was notified that the Court had granted the Company’s applications and service ensued on JP Morgan on July 24, on DBTCA on August 12, and on BNY Mellon on September 16, 2015. JP Morgan and DBTCA have produced responsive documents, and BNY Mellon is in the process of producing responsive documents. The Company presently is engaged in the process of completing the document productions and scheduling follow-on depositions.

Legal Activities in England

On May 19, 2015, the Company filed in the High Court (Queen Bench’s Division - Commercial Court) an application for leave to enforce the Award pursuant to s. 101(2) of the Arbitration Act. In the English courts, such application is made by way of an Arbitration Claim Form ("Claim"). On May 21, the Court granted leave to enforce the Award as a judgment or order of the court, and entered judgment in the amount of the Award ("Order and Judgment"). Prior to formal service, copies of the Claim Form (with supporting evidence) and the Order and Judgment were delivered to Venezuela on July 28, 2015 ("Delivery"). Formal service of the Order and Judgment was then effected through the Foreign Process Section of the Royal Courts of Justice (as required under the State Immunity Act) on September 25, 2015. Pursuant to the general rules and practice of the Court, enforcement of the Order and Judgment is stayed, pending a period of 2 months and 22 days following service of the Order and Judgment on Venezuela, during which period the latter may apply to set aside the Order and Judgment.

Following Delivery, Venezuela’s English counsel sent correspondence to the Company’s counsel suggesting that the Company had attempted formal service by the Delivery – which is incorrect and was refuted in correspondence from the Company's counsel. On September 25, 2015 (prior to formal service), Venezuela made an application to the Court for declarations that the Court has no jurisdiction over the Claim, and for orders that (i) the Claim be set aside, (ii) service of the Claim (if any) be dismissed and (iii) that the Order and Judgment be set aside. The Company has since filed responsive evidence to Venezuela’s application, and Venezuela’s evidence in reply is due on November 20, 2015. The hearing of Venezuela’s application is fixed for January 18 to 20, 2016. The Company intends to seek orders at the hearing that Venezuela’s application be dismissed, and that enforcement can commence without further delay.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Communications with Venezuela

The Company's management has continued to have settlement discussion with the appropriate representatives of Venezuela regarding the satisfaction of the Award and the development of the Brisas-Las Cristinas gold copper project. The representatives for Venezuela have included the Vice President of the Republic, the Minister of Oil and Mining (also President of Petroleos de Venezuela, S.A. (PDVSA)), the Attorney General and representatives from his office, and representatives of the Central Bank of Venezuela.

In July 2015, the parties agreed to work in good faith to (1) resolve the amount due the Company related to the Arbitral Award and, (2) work together to develop the Brisas-Las Cristinas project.

While it is the objective of both the Company and the Venezuelan government to amicably resolve the payment of the arbitral award and to develop the Brisas-Las Cristinas gold copper deposit, the Company continues to pursue all legal avenues to enforce and collect the arbitral award and in turn, Venezuela is taking all legal steps to defend its rights. The Company believes that Venezuela will honor its international arbitral obligation although there can be no assurances in this regard. The Company remains firmly committed to the enforcement and collection of the Award including accrued interest in full and will continue to vigorously pursue all available remedies accordingly in every jurisdiction where it perceives that it can draw a benefit that will bring it closer to the collection of the Award.

The Company’s Intent to Distribute Collection of the Arbitral Award to Shareholders

Subject to applicable regulatory requirements and good business practices regarding capital and reserves for operating expenses, accounts payable and income taxes, and any obligations arising as a result of the collection of the ICSID Award including payments pursuant to the terms of the convertible notes (if not otherwise converted), Interest Notes, CVR's, Bonus Plan and Retention Plan (all as defined herein) or undertakings made to a court of law, the Company's current plan is to distribute to its shareholders, in the most cost efficient manner, a substantial majority of any net proceeds.

Obligations Due Upon Collection of Arbitral Award and Sale of Brisas Technical Mining Data

The Board of Directors (the "Board") approved a Bonus Pool Plan ("Bonus Plan") in May 2012, which is intended to reward the participants, including executive officers, employees, directors and consultants, for their past and future contributions including their efforts related to the development of the Brisas Project, execution of the Brisas Arbitration and the collection of an award, if any. The bonus pool under the Bonus Plan will generally be comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes times 1% of the first $200 million and 5% thereafter. Participation in the Bonus Plan vests upon the participant’s selection by the Committee of independent directors, subject to voluntary termination of employment or termination for cause. The Company also maintains the Gold Reserve Director and Employee Retention Plan (See Note 10, Stock Based Compensation Plans). Units ("Retention Units") granted under the plan become fully vested and payable upon: (1) collection of proceeds from the Arbitral Award and/or sale of mining data and the Company agrees to distribute a substantial majority of the proceeds to its shareholders or, (2) the event of a change of control. The Company currently does not accrue a liability for the Bonus or Retention Plan as events required for payment under the Plans have not yet occurred.

The Company has outstanding contingent value rights ("CVR's") which entitles the holder to receive, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), a pro rata portion of a maximum aggregate amount of 5.468% of the proceeds actually received by the Company with respect to the Brisas Arbitration proceedings and/or disposition of the technical data related to the development of the Brisas Project that was compiled by the Company (the "Brisas Project Technical Mining Data"). The proceeds, if any, could be cash, commodities, bonds, shares and/or any other consideration received by the Company and if such proceeds are other than cash, the fair market value of such non-cash proceeds, net of any required deductions (e.g., for taxes) will be subject to the CVR's and will become an obligation of the Company only upon collection of the Arbitral Award and/or disposition of the technical data is realized.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Included in accounts payable is approximately $2.5 million in legal fees which were deferred during the arbitration and became payable as a result of the Arbitral Award. By agreement, these fees will now be paid in December 2015. This agreement included a reduction of $0.5 million from the original amount due of $3.1 million and a deferral of an additional $0.1 million until collection of the award. The total amount of contingent legal fees which will become payable upon the collection of the Award is approximately $1.8 million.

Note 5. Cash and Cash Equivalents:

		September 30,		December 31,
		2015		2014
Bank deposits	$	2,174,951	$	6,367,049
Money market funds		72,139		72,098
Total	$	2,247,090	$	6,439,147

Note 6. Marketable Securities:

		September 30,		December 31,
		2015		2014
Fair value at beginning of year	$	175,541	$	318,442
Impairment loss		–		(162,479)
Increase in market value		2,722		19,578
Fair value at balance sheet date	$	178,263	$	175,541

The Company’s marketable securities are classified as available-for-sale and are recorded at quoted market value with gains and losses recorded within other comprehensive income until realized or impaired. Realized gains and losses are based on the average cost of the shares held at the date of disposition. As of September 30, 2015 and December 31, 2014, marketable securities had a cost basis of $158,537.

Note 7. Fair Value Measurements:

Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity’s own assumptions.

		Fair value September 30, 2015		Level 1		Level 2		Level 3
Marketable securities	$	178,263	$	178,263	$	–	$	–
Convertible notes and interest notes	$	33,916,976	$	–	$	33,916,976	$	–

		Fair value December 31, 2014		Level 1		Level 2		Level 3
Marketable securities	$	175,541	$	175,541	$	–	$	–
Convertible notes and interest notes	$	37,408,241	$	–	$	37,408,241	$	–

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 8. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
September 30, 2015
Machinery and equipment	$	12,234,092	$	–	$	12,234,092
Furniture and office equipment		348,387		(336,222)		12,165
Leasehold improvements		41,190		(41,190)		–
Venezuelan property and equipment		171,445		(157,445)		14,000
	$	12,795,114	$	(534,857)	$	12,260,257

				Accumulated
		Cost		Depreciation		Net
December 31, 2014
Machinery and equipment	$	12,408,524	$	–	$	12,408,524
Furniture and office equipment		529,648		(511,518)		18,130
Leasehold improvements		41,190		(41,190)		–
Venezuelan property and equipment		171,445		(157,445)		14,000
	$	13,150,807	$	(710,153)	$	12,440,654

Machinery and equipment consists of infrastructure and milling equipment previously intended for use on the Brisas Project. In 2014, based on an updated market valuation for mining equipment which included the review of transactions involving comparable assets, the Company recorded a further $6.5 million write-down of this equipment to an estimated net realizable value.

Note 9. KSOP Plan:

The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by the Company, and (2) an employee share ownership component, or ESOP. Allocation of common shares or cash to participants’ accounts, subject to certain limitations, is at the discretion of the Board. There have been no common shares allocated to the Plan since 2011. Cash contributions for plan year 2014 were approximately $164,000. As of September 30, 2015, no contributions by the Company had been made for plan year 2015.

Note 10. Stock Based Compensation Plans:

Equity Incentive Plans

On June 27, 2012, the shareholders approved the 2012 Equity Incentive Plan (the "2012 Plan") to replace the Company’s previous equity incentive plans. In 2014, the Board amended and restated the 2012 Plan changing the maximum number of Class A common shares issuable under options granted under the 2012 Plan from a "rolling" 10% of the outstanding Class A common shares to a fixed number of 7,550,000 Class A common shares. As of September 30, 2015, there were 1,519,500 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee established pursuant to the 2012 Plan, or in certain cases, by the Board.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Share option transactions for the nine months ended September 30, 2015 and 2014 are as follows:

	2015		2014
	Shares	Weighted Average Exercise Price	Shares	Weighted Average Exercise Price
Options outstanding - beginning of period	5,698,000	$ 2.31	5,443,000	$ 2.21
Options exercised	(65,000)	1.87	(55,000)	1.82
Options granted	315,000	3.90	310,000	4.02
Options outstanding - end of period	5,948,000	$ 2.40	5,698,000	$ 2.31

Options exercisable - end of period	5,898,000	$ 2.39	5,491,331	$ 2.25

The following table relates to stock options at September 30, 2015:

	Outstanding Options				Exercisable Options
Exercise Price	Number	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (Years)	Number	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (Years)
$1.82	2,532,500	$1.82	$2,481,850	0.26	2,532,500	$1.82	$2,481,850	0.26
$1.92	920,000	$1.92	809,600	5.69	920,000	$1.92	809,600	5.69
$2.89	1,620,500	$2.89	-	1.33	1,620,500	$2.89	-	1.33
$3.00	250,000	$3.00	-	2.70	250,000	$3.00	-	2.70
$3.89	100,000	$3.89	-	4.46	50,000	$3.89	-	4.46
$3.91	215,000	$3.91	-	9.75	215,000	$3.91	-	9.75
$4.02	310,000	$4.02	-	8.82	310,000	$4.02	-	8.82
$1.82 - $4.02	5,948,000	$2.40	$3,291,450	2.35	5,898,000	$2.39	$3,291,450	2.34

During the nine months ended September 30, 2015 and 2014, the Company granted 315,000 and 310,000 stock options, respectively. The Company recorded non-cash compensation expense during the nine months ended September 30, 2015 and 2014 of $0.3 million and $0.8 million, respectively for stock options granted in 2015 and prior periods.

The weighted average fair value of the options granted in 2015 and 2014 was calculated at $0.85 and $0.87, respectively. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:

	2015	2014
Risk free interest rate	0.66%	0.53%
Expected term	2 years	2 years
Expected volatility	38%	38%
Dividend yield	nil	nil

The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of the Company’s stock over a period equal to the expected term of the option.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Retention Units Plan

The Company also maintains the Gold Reserve Director and Employee Retention Plan. Units granted under the plan become fully vested and payable upon: (1) collection of Arbitral Award proceeds from the ICSID arbitration process and/or sale of mining data and the Company agrees to distribute a substantial majority of the proceeds to its shareholders or, (2) the event of a change of control. Each unit granted to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common share (1) on the date the unit was granted or (2) on the date any such participant becomes entitled to payment, whichever is greater. As of September 30, 2015 an aggregate of 1,457,500 unvested units have been granted to directors and executive officers of the Company and 315,000 units have been granted to other employees. The Company currently does not accrue a liability for these units as events required for vesting of the units have not yet occurred. The minimum value of these units, based on the grant date value of the Class A common shares, was approximately $7.7 million.

Note 11. Convertible Notes and Interest Notes:

In the fourth quarter of 2012, the Company restructured $85.4 million aggregate principal amount of Old Notes (the "2012 Restructuring"). Holders of an aggregate principal amount of $84.4 million of Old Notes elected to participate in the 2012 Restructuring and $1.0 million of Old Notes declined to participate. Pursuant to the 2012 Restructuring, the Company paid $16.9 million cash, issued 12,412,501 Class A common shares, issued notes with a face value of $25.3 million (the "Modified Notes") and issued CVR’s totaling 5.468% of any future proceeds, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), actually received by the Company with respect to the Brisas Arbitration proceedings and/or disposition of the Brisas Project Technical Mining Data.

During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million of additional notes ("New Notes") also maturing December 31, 2015. $19.2 million of the Modified Notes and $8 million of the New Notes were issued to affiliated funds which exercised control or direction over more than 10% of the Company’s common shares prior to the transactions and as a result, those portions of the transactions were considered to be related party transactions. The Modified Notes were amended to be consistent with the terms of the New Notes. The Company also has outstanding $1.0 million notes issued in May 2007 (Old Notes) with a maturity date of June 15, 2022. The Old Notes bear interest at a rate of 5.50% per year, payable semiannually in arrears on June 15 and December 15 and, subject to certain conditions, may be redeemed, repurchased or converted into Class A common shares of the Company at a conversion price of $7.54 per common share.

The New Notes and the Modified Notes (as amended from the date of closing) (the "Notes") bear interest at a rate of 11% per year, which will be accrued quarterly, issued in the form of a note (Interest Notes) payable in cash at maturity. Subject to certain conditions, the outstanding principal of the Notes may be converted into Class A common shares of the Company, redeemed or repurchased prior to maturity. The Notes mature on December 31, 2015 and are convertible, at the option of the holder, into 285.71 Class A common shares per $1,000 (equivalent to a conversion price of $3.50 per common share) at any time upon prior written notice to the Company. The Company paid, in the case of the New Notes, a fee of 2.5% of the principal in the form of an original issue discount and in the case of the Modified Notes, a cash extension fee of 2.5% of the principal.

GOLD RESERVE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

The Notes are senior unsecured, equal in rank and subject to certain terms including: (1) the technical data related to the development of the Brisas Project that was compiled by the Company and any award related to the Brisas Arbitration may not be pledged without consent of holders comprising at least 75% in principal amount of Notes; (2) the Company may not incur any additional indebtedness that ranks senior to or pari passu with the Notes in any respect without consent of holders comprising at least 75% in principal amount of Notes; (3) each Noteholder will have the right to participate, on a pro rata basis based on the amount of equity it holds, including equity issuable upon conversion of convertible securities, in any future equity or debt financing; (4) the Notes shall be redeemable on a pro rata basis, by the Company at the Noteholders’ option, at a price equal to 120% of the outstanding principal balance upon the issuance of a final Arbitration Award, with respect to which enforcement has not been stayed and no annulment proceeding is pending; provided the Company shall only be obligated to make a redemption to the extent net cash proceeds received are in excess of $20,000,000, net of taxes and $13,500,000 to fund accrued and unpaid prospective operating expenses; (5) capital expenditures (including exploration and related activities) shall not exceed $500,000 in any 12-month period without the prior consent of holders of a majority of the Notes; and (6) the Company shall not agree with any of the Noteholders to any amendment or modification to any terms of the Notes, provide any fees or other compensation whether in cash or in kind to any holder of the Notes, or engage in the repurchase, redemption or other defeasance of any Notes without offering such terms, compensation or defeasance to all holders of the Notes on an equitable and pro-rata basis.

Accounting standards require the Company to allocate the convertible notes between their equity and liability component parts based on their respective fair values at the time of issuance. The liability component was computed by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability that does not have an associated equity component. The equity portion of the notes was estimated using the residual value method at approximately $6.5 million net of issuance costs. The fair value of the liability component is accreted to the face value of the Notes using the effective interest rate method over the expected life of the Notes, with the resulting charge recorded as interest expense. Extinguishment accounting was used for the Modified Notes resulting in a loss of $0.2 million in the second quarter of 2014 due to the unamortized discount remaining on the notes prior to the restructuring. As of September 30, 2015, the Company had $38.4 million face value convertible notes and $5.6 million face value interest notes outstanding.

Note 12. Subsequent Event:

During the third quarter of 2015, the Company agreed to a financing in which it will issue up to $13.4 million of new convertible notes (“New Notes”) due December 31, 2018 and modify, amend and extend the maturity date of $43.7 million of currently outstanding principal and accrued interest ("Modified Notes") from December 31, 2015 to December 31, 2018. The Company will issue $12.3 million of New Notes with an original issue discount of 2.5% of the principal amount and will also issue approximately $1.1 million of additional New Notes representing 2.5% of the extended principal and interest amount due to the current note holders as a restructuring fee.

The New Notes and the Modified Notes (as amended from the date of closing) (collectively the "Notes") will bear interest at a rate of 11% per year, which will be accrued quarterly, be issued in the form of a note (Interest Notes) and be payable in cash at maturity. The Notes will be convertible, at the option of the holder, into 333.33 of Class A common shares per US $1,000 (equivalent to a conversion price of US $3.00 per common share) at any time upon prior written notice to the Company. The Notes will be senior obligations of the Company, secured by all assets of the Company and subject to certain other terms including restrictions regarding the pledging of assets and incurrence of certain capital expenditures or additional indebtedness without consent of noteholders; and participation rights in future equity or debt financing. The transaction is expected to be completed by the close of business November 30, 2015.

EX-99.2 3 gdrzfform6kexhibit992112715.htm MANAGEMENT'S DISCUSSION AND ANALYSIS gdrzfform6kexhibit992112715.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.2

GOLD RESERVE INC.

September 30, 2015

Management’s Discussion and Analysis

U.S. Dollars

(unaudited)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

This Management’s Discussion and Analysis of Financial Condition and Results of Operations, dated
November 27, 2015 is intended to assist in understanding and assessing our results of operations and financial condition and should be read in conjunction with the consolidated financial statements and related notes.

In connection with the preparation of the Company’s consolidated financial statements for the three and nine months ended September 30, 2015, an error was identified in the amount of non-cash stock option compensation expense recorded in the comparative period ended September 30, 2014. Additional compensation expense related to options granted in 2011 should have been recognized in the three and nine months ended September 30, 2014 as a result of the vesting conditions that were contingent upon the issuance of the Arbitral Award, which occurred on September 22, 2014. The error was not material to any of our previously issued consolidated financial statements. Prior year comparative financial statements have been revised to correct the effect of this error (See Note 3, Revision of Prior Period Financial Statements). This non-cash revision did not impact net cash flows or total shareholders’ equity for any prior period. The discussion and analysis included herein is based on revised financial results for the three and nine months ended September 30, 2014.

Gold Reserve, an exploration stage company, is engaged in the business of acquiring, exploring and developing mining projects. Management’s recent efforts have included:

§ pursuing any and all means to ensure timely payment of the arbitral award (the "Arbitral Award" or "Award") issued by the tribunal (the "ICSID Tribunal" or "Tribunal") of the International Center for Investment Disputes (the "ICSID") on September 22, 2014 in connection with Venezuela's seizure of the Company's Brisas Project.

§ communicating with authorized representatives of Venezuela to resolve the payment of the Award;

§ evaluating options regarding the extension of the Company's debt maturing December 31, 2015 and additional funding in the form of debt or equity;

§ pursuing all opportunities to sell the remaining Brisas Project related assets; and

§ evaluating other exploration mining prospects.

Brisas Arbitration

The September 22, 2014 ICSID Arbitral Award

The December 15, 2014 Reconfirmation of Arbitral Award

Legal Activities in France

Venezuela's Requests for Annulment

Application for Annulment of the September 22, 2014 ICSID Arbitral Award

Application for Annulment of the December 15, 2014 Reconfirmation of Arbitral Award

Application for Exequatur

Legal Activities in US District Court for the District of Columbia

Legal Activities in Luxembourg

The Company, on several occasions, served on the Luxembourg offices of JP Morgan Chase Bank, N.A. (JP Morgan) and Deutsche Bank Trust Company Americas (DBTCA) the equivalent of writs of garnishment relating to interest payments on Venezuela sovereign bonds and any other funds owned by Venezuela. These banks were chosen because they are designated as paying agents or transfer agents in listing memoranda relating to various bonds issued by Venezuela and listed on the Luxembourg Stock Exchange. The banks continue to deny holding funds for the account of Venezuela, which appears to contradict the information contained in the listing memoranda.

As a result, the Company intends to have the issue determined by the appropriate court or judge having jurisdiction in Luxembourg over such matters or make other legal inquiries in other jurisdictions to assist the Company in understanding the relevant funding process. To that end, the Company applied in the US District Court for the Southern District of Florida for orders, under 28 U.S.C. § 1782, authorizing it to subpoena JP Morgan, (DBTCA) and The Bank of New York Mellon Corporation (“BNY Mellon”), which are designated as fiscal agents, paying agents, transfer agents and/or registrars on various bonds issued by Venezuela. On July 22, August 10 and September 11, 2015, respectively, the Company was notified that the Court had granted the Company’s applications and service ensued on JP Morgan on July 24, on DBTCA on August 12, and on BNY Mellon on September 16, 2015. JP Morgan and DBTCA have produced responsive documents, and BNY Mellon is in the process of producing responsive documents. The Company presently is engaged in the process of completing the document productions and scheduling follow-on depositions.

Legal Activities in England

Communications with Venezuela

In July 2015, the parties agreed to work in good faith to (1) resolve the amount due the Company related to the Arbitral Award and, (2) work together to develop the Brisas-Las Cristinas project.

Venezuela’s Intent to Develop the Brisas/Las Cristinas Mine

Historically Venezuela has publicly stated its intent to develop the Brisas Project and contiguous areas and has reportedly had discussions with one or more major corporations for initial studies related to the development and eventual construction of the Brisas or Brisas-Las Cristinas mine as a large gold-copper complex. In December 2013, the Venezuelan government granted the gold exploration and mining rights in three areas located in Bolivar State (including the area of the Brisas gold and copper deposit) valued at $30 billion to Empresa Nacional Aurifera, S.A. ("ENA"), a subsidiary of the Venezuelan State-owned oil company Petróleos de Venezuela, S.A. ("PDVSA") and concurrently ENA sold a 40% interest to Venezuela's central bank, Banco Central de Venezuela ("BCV") for an estimated $12 billion allowing PDVSA to offset promissory notes payable to BCV totaling $21.5 billion and record a gain on the transaction of approximately $9.5 billion. Gold Reserve is prepared to assist Venezuela to find a joint solution that would include the transfer of the extensive technical data related to the development of the Brisas Project that was compiled by the Company. This would allow PDVSA, ENA, BCV and their contractor/consultants to develop Brisas on an accelerated basis for the benefit of Venezuela, with appropriate compensation for the Company apart from the collection of any payments associated with the Award.

The Company’s Intent to Distribute Collection of the Arbitral Award to Shareholders

Obligations Due Upon Collection of Arbitral Award and Sale of Brisas Technical Mining Data

The Company has outstanding contingent value rights ("CVR's") which entitles the holder to receive, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), a pro rata portion of a maximum aggregate amount of 5.468% of the proceeds actually received by the Company with respect to the Brisas Arbitration proceedings or disposition of the technical data related to the development of the Brisas Project that was compiled by the Company (the "Brisas Project Technical Mining Data"). The proceeds, if any, could be cash, commodities, bonds, shares and/or any other consideration received by the Company and if such proceeds are other than cash, the fair market value of such non-cash proceeds, net of any required deductions (e.g., for taxes) will be subject to the CVR's and will become an obligation of the Company only upon collection of the Arbitral Award and/or disposition of the technical data is realized.

Included in accounts payable is approximately $2.5 million in legal fees which were deferred during the arbitration and became payable as a result of the Arbitral Award. By agreement, these fees are now expected be paid in December 2015. This agreement included a reduction of $0.5 million from the original amount due of $3.1 million and a deferral of an additional $0.1 million until collection of the award. The total amount of additional contingent legal fees which will become payable upon the collection of the Award is approximately $1.8 million.

Exploration Prospects

La Tortuga Property

In April 2012, Soltoro Ltd. granted the Company the right to earn an undivided 51% interest in the 11,562 hectare La Tortuga property, a copper and gold prospect located in Jalisco State, Mexico, by making an aggregate $3.65 million in option payments and property expenditures over three years. Subsequently the Board concluded that continued investment in the property was no longer warranted and the Company expensed all previously capitalized costs as of June 30, 2014 and formally terminated its option on the property in August 2014.

The Company continues to evaluate alternative prospects with a focus on, among other things, location, the mineralized potential, economic factors and the level and quality of previous work completed on the prospect. The Company is focused on prospects that are located in politically friendly jurisdictions, which have clear and well-established mining, tax and environmental laws and an experienced mining authority.

Financial Overview

The Company's overall financial position continues to be influenced by a number of significant historical events: the seizure of the Brisas Project by the Venezuelan government, costs related to obtaining the Arbitral Award and on-going efforts to enforce and collect it, interest expense related to notes payable, the subsequent write-off of the accumulated Brisas Project development costs, impairment of the value of the equipment originally acquired for the Brisas Project and our restructuring of outstanding debt in 2012 and 2014.

Recent operating results continue to be shaped by expenses associated with the enforcement and collection of the Arbitral Award in various international jurisdictions, interest expense related to our debt, write-down of Brisas Project equipment during 2014 and maintaining the Company's legal and regulatory obligations in good standing.

The Company has no commercial production and, as a result, continues to experience losses from operations, a trend the Company expects to continue unless the Company collects, in part or whole, the Arbitral Award and/or acquires and develops a mineral project which results in positive results from operations.

Historically the Company has financed its operations through the issuance of common stock, other equity securities and debt. The timing of any future investments or transactions if any, and the amounts that may be required cannot be determined at this time and are subject to available cash, the collection, if any, of the Award, sale of remaining Brisas Project related equipment, the timing of the conversion or maturity of the outstanding convertible notes and/or future financings, if any. The Company has only one operating segment, the exploration and development of mineral properties

During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million of New Notes also maturing December 31, 2015, net of costs of approximately $1.3 million. The Modified Notes were amended to be consistent with the terms of the New Notes (as more fully described herein and in Note 11 to the consolidated financial statements).

More recently, the Company agreed to issue additional convertible notes totaling $13.4 million ($12.3 for cash and $1.1 representing 2.5% of the extended principal and interest amount as a restructuring fee) and modify, amend and extend the maturity date of $43.7 million of currently outstanding principal and accrued interest from December 31, 2015 to December 31, 2018. See Liquidity and Capital Resources-Financing Activities and Note 12 to the consolidated financial statements.

The Company also continues its efforts to dispose of the remaining Brisas Project assets, pursue a timely completion of the Brisas Arbitration claim before ICSID and maintain its willingness to pursue settlement discussions relating to our dispute with the Venezuelan government.

Liquidity and Capital Resources

At September 30, 2015, the Company had cash and cash equivalents of approximately $2.2 million which represents a decrease from December 31, 2014 of approximately $4.2 million. The net decrease was due to cash used by operations as more fully described in the “Operating Activities” section below.

		2015		Change		2014
Cash and cash equivalents	$	2,247,090	$	(4,192,057)	$	6,439,147

As of September 30, 2015, the Company had financial resources including cash, cash equivalents and marketable securities totaling approximately $2.4 million, Brisas Project related equipment with an estimated fair value of approximately $12.2 million (See Note 8 to the consolidated financial statements) and short-term financial obligations including convertible notes and interest notes of $42.9 million face value and accounts payable and accrued expenses of approximately $3.9 million. Included in accounts payable is approximately $2.5 million which represents legal fees deferred during the arbitration but now payable as a result of the Award. In addition, the Company is obligated to pay contingent legal fees of approximately $1.8 million due upon the collection of the Award. As of the date of this report, the Company had approximately $1.6 million in cash and investments, which are held primarily in U.S. dollar denominated accounts.

The Company has no revenue producing operations at this time and its working capital position, cash burn rate and debt maturity schedule requires the Company to seek additional sources of funding to ensure the Company’s ability to continue its activities in the normal course. To address its funding requirements in addition to its convertible notes due in December 2015 (see Financing Activities and Note 12 to the consolidated financial statements), the Company is continuing its efforts to dispose of the remaining Brisas Project related assets and pursue a timely and successful collection of the Arbitral Award and sale of the Brisas Project Technical Mining Data.

Operating Activities

Cash flow used in operating activities for the nine months ended September 30, 2015 and 2014 was approximately $4.5 million and $5.8 million, respectively. Cash flow used in operating activities consists of net operating losses (the components of which are more fully discussed below) adjusted for non-cash expense items primarily related to accretion of convertible notes recorded as interest expense, stock option compensation and certain changes in working capital.

Cash flow used in operating activities during the nine months ended September 30, 2015 decreased from the prior comparable period due to decreases in exploration expense, legal expense and corporate general and administrative expense partially offset by an increase in costs associated with the enforcement and collection of the Arbitral Award.

Investing Activities

During the nine months ended September 30, 2015, the company sold certain Brisas project related equipment for $165,000 and recorded a loss of $9,432 on the sale. During the nine months ended September 30, 2014, the Company paid $150,000 in accordance with the terms of its option agreement related to the La Tortuga property. As of September 30, 2015, the Company held approximately $12.2 million of Brisas project related equipment intended for future sale.

Financing Activities

Net proceeds from the issuance of common shares during the nine months ended September 30, 2015 and 2014 relate to the exercise of employee stock options totaling $121,300 and $100,100, respectively.

During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million face value of New Notes also maturing December 31, 2015. The Modified Notes were amended to be consistent with the terms of the New Notes.

The New Notes and the Modified Notes (as amended from the date of closing) (the "Notes") bear interest at 11% per year, which will be paid quarterly by issuance of a note (Interest Notes) and be payable in cash upon maturity on December 31, 2015. Subject to certain conditions, the outstanding principal may be converted into Class A common shares of the Company, redeemed or repurchased prior to maturity. The Notes mature on December 31, 2015 and are convertible, at the option of the holder, into 285.71 shares of Class A common shares per $1,000 (equivalent to a conversion price of $3.50 per common share) at any time upon prior written notice to the Company. The Company paid, in the case of the New Notes, a fee of approximately $0.3 million or 2.5% of the principal in the form of an original issue discount and in the case of the Modified Notes, a cash extension fee of approximately $0.6 million or 2.5% of the principal. (See Note 11 to the consolidated financial statements).

Contractual Obligations

The following table sets forth information on the Company’s material contractual obligation payments for the periods indicated as of September 30, 2015 (For further details see Notes 11 and 12 to the consolidated financial statements):

	Payments due by Period
	Total	Less than 1 Year	1-3 Years	4-5 Years	More Than 5 Years
Convertible Notes^1,2	$ 38,350,000	$ 37,308,000	$ -	$ -	$ 1,042,000
Interest Notes²	6,754,086	6,754,086	-	-	-
Interest	401,170	57,310	114,620	114,620	114,620
	$ 45,505,256	$ 44,119,396	$ 114,620	$ 114,620	$ 1,156,620

1 Includes $37,308,000 principal amount of 11% convertible notes due December 31, 2015 and $1,042,000 principal amount of 5.50% convertible notes due June 15, 2022. Subject to certain conditions, the notes may be converted into Class A common shares of the Company, redeemed or repurchased. The amounts shown above include the interest and principal payments due unless the notes are converted, redeemed or repurchased prior to their due date (See Note 11 to the consolidated financial statements).

The convertible notes consist of $25,308,000 of notes issued in 2012 pursuant to the 2012 Restructuring and subsequently extended and amended pursuant to the 2014 Restructuring (the "Modified Notes"); $12,000,000 of notes issued in 2014 pursuant to the 2014 Restructuring (the "New Notes") and $1,042,000 of notes originally issued in May 2007 and still outstanding (the "Old Notes"). Interest Notes consist of interest at 11% per year due on the Modified Notes and the New Notes which is accrued and paid quarterly in the form of a note which is payable in cash at maturity.

The 2012 Restructuring refers to the exchange by the Company and the holders of $102.3 million of Old Notes for $33.8 million cash, 12,412,501 Class A common shares, modified notes with a face value of $25.3 million ("Modified Notes") and contingent value rights ("CVR’s") totaling 5.468% of any future proceeds, net of certain deductions.

The 2014 Restructuring refers to the extension of the maturity date of the $25.3 million Modified Notes from June 29, 2014 to December 31, 2015, the issuance of $12 million of New Notes also maturing December 31, 2015. The interest paid on the Modified Notes was increased to 11% from 5.5% to be consistent with the interest paid on the New Notes.

2 The amount recorded as convertible notes and interest notes in the consolidated balance sheet as of September 30, 2015 is comprised of $40.4 million carrying value of Modified Notes, New Notes and Interest Notes (all due on December 31, 2015) issued pursuant to the 2014 Restructuring and $1.0 million of Old Notes (due June 15, 2022) held by other note holders who declined to participate in the 2012 Restructuring. The carrying value of notes will be accreted to face value using the effective interest rate method over the expected life of the notes with the resulting charge recorded as interest expense.

Results of Operations

Summary Results of Operations

Consolidated net loss for the three and nine months ended September 30, 2015 was approximately $3.6 million and $11.7 million, respectively compared to $7.8 million and $15.0 million in the comparable periods in 2014.

		3 months			9 months
	2015	2014	Change	2015	2014	Change
Other Income (Loss)	$ (1,662)	$ (3,967)	$ 2,305	$ 4,192	$ (597,165)	$ 601,357
Total Expenses	(3,579,384)	(7,788,171)	4,208,787	(11,751,023)	(14,355,923)	2,604,900
Net Loss	$ (3,581,046)	$(7,792,138)	$ 4,211,092	$(11,746,831)	$(14,953,088)	$3,206,257

Other Income

The Company has no commercial production at this time and, as a result, other income is typically variable from period to period. The change in other income during the nine month period was primarily due to the write-down of the $0.425 million investment of the La Tortuga property and the $0.16 million loss on settlement of debt related to the remaining unamortized discount on convertible notes both of which occurred in 2014.

		3 months			9 months
	2015	2014	Change	2015	2014	Change
Interest	$ 3	$ 12	$ (9)	$ 42	$ 170	$ (128)
Write-down of property,
plant and equipment					(425,010)	425,010
Loss on settlement of debt					(161,292)	161,292
Loss on sale of equipment				(9,432)		(9,432)
Foreign currency gain (loss)	(1,665)	(3,979)	2,314	13,582	(11,033)	24,615
	$ (1,662)	$ (3,967)	$ 2,305	$ 4,192	$ (597,165)	$ 601,357

Expenses

Corporate general and administrative expense for the three and nine months ended September 30, 2015 decreased from the comparable periods in 2014 primarily due to costs associated with the restructuring of convertible notes in 2014. Exploration expenses decreased due to the termination of activity on the La Tortuga project in 2014. The decrease in legal and accounting expense is primarily attributable to a decrease in fees incurred for corporate and tax planning activities.

Arbitration expenses during the three and nine months ended September 30, 2015 decreased from the comparable periods in 2014 by approximately $4.0 million and $2.9 million, respectively due to the accrual of contingent legal fees in 2014 payable as a result of the successful ICSID Award and $0.7 million in non-cash stock option compensation from options which vested upon the issuance of the Award. The increase in interest expense was due to the 2014 extension of the maturity date of the notes and an increase in the interest paid thereon from 5.5% to 11%, and the issuance of additional notes at 11%.

Overall, total expenses for the three and nine months ended September 30, 2015 decreased by approximately $3.5 million and $1.9 million from the comparable periods in 2014

		3 months			9 months
	2015	2014	Change	2015	2014	Change
Corporate general and administrative	$ 609,284	$ 765,254	$ (155,970)	$ 2,230,697	$ 2,722,724	$ (492,027)
Exploration	58,747	333,152	(274,405)	180,809	778,269	(597,460)
Legal and accounting	22,656	313,614	(290,958)	151,102	562,982	(411,880)
	690,687	1,412,020	(721,333)	2,562,608	4,063,975	(1,501,367)

Venezuelan operations	30,122	51,663	(21,541)	88,222	109,535	(21,313)
Arbitration	169,617	4,149,059	(3,979,442)	1,498,224	4,429,906	(2,931,682)
Equipment holding costs	171,195	212,617	(41,422)	561,503	660,873	(99,370)
Interest expense	2,517,763	1,962,812	554,951	7,040,466	5,091,634	1,948,832
	2,888,697	6,376,151	(3,487,454)	9,188,415	10,291,948	(1,103,533)
Total expenses	$ 3,579,384	7,788,171	$ (4,208,787)	$ 11,751,023	$ 14,355,923	$(2,604,900)

SUMMARY OF QUARTERLY RESULTS

Quarter ended	9/30/15	6/30/15	3/31/15	12/31/14	9/30/14	6/30/14	3/31/14	12/31/13
Other Income (loss)	$(1,662)	$(10,748)	$16,602	$(7,099,515)	$(3,967)	$(162,556)	$(5,632)	$(104,405)
Net loss
before tax	(3,581,046)	(4,453,454)	(3,712,331)	(10,616,891)	(7,792,138)	(4,347,337)	(2,813,613)	(4,273,836)
Per share	(0.05)	(0.06)	(0.05)	(0.14)	(0.10)	(0.06)	(0.04)	(0.06)
Fully diluted	(0.05)	(0.06)	(0.05)	(0.14)	(0.10)	(0.06)	(0.04)	(0.06)
Net loss	(3,581,046)	(4,453,454)	(3,712,331)	(10,616,891)	(7,792,138)	(4,347,337)	(2,813,613)	(4,273,836)
Per share	(0.05)	(0.06)	(0.05)	(0.14)	(0.10)	(0.06)	(0.04)	(0.06)
Fully diluted	(0.05)	(0.06)	(0.05)	(0.14)	(0.10)	(0.06)	(0.04)	(0.06)

Other income (loss) in the first and third quarters of 2015 was primarily due to foreign exchange gain (loss). Other income (loss) in the second quarter of 2015 primarily related to the sale of equipment. Other income (loss) in the fourth quarter of 2014 was primarily due to write down of property and equipment and loss on impairment of marketable securities. In the second quarter of 2014 the loss was related to loss on debt restructuring due to the remaining unamortized discount on convertible notes prior to the restructuring. Other income (loss) during 2013 and the first and third quarters of 2014 consisted of foreign currency gains (losses), losses on marketable securities and interest income.

The decrease in net loss during the third quarter of 2015 was primarily due to a decrease in arbitration costs. The increase in net loss during the second quarter of 2015 was primarily due to increases in arbitration expense and accretion of convertible notes. Net loss increased in the fourth quarter of 2014 due to a write-down of property and equipment. In the third quarter of 2014 the loss increase was related to $3.4 million in legal fees and $0.7 million of non-cash stock option compensation expense related to the issuance of the Award. The increase in net loss during the second quarter of 2014 was primarily due to the restructuring of convertible notes and the write-off of mineral property. The decrease in net loss during the first quarter of 2014 was primarily due to decreases in arbitration expense and non-cash compensation expense. The increase in net loss in the fourth quarter of 2013 was related to costs associated with the arbitration oral hearing.

Off-Balance Sheet Arrangements

The Company is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Company’s financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

EX-99.3 4 gdrzfform6kexhibit993112715.htm CEO'S CERTIFICATION OF INTERIM FILINGS gdrzfform6kexhibit993112715.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.3 Chief Executive Officer’s Certification of Interim Filings

Form 52-109F2

Certification of interim filings – full certificate

I, Rockne J. Timm, Chief Executive Officer of Gold Reserve Inc., certify the following:

I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Gold Reserve Inc. (the “issuer”) for the interim period ended September 30, 2015.
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.

5.2 N/A

5.3 N/A

The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2015 and ended on September 30, 2015 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 27, 2015

/s/Rockne J. Timm

Rockne J. Timm

Chief Executive Officer

EX-99.4 5 gdrzfform6kexhibit994112715.htm CFO'S CERTIFICATION OF INTERIM FILINGS gdrzfform6kexhibit994112715.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.4 Chief Financial Officer’s Certification of Interim Filings

Form 52-109F2

Certification of interim filings – full certificate

I, Robert A. McGuinness, Chief Financial Officer of Gold Reserve Inc., certify the following:

I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Gold Reserve Inc. (the “issuer”) for the interim period ended September 30, 2015.
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.1 The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.

5.2 N/A

5.3 N/A

The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2015 and ended on September 30, 2015 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 27, 2015

/s/Robert A. McGuinness

Robert A. McGuinness

Chief Financial Officer

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Note 7.      Fair Value Measurements: Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions.                                                                                                                                                                                       <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="616" style="border-collapse:collapse;margin-left:4.85pt;width:559.099915pt;"> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Fair value September 30, 2015 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 1 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 2 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 3 </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Marketable securities </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 178,263 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 178,263 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Convertible notes and interest notes </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 33,916,976 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 33,916,976 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="12%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="12%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Fair value December 31, 2014 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 1 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 2 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 3 </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Marketable securities </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 175,541 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 175,541 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Convertible notes and interest notes </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 37,408,241 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 37,408,241 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> </table> </div>   Note 8.      Property, Plant and Equipment: <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="576" style="border-collapse:collapse;margin-left:23.4pt;width:507.599976pt;"> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">           </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> Accumulated </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Cost </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Depreciation </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Net </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> September 30, 2015 </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Machinery and equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,234,092 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,234,092 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Furniture and office equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 348,387 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (336,222) </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,165 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Leasehold improvements </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 41,190 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (41,190) </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Venezuelan property and equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 171,445 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (157,445) </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 14,000 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="7%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 12,795,114 </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (534,857) </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 12,260,257 </td> </tr> <tr style="height:.1in;"> <td valign="top" width="34%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="7%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="6%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="6%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> Accumulated </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Cost </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Depreciation </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Net </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> December 31, 2014 </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Machinery and equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,408,524 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,408,524 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Furniture and office equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 529,648 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (511,518) </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 18,130 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Leasehold improvements </td> <td valign="bottom" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 41,190 </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (41,190) </td> <td valign="bottom" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;"> Venezuelan property and equipment </td> <td valign="bottom" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 171,445 </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (157,445) </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 14,000 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 13,150,807 </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> (710,153) </td> <td valign="bottom" width="6%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 12,440,654 </td> </tr> </table></div>   Machinery and equipment consists of infrastructure and milling equipment previously intended for use on the Brisas Project. In 2014, based on an updated market valuation for mining equipment which included the review of transactions involving comparable assets, the Company recorded a further $6.5 million write-down of this equipment to an estimated net realizable value. Note 9.          KSOP Plan: The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by the Company, and (2) an employee share ownership component, or ESOP. Allocation of common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. There have been no common shares allocated to the Plan since 2011. Cash contributions for plan year 2014 were approximately $164,000. As of September 30, 2015, no contributions by the Company had been made for plan year 2015.   Note 10.        Stock Based Compensation Plans: Equity Incentive Plans On June 27, 2012, the shareholders approved the 2012 Equity Incentive Plan (the "2012 Plan") to replace the Company's previous equity incentive plans. In 2014, the Board amended and restated the 2012 Plan changing the maximum number of Class A common shares issuable under options granted under the 2012 Plan from a "rolling" 10% of the outstanding Class A common shares to a fixed number of 7,550,000 Class A common shares. As of September 30, 2015, there were 1,519,500 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee established pursuant to the 2012 Plan, or in certain cases, by the Board. Share option transactions for the nine months ended September 30, 2015 and 2014 are as follows:   <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2015 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2014 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - beginning of period </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,698,000 </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.31 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,443,000 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.21 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercised </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (65,000) </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.87 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (55,000) </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.82 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options granted </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 315,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 3.90 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4.02 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,948,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.40 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,698,000 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.31 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercisable - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,898,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.39 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,491,331 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.25 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table></div>     The following table relates to stock options at September 30, 2015:   <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Outstanding Options </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercisable Options </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,532,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2,481,850 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.26 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,532,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2,481,850 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.26 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 920,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 809,600 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 5.69 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 920,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 809,600 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 5.69 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,620,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.33 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,620,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.33 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.70 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.70 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 100,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 4.46 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 50,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 4.46 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 215,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 9.75 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 215,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 9.75 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.82 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.82 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $1.82 - $4.02 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,948,000 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $2.40 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3,291,450 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.35 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,898,000 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $2.39 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3,291,450 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.34 </td> </tr> </table></div>       During the nine months ended September 30, 2015 and 2014, the Company granted 315,000 and 310,000 stock options, respectively. The Company recorded non-cash compensation expense during the nine months ended September 30, 2015 and 2014 of $0.3 million and $0.8 million, respectively for stock options granted in 2015 and prior periods. The weighted average fair value of the options granted in 2015 and 2014 was calculated at $0.85 and $0.87, respectively. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions: <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2015 </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2014 </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Risk free interest rate </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.66% </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.53% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected term </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected volatility </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 38% </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 38% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Dividend yield </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> nil </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> nil </td> </tr> </table></div> The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of the Company's stock over a period equal to the expected term of the option.   Retention Units Plan The Company also maintains the Gold Reserve Director and Employee Retention Plan.  Units granted under the plan become fully vested and payable upon: (1) collection of Arbitral Award proceeds from the ICSID arbitration process and/or sale of mining data and the Company agrees to distribute a substantial majority of the proceeds to its shareholders or, (2) the event of a change of control. Each unit granted to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common share (1) on the date the unit was granted or (2) on the date any such participant becomes entitled to payment, whichever is greater.  As of September 30, 2015 an aggregate of 1,457,500 unvested units have been granted to directors and executive officers of the Company and 315,000 units have been granted to other employees.  The Company currently does not accrue a liability for these units as events required for vesting of the units have not yet occurred. The minimum value of these units, based on the grant date value of the Class A common shares, was approximately $7.7 million.   Note 11.    Convertible Notes and Interest Notes: In the fourth quarter of 2012, the Company restructured $85.4 million aggregate principal amount of Old Notes (the "2012 Restructuring"). Holders of an aggregate principal amount of $84.4 million of Old Notes elected to participate in the 2012 Restructuring and $1.0 million of Old Notes declined to participate. Pursuant to the 2012 Restructuring, the Company paid $16.9 million cash, issued 12,412,501 Class A common shares, issued notes with a face value of $25.3 million (the "Modified Notes") and issued CVR's totaling 5.468% of any future proceeds, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), actually received by the Company with respect to the Brisas Arbitration proceedings and/or disposition of the Brisas Project Technical Mining Data.  During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million of additional notes ("New Notes") also maturing December 31, 2015. $19.2 million of the Modified Notes and $8 million of the New Notes were issued to affiliated funds which exercised control or direction over more than 10% of the Company's common shares prior to the transactions and as a result, those portions of the transactions were considered to be related party transactions. The Modified Notes were amended to be consistent with the terms of the New Notes. The Company also has outstanding $1.0 million notes issued in May 2007 (Old Notes) with a maturity date of June 15, 2022. The Old Notes bear interest at a rate of 5.50% per year, payable semiannually in arrears on June 15 and December 15 and, subject to certain conditions, may be redeemed, repurchased or converted into Class A common shares of the Company at a conversion price of $7.54 per common share. The New Notes and the Modified Notes (as amended from the date of closing) (the "Notes") bear interest at a rate of 11% per year, which will be accrued quarterly, issued in the form of a note (Interest Notes) payable in cash at maturity. Subject to certain conditions, the outstanding principal of the Notes may be converted into Class A common shares of the Company, redeemed or repurchased prior to maturity. The Notes mature on December 31, 2015 and are convertible, at the option of the holder, into 285.71 Class A common shares per $1,000 (equivalent to a conversion price of $3.50 per common share) at any time upon prior written notice to the Company. The Company paid, in the case of the New Notes, a fee of 2.5% of the principal in the form of an original issue discount and in the case of the Modified Notes, a cash extension fee of 2.5% of the principal. The Notes are senior unsecured, equal in rank and subject to certain terms including: (1) the technical data related to the development of the Brisas Project that was compiled by the Company and any award related to the Brisas Arbitration may not be pledged without consent of holders comprising at least 75% in principal amount of Notes; (2) the Company may not incur any additional indebtedness that ranks senior to or pari passu with the Notes in any respect without consent of holders comprising at least 75% in principal amount of Notes; (3) each Noteholder will have the right to participate, on a pro rata basis based on the amount of equity it holds, including equity issuable upon conversion of convertible securities, in any future equity or debt financing; (4) the Notes shall be redeemable on a pro rata basis, by the Company at the Noteholders' option, at a price equal to 120% of the outstanding principal balance upon the issuance of a final Arbitration Award, with respect to which enforcement has not been stayed and no annulment proceeding is pending; provided the Company shall only be obligated to make a redemption to the extent net cash proceeds received are in excess of $20,000,000, net of taxes and $13,500,000 to fund accrued and unpaid prospective operating expenses; (5) capital expenditures (including exploration and related activities) shall not exceed $500,000 in any 12-month period without the prior consent of holders of a majority of the Notes; and (6) the Company shall not agree with any of the Noteholders to any amendment or modification to any terms of the Notes, provide any fees or other compensation whether in cash or in kind to any holder of the Notes, or engage in the repurchase, redemption or other defeasance of any Notes without offering such terms, compensation or defeasance to all holders of the Notes on an equitable and pro-rata basis. Accounting standards require the Company to allocate the convertible notes between their equity and liability component parts based on their respective fair values at the time of issuance. The liability component was computed by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability that does not have an associated equity component. The equity portion of the notes was estimated using the residual value method at approximately $6.5 million net of issuance costs. The fair value of the liability component is accreted to the face value of the Notes using the effective interest rate method over the expected life of the Notes, with the resulting charge recorded as interest expense. Extinguishment accounting was used for the Modified Notes resulting in a loss of $0.2 million in the second quarter of 2014 due to the unamortized discount remaining on the notes prior to the restructuring. As of September 30, 2015, the Company had $38.4 million face value convertible notes and $5.6 million face value interest notes outstanding.

The Company. Gold Reserve Inc. ("Gold Reserve" or the "Company") is engaged in the business of acquiring, exploring and developing mining projects. The Company is an exploration stage company incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. The Company is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. All amounts shown herein are expressed in U.S. dollars unless otherwise noted. In February 1999 each Gold Reserve Corporation shareholder exchanged its shares for an equal number of Gold Reserve Inc. Class A common shares except in the case of certain U.S. holders who for tax reasons elected to receive equity units which are comprised of one Gold Reserve Inc. Class B common share and one Gold Reserve Corporation Class B common share and substantially equivalent to a Class A common share. As of September 30, 2015, all equity units had been converted to Class A common shares. Going Concern. As of September 30, 2015, the Company had financial resources comprised of cash, cash equivalents and marketable securities totaling approximately $2.4 million and Brisas Project related equipment, which is being marketed for sale, with an estimated fair value of approximately $12.2 million (See Note 8, Property, Plant and Equipment). The Company's current financial liabilities included notes of $42.9 million (face value) which mature December 31, 2015 and accounts payable and accrued expenses due in the normal course of approximately $3.9 million. The Company has no revenue producing operations at this time and its working capital position, cash burn rate and debt maturity schedule requires that the Company seek additional sources of funding to ensure the Company's ability to continue its activities in the normal course. To address its funding requirements in addition to its convertible notes due in December 2015 (see Note 12 to the consolidated financial statements), the Company is continuing its efforts to dispose of the remaining Brisas Project related assets, pursue a timely and successful collection of the Arbitral Award and the sale of the Brisas Project Technical Mining Data. The Company's efforts to address its longer-term funding requirements may be adversely impacted by financial market conditions, industry conditions, regulatory approvals or other unknown or unpredictable conditions and, as a result, there can be no assurance that additional funding will be available or, if available, offered on acceptable terms.  In view of these uncertainties there is substantial doubt about the Company's ability to continue as a going concern.  These financial statements do not reflect potentially material adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Basis of Presentation and Principles of Consolidation. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The statements include the accounts of the Company, Gold Reserve Corporation, four Venezuelan subsidiaries, a Mexican subsidiary and four other subsidiaries which were formed to hold the Company's interest in its foreign subsidiaries or for future transactions. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. The Company's policy is to consolidate those subsidiaries where control exists. Cash and Cash Equivalents. The Company considers short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value.  The Company manages the exposure of its cash and cash equivalents to credit risk by diversifying its holdings into major Canadian and U.S. financial institutions. Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Property, Plant and Equipment. Included in property, plant and equipment is certain equipment which was originally purchased for the Brisas Project at a cost of approximately $24.6 million. The carrying value of this equipment has been adjusted to its estimated fair value of $12.2 million and it is not being depreciated. The recoverable value of this equipment may be different than management's current estimate. The Company has additional property, plant and equipment which are recorded at the lower of cost less accumulated depreciation or estimated net realizable value. Replacements and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Depreciation is provided using straight-line and accelerated methods over the lesser of the useful life or lease term of the related asset.  Impairment of Long Lived Assets. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized and the asset is written down to fair value. Fair value is generally determined by discounting estimated cash flows, using quoted market prices where available or making estimates based on the best information available. Foreign Currency. The U.S. dollar is the Company's (and its foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations. Stock Based Compensation. The Company maintains the 2012 Equity Incentive Plan (the "2012 Plan") which provides for the grant of stock options to purchase Class A common shares of the Company. The Company uses the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 10 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of share options, in addition to the fair value attributable to stock options granted, is credited to capital stock. The Company also maintains the Gold Reserve Director and Employee Retention Plan. Each Unit granted under the Retention Plan to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common Share (1) on the date the Unit was granted or (2) on the date any such participant becomes entitled to payment, whichever is greater. The Company will not accrue a liability for these units until and unless events required for vesting of the units occur.  Stock options and Units granted under the respective plans become fully vested and exercisable upon a change of control. Income Taxes. The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Net Loss Per Share. Net loss per share is computed by dividing net loss by the combined weighted average number of Class A common shares and equity units outstanding during each year. In periods in which a loss is incurred, the effect of potential issuances of shares under options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same. Convertible Notes. Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the notes using the effective interest rate method over the expected life of the notes, with the resulting charge recorded as interest expense. Comprehensive Loss. Comprehensive loss includes net loss and other comprehensive income or loss. Other comprehensive loss may include unrealized gains and losses on available-for-sale securities. The Company presents comprehensive loss and its components in the consolidated statements of comprehensive loss. Financial Instruments. Marketable equity securities are classified as available for sale with any unrealized gain or loss recorded in other comprehensive income. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits and advances are accounted for at cost which approximates fair value. Accounts payable, convertible notes and interest notes are recorded at amortized cost. Amortized cost of accounts payable approximates fair value. Contingent Value Rights. Contingent value rights ("CVR") are obligations arising from the disposition of a portion of the rights to future proceeds of the Arbitral Award against Venezuela and/or the sale of the Brisas Project Technical Mining Data that was compiled by the Company. Warrants. Common share purchase warrants ("Warrants") issued by the Company entitle the holder to acquire common shares of the company at a specific price within a certain time period. The fair value of warrants issued is calculated using the Black-Scholes method.   The following table presents the effect of this revision on the individual line items within the Company's Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss and Balance Sheets.   <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.75pt;width:596.500000pt;"> <tr> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Three Months Ended September 30, 2014 </td> <td colspan="3" valign="top" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Nine Months Ended September 30, 2014 </td> <td colspan="3" valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Year Ended December 31, 2014 </td> </tr> <tr> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Revised </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Revised </td> <td valign="top" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Revised </td> </tr> <tr style="height:15.25pt;"> <td valign="bottom" width="14%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> Arbitration (stock option compensation) </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $3,459,850 </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $689,209 </td> <td valign="bottom" width="9%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $4,149,059 </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $3,740,697 </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $689,209 </td> <td valign="bottom" width="9%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $4,429,906 </td> <td valign="bottom" width="9%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $4,267,230 </td> <td valign="bottom" width="9%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $689,209 </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $4,956,439 </td> </tr> <tr> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> Net loss for the period </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  7,102,929 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  689,209 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  7,792,138 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">   14,263,879 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  689,209 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  14,953,088 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;"> 24,880,770 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  689,209 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 25,569,979 </td> </tr> <tr> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> Net loss per share, basic and diluted </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  0.09 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  0.01 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  0.10 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">   0.19 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  0.01 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  0.20 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;"> 0.33 </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">  0.01 </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">  0.34 </td> </tr> <tr> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> Comprehensive loss for the period </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   $7,205,143 </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   $689,209 </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   $7,894,352 </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">  $14,311,120 </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   $689,209 </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">  $15,000,329 </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">  $24,861,192 </td> <td valign="bottom" width="9%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   $689,209 </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;">  $25,550,401 </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.75pt;width:562.000000pt;"> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="43%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As at December 31, 2014 </td> </tr> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Revised </td> </tr> <tr style="height:15.25pt;"> <td valign="bottom" width="23%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> Stock options </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="9%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="17%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $ 19,980,099 </td> <td valign="bottom" width="12%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $   689,209 </td> <td valign="bottom" width="14%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $ 20,669,308 </td> </tr> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;"> Accumulated deficit </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="9%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   $(342,526,267) </td> <td valign="bottom" width="12%" style="padding:0in 5.75pt 0in 5.75pt;"> $ (689,209) </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> $(343,215,476) </td> </tr> </table> Note 5.   Cash and Cash Equivalents: <table border="1" cellpadding="0" cellspacing="0" width="96%" style="border:none;border-collapse:collapse;margin-left:9.0pt;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> September 30, </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> December 31, </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 2015 </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 2014 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> Bank deposits </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 2,174,951 </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 6,367,049 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> Money market funds </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 72,139 </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 72,098 </td> </tr> <tr style="height:13.95pt;page-break-inside:avoid;"> <td valign="bottom" width="42%" style="height:13.95pt;padding:0in 0in 0in 0in;"> Total </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="12%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="4%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="4%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> 2,247,090 </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> 6,439,147 </td> </tr> </table>

Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions.                                                                                                                                                                                       <table border="0" cellpadding="0" cellspacing="0" width="616" style="border-collapse:collapse;margin-left:4.85pt;width:559.099915pt;"> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Fair value September 30, 2015 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 1 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 2 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 3 </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Marketable securities </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 178,263 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 178,263 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Convertible notes and interest notes </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 33,916,976 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 33,916,976 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="12%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="12%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Fair value December 31, 2014 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 1 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 2 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Level 3 </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Marketable securities </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 175,541 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 175,541 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> <tr> <td valign="top" width="28%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Convertible notes and interest notes </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 37,408,241 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="12%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 37,408,241 </td> <td valign="top" width="5%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> - </td> <td width="1%" style="padding:0in 0in 0in 0in;"> </td> </tr> </table>

Share option transactions for the nine months ended September 30, 2015 and 2014 are as follows:   <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2015 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2014 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - beginning of period </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,698,000 </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.31 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,443,000 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.21 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercised </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (65,000) </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.87 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (55,000) </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.82 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options granted </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 315,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 3.90 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4.02 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,948,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.40 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,698,000 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.31 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercisable - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,898,000 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.39 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,491,331 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 2.25 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table> The following table relates to stock options at September 30, 2015:   <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Outstanding Options </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercisable Options </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,532,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2,481,850 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.26 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,532,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.82 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2,481,850 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.26 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 920,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 809,600 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 5.69 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 920,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 809,600 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 5.69 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,620,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.33 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,620,500 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.33 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.70 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.00 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.70 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 100,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 4.46 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 50,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.89 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 4.46 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 215,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 9.75 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 215,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 9.75 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.82 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.82 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $1.82 - $4.02 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,948,000 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $2.40 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3,291,450 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.35 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,898,000 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $2.39 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3,291,450 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.34 </td> </tr> </table> The weighted average fair value of the options granted in 2015 and 2014 was calculated at $0.85 and $0.87, respectively. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2015 </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2014 </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Risk free interest rate </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.66% </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 0.53% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected term </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected volatility </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 38% </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 38% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Dividend yield </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> nil </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> nil </td> </tr> </table> 2400000 12200000 42900000 3900000 24600000 3459850 3740697 4267230 689209 689209 689209 4149059 4429906 4956439 7102929 14263879 24880770 689209 689209 689209 7792138 14953088 25569579 0.09 0.19 0.33 0.01 0.01 0.01 0.10 0.20 0.34 7205143 14311120 24861192 689209 689209 689209 7894352 15000329 25550401 19980099 689209 20669308 -342526267 -689209 -343215476 713000000 22300000 5000000 740300000 0.02 580000 760000000 50000000 361000000 0.01 0.05 0.05468 2500000 1800000

2174951

6367049

72139 72098 2247090 6439147 318442 -162479 2722 19578

178263

175541

158537 158537 178263 175541 178263 175541 33916976 37408241 33916976 37408241

12234092

12408524

0 0 12234092 12408524

348387

529648

-336222 -511518 12165 18130

41190

-41190 -41190 171445 171445 -157445 -157445 14000 14000 12795114 13150807 -534857 -710153 12260257 12440654 6500000 0 164000

5948000

5698000

5443000

2.40 2.31 2.31 2.21

-65000

-55000

1.87 1.82 315000 310000 3.90 4.02

5898000

5491331

2.39 2.25 2532500 1.82 2481850 P95D 2532500 1.82 2481850 P95D 920000 1.92 809600 P5Y252D 920000 1.92 809600 P5Y252D 1620500 2.89 0 P1Y120D 1620500 2.89 0 P1Y120D 250000 3.00 0 P2Y256D 250000 3.00 0 P2Y256D 100000 3.89 0 P4Y168D 50000 3.89 0 P4Y168D 215000 3.91 0 P9Y274D 215000 3.91 0 P9Y274D 310000 4.02 0 P8Y299D 310000 4.02 0 P8Y299D 5948000 2.40 3291450 P2Y128D 5898000 2.39 3291450 P2Y124D 0.0066 0.0053 P2Y P2Y 0.38 0.38 0.00 0.00 7550000 1519500 P10Y 315000 310000 306161 896742 0.85 0.87 1457500 315000 7700000 In the fourth quarter of 2012, the Company restructured $85.4 million aggregate principal amount of Old Notes (the "2012 Restructuring"). Holders of an aggregate principal amount of $84.4 million of Old Notes elected to participate in the 2012 Restructuring and $1.0 million of Old Notes declined to participate. Pursuant to the 2012 Restructuring, the Company paid $16.9 million cash, issued 12,412,501 Class A common shares, issued notes with a face value of $25.3 million (the "Modified Notes") and issued CVR’s totaling 5.468% of any future proceeds, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), actually received by the Company with respect to the Brisas Arbitration proceedings or disposition of the Brisas Project Technical Mining Data. During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million of additional notes ("New Notes") also maturing December 31, 2015. $19.2 million of the Modified Notes and $8 million of the New Notes were issued to affiliated funds which exercised control or direction over more than 10% of the Company’s common shares prior to the transactions and as a result, those portions of the transactions were considered to be related party transactions. The Modified Notes were amended to be consistent with the terms of the New Notes. The Company has an additional $1.0 million notes issued in May 2007 (Old Notes) with a maturity date of June 15, 2022. The Old Notes bear interest at a rate of 5.50% per year, payable semiannually in arrears on June 15 and December 15 and, subject to certain conditions, may be redeemed, repurchased or converted into Class A common shares of the Company at a conversion price of $7.54 per common share. The New Notes and the Modified Notes (as amended from the date of closing) (the "Notes") bear interest at a rate of 11% per year, which will be accrued and capitalized quarterly, issued in the form of a note (Interest Notes) payable in cash at maturity. Subject to certain conditions, the outstanding principal of the Notes may be converted into Class A common shares of the Company, redeemed or repurchased prior to maturity. The Notes mature on December 31, 2015 and are convertible, at the option of the holder, into 285.71 Class A common shares per $1,000 (equivalent to a conversion price of $3.50 per common share) at any time upon prior written notice to the Company. The Company paid, in the case of the New Notes, a fee of 2.5% of the principal in the form of an original issue discount and in the case of the Modified Notes, a cash extension fee of 2.5% of the principal. 6500000 200000 38400000 5600000 During the third quarter of 2015, the Company agreed to a financing in which it will issue up to $13.4 million of new convertible notes (“New Notes”) due December 31, 2018 and modify, amend and extend the maturity date of $43.7 million of currently outstanding principal and accrued interest ("Modified Notes") from December 31, 2015 to December 31, 2018. The Company will issue $12.3 million of New Notes with an original issue discount of 2.5% of the principal amount and will also issue approximately $1.1 million of additional New Notes representing 2.5% of the extended principal and interest amount due to the current note holders as a restructuring fee. 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notes Current Financial Liabilities Notes Damages Award Damages award Damages Award Dividend Yield Dividend yield Dividend Yield Equipment Cost Equipment cost Equipment Cost Equipment Holding Costs Equipment holding costs Equipment holding costs Equity Component Convertible Notes Equity component of convertible notes Equity component - convertible notes Equity Units [Abstract] Equity Units Equity Units Equity Units Converted To Shares 2014 Equity Units converted to shares Equity Units Converted To Shares 2014 Equity Units Converted To Shares 2015 Equity Units converted to shares Equity Units Converted To Shares 2015 Equity Units Number [Member] Equity Units Number Equity Units Number Exercisable Options Aggregate Intrinsic Value 182 Exercisable Options Aggregate Intrinsic Value: $1.82 Exercisable Options Aggregate Intrinsic Value 182 Exercisable Options Aggregate Intrinsic Value 192 Exercisable Options Aggregate Intrinsic Value: $1.92 Exercisable Options Aggregate Intrinsic Value 192 Exercisable Options Aggregate Intrinsic Value 289 Exercisable Options Aggregate Intrinsic Value: $2.89 Exercisable Options Aggregate Intrinsic Value 289 Exercisable Options Aggregate Intrinsic Value 300 Exercisable Options Aggregate Intrinsic Value: $3.00 Exercisable Options Aggregate Intrinsic Value 300 Exercisable Options Aggregate Intrinsic Value 389 Exercisable Options Aggregate Intrinsic Value: $3.89 Exercisable Options Aggregate Intrinsic Value 389 Exercisable Options Aggregate Intrinsic Value 391 Exercisable Options Aggregate Intrinsic Value: $3.91 Exercisable Options Aggregate Intrinsic Value 391 Exercisable Options Aggregate Intrinsic Value 402 Exercisable Options Aggregate Intrinsic Value: $4.02 Exercisable Options Aggregate Intrinsic Value 402 Exercisable Options Aggregate Intrinsic Valuetotal Exercisable Options Aggregate Intrinsic Value: $1.82 - $4.02 Exercisable Options Aggregate Intrinsic Value total Exercisable Options Number 182 Exercisable Options Number: $1.82 Exercisable Options Number 182 Exercisable Options Number 192 Exercisable Options Number: $1.92 Exercisable Options Number 192 Exercisable Options Number 289 Exercisable Options Number: $2.89 Exercisable Options Number 289 Exercisable Options Number 300 Exercisable Options Number: $3.00 Exercisable Options Number 300 Exercisable Options Number 389 Exercisable Options Number: $3.89 Exercisable Options Number 389 Exercisable Options Number 391 Exercisable Options Number: $3.91 Exercisable Options Number 391 Exercisable Options Number 402 Exercisable Options Number: $4.02 Exercisable Options Number 402 Exercisable Options Number Total Exercisable Options Number: $1.82 - $4.02 Exercisable Options Number $1.82 - $4.02 Exercisable Options Weighted Average Exercise Price 182 Exercisable Options Weighted Average Exercise Price: $1.82 Exercisable Options Weighted Average Exercise Price 182 Exercisable Options Weighted Average Exercise Price 192 Exercisable Options Weighted Average Exercise Price: $1.92 Exercisable Options Weighted Average Exercise Price 192 Exercisable Options Weighted Average Exercise Price 289 Exercisable Options Weighted Average Exercise Price: $2.89 Exercisable Options Weighted Average Exercise Price 289 Exercisable Options Weighted Average Exercise Price 300 Exercisable Options Weighted Average Exercise Price: $3.00 Exercisable Options Weighted Average Exercise Price 300 Exercisable Options Weighted Average Exercise Price 389 Exercisable Options Weighted Average Exercise Price: $3.89 Exercisable Options Weighted Average Exercise Price 389 Exercisable Options Weighted Average Exercise Price 391 Exercisable Options Weighted Average Exercise Price: $3.91 Exercisable Options Weighted Average Exercise Price 391 Exercisable Options Weighted Average Exercise Price 402 Exercisable Options Weighted Average Exercise Price: $4.02 Exercisable Options Weighted Average Exercise Price 402 Exercisable Options Weighted Average Exercise Pricetotal Exercisable Options Weighted Average Exercise Price: $1.82 - $4.02 Exercisable Options Weighted Average Exercise Price $1.82 - $4.02 Exercisable Options Weighted Average Remaining Contractual Term Years 182 Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.82 Exercisable Options Weighted Average Remaining Contractual Term Years 182 Exercisable Options Weighted Average Remaining Contractual Term Years 192 Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 Exercisable Options Weighted Average Remaining Contractual Term Years 192 Exercisable Options Weighted Average Remaining Contractual Term Years 289 Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.89 Exercisable Options Weighted Average Remaining Contractual Term Years 289 Exercisable Options Weighted Average Remaining Contractual Term Years 300 Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.00 Exercisable Options Weighted Average Remaining Contractual Term Years 300 Exercisable Options Weighted Average Remaining Contractual Term Years 389 Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.89 Exercisable Options Weighted Average Remaining Contractual Term Years 389 Exercisable Options Weighted Average Remaining Contractual Term Years 391 Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91 Exercisable Options Weighted Average Remaining Contractual Term Years 391 Exercisable Options Weighted Average Remaining Contractual Term Years 402 Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02 Exercisable Options Weighted Average Remaining Contractual Term Years 402 Exercisable Options Weighted Average Remaining Contractual Term Years Total Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.82 - $4.02 Exercisable Options Weighted Average Remaining Contractual Term Years Total Expected Term Expected term Expected Term Expected Volatility Expected volatility Expected Volatility Face Value Convertible Notes Face value convertible notes Face Value Convertible Notes Face Value Interest Notes Face value interest notes Face Value Interest Notes Fair Value At Beginning Of Year Fair value at beginning of year Fair Value At Beginning Of Year Fair Value Measurements: [Abstract] Fair Value Measurements Abstract Fair Value Measurements Details [Abstract] Fair Value Measurements: (Details 1) [Abstract] Fair Value Measurements Details Abstract Fair Value Measurements: (Tables) [Abstract] Fair Value Measurements Tables Abstract Fair Value Measurements Text Block Fair Value Measurements: Fair Value Measurements TextBlock Fair Value Of Equipment Fair Value of Equipment Fair Value Of Equipment Fair Value Of Equity Component Of Notes Fair value of equity component of notes Fair Value Of Equity Component Of Notes Fair Value Of Options Exercised 2014 Fair value of options exercised Fair Value Of Options Exercised 2014 Fair Value Of Options Exercised 2015 Fair value of options exercised Fair Value Of Options Exercised 2015 Financial Resources Financial resources Financial Resources Impairment Loss Impairment loss Impairment Loss Increase Decrease In Market Value Increase in market value Increase Decrease In Market Value Interest Award Interest award Interest Award Issued And Outstanding Issued and outsatnding Issued and outstanding Items That May Be Reclassified Subsequently To The Consolidated Statement Of Operations [Abstract] Items that may be reclassified subsequently to the consolidated statement of operations: Items that may be reclassified subsequently to the consolidated statement of operations KSOP Plan: [Abstract] Ksop Plan Abstract Ksop Plan Text Block KSOP Plan: Ksop Plan TextBlock Legal And Accounting Legal and accounting Legal and accounting Legal Costs Award Legal costs award Legal Costs Award Legal Fees Related To Award Included In Accounts Payable Legal fees related to award included in accounts payable Legal Fees Related To Award Included In Accounts Payable Loss On Second Quarter Restructuring Loss on second quarter 2014 restructuring Loss On Second Quarter 2014 Restructuring Marketable Securities Cost Basis Marketable securities cost basis Marketable Securities Cost Basis Marketable Securities Details [Abstract] Marketable Securities: (details 1) [Abstract] Marketable Securities Details Abstract Marketable Securities Details Text [Abstract] Marketable Securities: (details text) [Abstract] Marketable Securities Details Text Abstract Marketable Securities Fair Value Level One Marketable securities fair value level one Marketable Securities Fair Value Level One Marketable Securities Fair Value Total Marketable securities fair value total Marketable Securities Fair Value Total Marketable Securities: (Tables) [Abstract] Marketable Securities Tables Abstract Maximum Amount Of Proceeds Noteholders Entitled To Maximum amount of proceeds noteholders entitled to Maximum Amount Of Proceeds Note holders Entitled To Maximum Number Of Options Available Under The Plan Maximum number of options available under the plan Maximum Number Of Options Available Under The Plan Maximum Term Of Options Maximum term of options Maximum Term Of Options Minimum Value Of Retention Units Minimum value of retention units. Minimum Value Of Retention Units Money Market Funds Money market funds Money Market Funds Net Furniture And Office Equipment Net: Furniture and office equipment Net Furniture And Office Equipment Net Leasehold Improvements Net: Leasehold improvements Net Leasehold Improvements Net Loss 2015 Net loss gdrzf Net Loss 2015 Net Loss For The Period Adjustment Net loss for the period adjustment Net Loss For The Period Adjustment Net Loss For The Period As Revised Net loss for the period as revised Net Loss For The Period As Revised Net Loss For The Period Previously Reported Net loss for the period previously reported Net Loss For The Period Previously Reported Net Loss Per Share Basic And Diluted Adjustment Net loss per share, basic and diluted adjustment Net Loss Per Share Basic And Diluted Adjustment Net Loss Per Share Basic And Diluted As Revised Net loss per share, basic and diluted as revised Net Loss Per Share Basic And Diluted As Revised Net Loss Per Share Basic And Diluted Previously Reported Net loss per share, basic and diluted previously reported Net Loss Per Share Basic And Diluted Previously Reported Net Machinery And Equipment Net: Machinery and equipment Net Machinery And Equipment Net Venezuelan Property And Equipment Net: Venezuelan property and equipment Net Venezuelan Property And Equipment New Accounting Policies: [Abstract] New Accounting Policies: [Abstract] New Accounting Policies Text Block New Accounting Policies: New Accounting Policies TextBlock Noncash Compensation Expense Non-cash compensation expense Noncash Compensation Expense Option Exercises 2014 Option exercises Option Exercises 2014 Option Exercises 2015 Option exercises Option Exercises 2015 Option Exercises In Shares 2014 Option exercises (in shares) Option exercises (in shares)2014 Option Exercises In Shares 2015 Option exercises (in shares) Option Exercises In Shares 2015 Options Available For Grant Options available for grant Options Available For Grant Options Granted Options granted Options Granted Options Granted During The Period Options granted during the period Options Granted During The Period Options Outstanding And Exercisable Text Block Options outstanding and exercisable Options Outstanding And Exercisable Text Block Other Comprehensive Income 2014 Other comprehensive income Other Comprehensive Income 2014 Other Comprehensive Income 2015 Other comprehensive income Other Comprehensive Income 2015 Other Comprehensive Income Loss Net Of Tax [Abstract] Other comprehensive income (loss), net of tax: Other comprehensive income (loss), net of tax: Outstanding Options Aggregate Intrinsic Value 182 Outstanding Options Aggregate Intrinsic Value: $1.82 Outstanding Options Aggregate Intrinsic Value: $1.82 - $1.82 Outstanding Options Aggregate Intrinsic Value 192 Outstanding Options Aggregate Intrinsic Value: $1.92 Outstanding Options Aggregate Intrinsic Value 192 Outstanding Options Aggregate Intrinsic Value 289 Outstanding Options Aggregate Intrinsic Value: $2.89 Outstanding Options Aggregate Intrinsic Value 289 Outstanding Options Aggregate Intrinsic Value 300 Outstanding Options Aggregate Intrinsic Value: $3.00 Outstanding Options Aggregate Intrinsic Value 300 Outstanding Options Aggregate Intrinsic Value 389 Outstanding Options Aggregate Intrinsic Value: $3.89 Outstanding Options Aggregate Intrinsic Value 389 Outstanding Options Aggregate Intrinsic Value 391 Outstanding Options Aggregate Intrinsic Value: $3.91 Outstanding Options Aggregate Intrinsic Value 391 Outstanding Options Aggregate Intrinsic Value 402 Outstanding Options Aggregate Intrinsic Value: $4.02 Outstanding Options Aggregate Intrinsic Value 402 Outstanding Options Aggregate Intrinsic Valuetotal Outstanding Options Aggregate Intrinsic Value: $1.82 - $4.02 Outstanding Options Aggregate Intrinsic Value $1.82 - $4.02 Outstanding Options Number Outstanding Options Number: $1.82 - $4.02 Outstanding Options Number $1.82 - $4.02 Outstanding Options Number 182 Outstanding Options Number: $1.82 Outstanding Options Number: $1.82 - $1.82 Outstanding Options Number 192 Outstanding Options Number: $1.92 Outstanding Options Number 192 Outstanding Options Number 289 Outstanding Options Number: $2.89 Outstanding Options Number 289 Outstanding Options Number 300 Outstanding Options Number: $3.00 Outstanding Options Number 300 Outstanding Options Number 389 Outstanding Options Number: $3.89 Outstanding Options Number 389 Outstanding Options Number 391 Outstanding Options Number: $3.91 Outstanding Options Number 391 Outstanding Options Number 402 Outstanding Options Number: $4.02 Outstanding Options Number 402 Outstanding Options Weighted Average Exercise Price 182 Outstanding Options Weighted Average Exercise Price: $1.82 Outstanding Options Weighted Average Exercise Price: $1.82 - $1.82 Outstanding Options Weighted Average Exercise Price 192 Outstanding Options Weighted Average Exercise Price: $1.92 Outstanding Options Weighted Average Exercise Price 192 Outstanding Options Weighted Average Exercise Price 289 Outstanding Options Weighted Average Exercise Price: $2.89 Outstanding Options Weighted Average Exercise Price 289 Outstanding Options Weighted Average Exercise Price 300 Outstanding Options Weighted Average Exercise Price: $3.00 Outstanding Options Weighted Average Exercise Price 300 Outstanding Options Weighted Average Exercise Price 389 Outstanding Options Weighted Average Exercise Price: $3.89 Outstanding Options Weighted Average Exercise Price 389 Outstanding Options Weighted Average Exercise Price 391 Outstanding Options Weighted Average Exercise Price: $3.91 Outstanding Options Weighted Average Exercise Price 391 Outstanding Options Weighted Average Exercise Price 402 Outstanding Options Weighted Average Exercise Price: $4.02 Outstanding Options Weighted Average Exercise Price 402 Outstanding Options Weighted Average Exercise Price Total Outstanding Options Weighted Average Exercise Price: $1.82 - $4.02 OutstandingOptionsWeightedAverageExercisePrice $1.82 - $4.02 Outstanding Options Weighted Average Remaining Contractual Term Years 182 Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.82 Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.82 - $1.82 Outstanding Options Weighted Average Remaining Contractual Term Years 192 Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 Outstanding Options Weighted Average Remaining Contractual Term Years 192 Outstanding Options Weighted Average Remaining Contractual Term Years 289 Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.89 Outstanding Options Weighted Average Remaining Contractual Term Years 289 Outstanding Options Weighted Average Remaining Contractual Term Years 300 Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.00 Outstanding Options Weighted Average Remaining Contractual Term Years 300 Outstanding Options Weighted Average Remaining Contractual Term Years 389 Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.89 Outstanding Options Weighted Average Remaining Contractual Term Years 389 Outstanding Options Weighted Average Remaining Contractual Term Years 391 Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91 Outstanding Options Weighted Average Remaining Contractual Term Years 391 Outstanding Options Weighted Average Remaining Contractual Term Years 402 Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02 Outstanding Options Weighted Average Remaining Contractual Term Years 402 Outstanding Options Weighted Average Remaining Contractual Term Years Total Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.82 - $4.02 Outstanding Options Weighted Average Remaining Contractual Term Years Total Post Award Interest Earned Per Day Post award interest earned per day Post Award Interest Earned Per Day Post Award Interest Rate Libor Plus Post award interest rate - Libor plus Post Award Interest Rate Libor Plus Preferred Authorized Unlimited [Abstract] Preferred Authorized: Unlimited Preferred Authorized: Unlimited Property Plant And Equipment Details [Abstract] Property, Plant and Equipment: (Details 1) [Abstract] Property Plant And Equipment Details Abstract Property Plant And Equipment Details Text [Abstract] Property, Plant and Equipment: (Details text) [Abstract] Property Plant And Equipment Details Text Abstract Property, Plant and Equipment: (Tables) [Abstract] Property Plant And Equipment Tables Abstract Property Plant Equipment Text Block Property, Plant and Equipment: Property Plant Equipment TextBlock Restructure Fees Restructure fees Restructure fees Retention Units Held By Officers And Directors Retention units held by officers and directors Retention Units Held By Officers And Directors Retention Units Held By Others Retention units held by others Retention Units Held By Others Revision of Prior Period Financial Statements: [Abstract] Revision of Prior Period Financial Statements: [Abstract] Revision Of Prior Period Financial Statements Abstract Revision of Prior Period Financial Statements: (Tables) [Abstract] Revision Of Prior Period Financial Statements Tables Abstract Revision Of Prior Period Financial Statements Text Block Revision of Prior Period Financial Statements: Revision Of Prior Period Financial Statements Text Block Risk Free Interest Rate Risk free interest rate Risk Free Interest Rate Serial Preferred Stock Without Par Value [Abstract] Serial preferred stock, without par value Serial Preferred Stock Without Par Value Share Option Transactions Text Block Share option transactions Share Option Transactions Text Block Shares And Equity Units Amount [Member] Common Shares and Equity Units Amount Shares and Equity Units Amount Significant Accounting Policies (Policies) [Abstract] Significant Accounting Policies (Policies) [Abstract] Significant Accounting Policies Policies Text Block Significant Accounting Policies (Policies) Significant Accounting Policies Policies Text Block Statements Of Operations Revisions Text Block Statements of operations revisions Statements Of Operations Revisions Text Block Stock Based Compensation Plans: [Abstract] Stock Based Compensation Plans Abstract Stock Based Compensation Plans Details 3 [Abstract] Stock Based Compensation Plans: (Details 3) [Abstract] StockBased Compensation Plans Details 3 Abstract Stock Based Compensation Plans Details Text [Abstract] Stock Based Compensation Plans: (Details Text) [Abstract] Stock Based Compensation Plans Details Text Abstract Stock Based Compensation Plans: (Tables) [Abstract] Stock Based Compensation Plans Tables Abstract Stock Based Compensation Plans Text Block Stock Based Compensation Plans: Stock Based Compensation Plans TextBlock Stock Option Compensation 2014 Stock option compensation (Note 3) Stock Option Compensation 2014 Stock Option Compensation 2015 Stock option compensation Stock Option Compensation 2015 Stock Options Stock options (Note 10) Stock options Stock Options Adjustment Stock options adjustment Stock Options Adjustment Stock Options Amount [Member] Stock Options Stock Options amount Stock Options As Revised Stock options as revised Stock Options As Revised Stock Options Previously Reported Stock options previously reported Stock Options Previously Reported Stockholders Equity 2015 Balance Total of all stockholders' equity (deficit) items Subsequent Event: [Abstract] Subsequent Event: [Abstract] Subsequent Event Abstract Summary Fourth Quarter Debt Restructuring Summary fourth quarter 2012 debt restructuring Summary Fourth Quarter Debt Restructuring Summary Second Quarter Debt Restructuring Summary second quarter 2014 debt restructuring Summary Second Quarter Debt Restructuring Summary Subsequent Event Summary subsequent event Summary Subsequent Event Summary Terms Of Second Quarter New And Restructured Notes Summary terms of second quarter2014 new and restructured notes Summary Terms Of Second Quarter New And Restructured Notes Summary Terms Of Third Quarter Note Issuance And Restructuring [Abstract] Summary terms of third quarter 2015 note issuance and restructuring Summary Terms Of Third Quarter 2015 Note Issuance And Restructuring Abstract The Company, Going Concern and Significant Accounting Policies: [Abstract] The company Going Concern And Significant Accounting Policies Abstract The Company Going Concern And Significant Accounting Policies Text Block The Company, Going Concern and Significant Accounting Policies: The company Going Concern And Significant Accounting Policies TextBlock Total Total Total Total Accumulated Depreciation Property Plant And Equipment Total accumulated depreciation property, plant and equipment Total Accumulated Depreciation Property Plant And Equipment Total Award Total award Total Award Total Award To Date Total award to date Total Award To Date Total Cost Property Plant And Equipment Total cost property, plant and equipment Total Cost Property Plant And Equipment Total Expenses Total EXPENSES Total Expenses Total Net Property Plant And Equipment Total net property, plant and equipment Total Net Property Plant And Equipment Venezuelan Operations Venezuelan operations Venezuelan operations Venezuelas Requested Award Correction Venezuela's requested award correction Venezuela''s Requested Award Correction Warrant Expiration Warrant expiration Warrant Expiration Warrant Value [Member] Warrants Warrant value Weighted Average Assumptions Text Block Weighted Average Assumptions Weighted Average Assumptions Text Block Weighted Average Exercise Price Options Exercisable Weighted average exercise price - options exercisable Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price Options Exercised Weighted average exercise price - options exercised Weighted Average Exercise Price Options Exercised Weighted Average Exercise Price Options Granted Weighted average exercise price - options granted Weighted Average Exercise Price Options Granted Weighted Average Exercise Price Options Outstanding Weighted average exercise price - options outstanding Weighted average exercise price - options outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Fair Value Of Options Granted Weighted average fair value of options granted Weighted Average Fair Value Of Options Granted Write Down Of Brisas Equipment Write down of Brisas equipment Write Down Of Brisas Equipment Writedown Of Property Plant And Equipment Write-down of property, plant and equipment Writedown Of Property Plant And Equipment Accounting Changes and Error Corrections [Text Block] Accounting Standards Codification ("ASC") 820 Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses (Note 4) Accretion Expense Accretion of convertible notes Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss) [Member] Accumulated Other Comprehensive Income (Loss) Additional Paid-in Capital [Member] Contributed Surplus Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Assets Total assets Assets, Current Total current assets Assets, Current [Abstract] Current Assets: Available-for-sale Securities [Table Text Block] Marketable Securities: Cash and Cash Equivalents: [Abstract] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents (Note 5) Cash and cash equivalents - beginning of period Cash and cash equivalents - end of period Cash and Cash Equivalents, at Carrying Value [Abstract] Change in Cash and Cash Equivalents: Cash and Cash Equivalents, Period Increase (Decrease) Net increase (decrease) in cash and cash equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents: Class of Stock [Domain] Common Class A [Member] Common Class A Common Stock [Member] Common Shares Number Common Stock, Shares, Outstanding Issued and outstanding Common Stock, Value, Issued Common shares and equity units Convertible Debt, Current Convertible notes and interest notes (Notes 11 and 12) Convertible Debt, Noncurrent Convertible notes (Notes 11) Costs and Expenses [Abstract] EXPENSES Depreciation Depreciation Early Repayment of Senior Debt Settlement of convertible notes Earnings Per Share, Basic and Diluted Net loss per share, basic and diluted Equity Component [Domain] Exploration Expense Exploration Extinguishment of Debt, Gain (Loss), Net of Tax Loss on settlement of debt Foreign Currency Transaction Gain (Loss), before Tax Foreign currency gain (loss) Furniture and Fixtures, Gross Cost: Furniture and office equipment Gain (Loss) on Disposition of Property Plant Equipment Loss on sale of equipment Gains (Losses) on Extinguishment of Debt Loss on settlement of debt Gain (Loss) on Disposition of Assets for Financial Service Operations Loss on sale of equipment General and Administrative Expense Corporate general and administrative Impairment of Long-Lived Assets to be Disposed of Write-down of property, plant and equipment Income Statement [Abstract] Increase (Decrease) in Accounts Payable and Accrued Liabilities Net increase (decrease) in accounts payable and accrued expenses Increase (Decrease) in Deposits Net (increase) decrease in deposits and advances Increase (Decrease) in Operating Capital [Abstract] Changes in non-cash working capital: Interest-bearing Deposits in Banks and Other Financial Institutions Bank deposits Interest Expense Interest expense Interest Payable, Current Accrued interest Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Marketable Securities: Leasehold Improvements, Gross Cost: Leasehold improvements Liabilities Total liabilities Liabilities [Abstract] LIABILITIES Liabilities and Equity Total liabilities and shareholders' equity Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current Liabilities: Machinery and Equipment, Gross Cost: Machinery and equipment Marketable Securities Fair value at balance sheet date Marketable Securities: [Abstract] Marketable Securities, Current Marketable securities (Notes 6 and 7) Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash Flows from Financing Activities: Net Cash Provided by (Used in) Investing Activities Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash Flows from Investing Activities: Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities Net Income (Loss) Attributable to Parent Net loss Operating Cash Flows, Direct Method [Abstract] Cash Flows from Operating Activities: Other Assets, Current Deposits, advances and other Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive income (loss) Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax Unrealized gain (loss) on marketable securities (Note 6) Other Income Net OTHER INCOME (LOSS) Other Interest and Dividend Income Interest Other Liabilities, Noncurrent Other (Note 11) Other Nonoperating Income (Expense) [Abstract] OTHER INCOME (LOSS) Payments to Acquire Other Property, Plant, and Equipment Purchase of property, plant and equipment Proceeds from Convertible Debt Proceeds from the issuance of convertible notes Proceeds from Issuance of Common Stock Net proceeds from the issuance of common shares Proceeds from Sale of Property, Plant, and Equipment Proceeds from sales of equipment Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net loss for the period Net loss for the period Property, Plant and Equipment: [Abstract] Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment: Property, Plant and Equipment, Net Property, plant and equipment, net (Note 8) Retained Earnings [Member] Accumulated Deficit Schedule of Subsequent Events [Table Text Block] Subsequent Event: Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Options exercisable - end of period Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Options outstanding - beginning of period Options outstanding - end of period Shares, Outstanding Balance (in shares) Balance (in shares) Class of Stock [Axis] Equity Components [Axis] Statement [Line Items] Statement of Cash Flows [Abstract] Statement of Financial Position [Abstract] Statement of Stockholders' Equity [Abstract] Statement [Table] Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Options exercised Stock or Unit Option Plan Expense Stock option compensation (Note 3) Stockholders' Equity Attributable to Parent Total shareholders' deficit Balance Balance Stockholders' Equity Attributable to Parent [Abstract] SHAREHOLDERS' EQUITY Warrants Not Settleable in Cash, Fair Value Disclosure Warrants Weighted Average Number of Shares Outstanding, Diluted Weighted average common shares outstanding EX-101.PRE 11 gdrzf-20150930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R39.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Details 2)	9 Months Ended
Stock Based Compensation Plans: (Details 2)	Sep. 30, 2015 USD ($) $ / shares shares
Stock Based Compensation Plans: [Abstract]
Outstanding Options Number: $1.82 \| shares	2,532,500
Outstanding Options Weighted Average Exercise Price: $1.82	$ 1.82
Outstanding Options Aggregate Intrinsic Value: $1.82 \| $	$ 2,481,850
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.82	95 days
Exercisable Options Number: $1.82 \| shares	2,532,500
Exercisable Options Weighted Average Exercise Price: $1.82	$ 1.82
Exercisable Options Aggregate Intrinsic Value: $1.82 \| $	$ 2,481,850
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.82	95 days
Outstanding Options Number: $1.92 \| shares	920,000
Outstanding Options Weighted Average Exercise Price: $1.92	$ 1.92
Outstanding Options Aggregate Intrinsic Value: $1.92 \| $	$ 809,600
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92	5 years 252 days
Exercisable Options Number: $1.92 \| shares	920,000
Exercisable Options Weighted Average Exercise Price: $1.92	$ 1.92
Exercisable Options Aggregate Intrinsic Value: $1.92 \| $	$ 809,600
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92	5 years 252 days
Outstanding Options Number: $2.89 \| shares	1,620,500
Outstanding Options Weighted Average Exercise Price: $2.89	$ 2.89
Outstanding Options Aggregate Intrinsic Value: $2.89 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.89	1 year 120 days
Exercisable Options Number: $2.89 \| shares	1,620,500
Exercisable Options Weighted Average Exercise Price: $2.89	$ 2.89
Exercisable Options Aggregate Intrinsic Value: $2.89 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.89	1 year 120 days
Outstanding Options Number: $3.00 \| shares	250,000
Outstanding Options Weighted Average Exercise Price: $3.00	$ 3.00
Outstanding Options Aggregate Intrinsic Value: $3.00 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.00	2 years 256 days
Exercisable Options Number: $3.00 \| shares	250,000
Exercisable Options Weighted Average Exercise Price: $3.00	$ 3.00
Exercisable Options Aggregate Intrinsic Value: $3.00 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.00	2 years 256 days
Outstanding Options Number: $3.89 \| shares	100,000
Outstanding Options Weighted Average Exercise Price: $3.89	$ 3.89
Outstanding Options Aggregate Intrinsic Value: $3.89 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.89	4 years 168 days
Exercisable Options Number: $3.89 \| shares	50,000
Exercisable Options Weighted Average Exercise Price: $3.89	$ 3.89
Exercisable Options Aggregate Intrinsic Value: $3.89 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.89	4 years 168 days
Outstanding Options Number: $3.91 \| shares	215,000
Outstanding Options Weighted Average Exercise Price: $3.91	$ 3.91
Outstanding Options Aggregate Intrinsic Value: $3.91 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91	9 years 274 days
Exercisable Options Number: $3.91 \| shares	215,000
Exercisable Options Weighted Average Exercise Price: $3.91	$ 3.91
Exercisable Options Aggregate Intrinsic Value: $3.91 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91	9 years 274 days
Outstanding Options Number: $4.02 \| shares	310,000
Outstanding Options Weighted Average Exercise Price: $4.02	$ 4.02
Outstanding Options Aggregate Intrinsic Value: $4.02 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02	8 years 299 days
Exercisable Options Number: $4.02 \| shares	310,000
Exercisable Options Weighted Average Exercise Price: $4.02	$ 4.02
Exercisable Options Aggregate Intrinsic Value: $4.02 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02	8 years 299 days
Outstanding Options Number: $1.82 - $4.02 \| shares	5,948,000
Outstanding Options Weighted Average Exercise Price: $1.82 - $4.02	$ 2.40
Outstanding Options Aggregate Intrinsic Value: $1.82 - $4.02 \| $	$ 3,291,450
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.82 - $4.02	2 years 128 days
Exercisable Options Number: $1.82 - $4.02 \| shares	5,898,000
Exercisable Options Weighted Average Exercise Price: $1.82 - $4.02	$ 2.39
Exercisable Options Aggregate Intrinsic Value: $1.82 - $4.02 \| $	$ 3,291,450
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.82 - $4.02	2 years 124 days

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Marketable Securities: (Details Text) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Marketable Securities Details Text [Abstract]

Marketable securities cost basis $ 158,537 $ 158,537

Marketable Securities: (Details Text) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Marketable Securities Details Text [Abstract]
Marketable securities cost basis	$ 158,537	$ 158,537

Convertible Notes and Interest Notes: (Details Text) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2014	Dec. 31, 2012	Sep. 30, 2015
Convertible Notes and Interest Notes: [Abstract]
Summary fourth quarter 2012 debt restructuring		In the fourth quarter of 2012, the Company restructured $85.4 million aggregate principal amount of Old Notes (the "2012 Restructuring"). Holders of an aggregate principal amount of $84.4 million of Old Notes elected to participate in the 2012 Restructuring and $1.0 million of Old Notes declined to participate. Pursuant to the 2012 Restructuring, the Company paid $16.9 million cash, issued 12,412,501 Class A common shares, issued notes with a face value of $25.3 million (the "Modified Notes") and issued CVR’s totaling 5.468% of any future proceeds, net of certain deductions (including income tax calculation and the payment of current obligations of the Company), actually received by the Company with respect to the Brisas Arbitration proceedings or disposition of the Brisas Project Technical Mining Data.
Summary second quarter 2014 debt restructuring	During the second quarter of 2014, the Company extended the maturity date of its $25.3 million Modified Notes from June 29, 2014 to December 31, 2015 and issued $12 million of additional notes ("New Notes") also maturing December 31, 2015. $19.2 million of the Modified Notes and $8 million of the New Notes were issued to affiliated funds which exercised control or direction over more than 10% of the Company’s common shares prior to the transactions and as a result, those portions of the transactions were considered to be related party transactions. The Modified Notes were amended to be consistent with the terms of the New Notes. The Company has an additional $1.0 million notes issued in May 2007 (Old Notes) with a maturity date of June 15, 2022. The Old Notes bear interest at a rate of 5.50% per year, payable semiannually in arrears on June 15 and December 15 and, subject to certain conditions, may be redeemed, repurchased or converted into Class A common shares of the Company at a conversion price of $7.54 per common share.
Summary terms of second quarter2014 new and restructured notes	The New Notes and the Modified Notes (as amended from the date of closing) (the "Notes") bear interest at a rate of 11% per year, which will be accrued and capitalized quarterly, issued in the form of a note (Interest Notes) payable in cash at maturity. Subject to certain conditions, the outstanding principal of the Notes may be converted into Class A common shares of the Company, redeemed or repurchased prior to maturity. The Notes mature on December 31, 2015 and are convertible, at the option of the holder, into 285.71 Class A common shares per $1,000 (equivalent to a conversion price of $3.50 per common share) at any time upon prior written notice to the Company. The Company paid, in the case of the New Notes, a fee of 2.5% of the principal in the form of an original issue discount and in the case of the Modified Notes, a cash extension fee of 2.5% of the principal.
Fair value of equity component of notes	$ 6.5
Loss on second quarter 2014 restructuring	$ 0.2
Face value convertible notes			$ 38.4
Face value interest notes			$ 5.6

KSOP Plan: (Details Text) - USD ($)	9 Months Ended	12 Months Ended
KSOP Plan: (Details Text) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
KSOP Plan: [Abstract]
Cash contributions to the plan	$ 0	$ 164,000

Subsequent Event: (Details Text)	3 Months Ended
Subsequent Event: (Details Text)	Sep. 30, 2015
Subsequent Event: [Abstract]
Summary subsequent event	During the third quarter of 2015, the Company agreed to a financing in which it will issue up to $13.4 million of new convertible notes (“New Notes”) due December 31, 2018 and modify, amend and extend the maturity date of $43.7 million of currently outstanding principal and accrued interest ("Modified Notes") from December 31, 2015 to December 31, 2018. The Company will issue $12.3 million of New Notes with an original issue discount of 2.5% of the principal amount and will also issue approximately $1.1 million of additional New Notes representing 2.5% of the extended principal and interest amount due to the current note holders as a restructuring fee.

Revision of Prior Period Financial Statements: (Details 2)	Dec. 31, 2014 USD ($)
Revision of Prior Period Financial Statements: [Abstract]
Stock options previously reported	$ 19,980,099
Stock options adjustment	689,209
Stock options as revised	20,669,308
Accumulated deficit previously reported	(342,526,267)
Accumulated deficit adjustment	(689,209)
Accumulated deficit as revised	$ (343,215,476)

Revision of Prior Period Financial Statements: (Details 1) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2014
Revision of Prior Period Financial Statements: [Abstract]
Arbitration previously reported	$ 3,459,850	$ 3,740,697	$ 4,267,230
Arbitration adjustment	689,209	689,209	689,209
Arbitration as revised	4,149,059	4,429,906	4,956,439
Net loss for the period previously reported	7,102,929	14,263,879	24,880,770
Net loss for the period adjustment	689,209	689,209	689,209
Net loss for the period as revised	$ 7,792,138	$ 14,953,088	$ 25,569,579
Net loss per share, basic and diluted previously reported	$ 0.09	$ 0.19	$ 0.33
Net loss per share, basic and diluted adjustment	0.01	0.01	0.01
Net loss per share, basic and diluted as revised	$ 0.10	$ 0.20	$ 0.34
Comprehensive loss for the period previously reported	$ 7,205,143	$ 14,311,120	$ 24,861,192
Comprehensive loss for the period adjustment	689,209	689,209	689,209
Comprehensive loss for the period as revised	$ 7,894,352	$ 15,000,329	$ 25,550,401

Arbitral Award Enforcement: (Details Text) $ in Thousands	Sep. 30, 2015 USD ($)
Arbitral Award Enforcement: [Abstract]
Damages award	$ 713,000
Interest award	22,300
Legal costs award	5,000
Total award	$ 740,300
Post award interest rate - Libor plus	2.00%
Post award interest earned per day	$ 580
Total award to date	760,000
Company's requested award correction	50,000
Venezuela's requested award correction	$ 361,000
Bonus % of the first 200 million collected	1.00%
Bonus % thereafter	5.00%
Maximum amount of proceeds noteholders entitled to	5.468%
Legal fees related to award included in accounts payable	$ 2,500
Additional legal fees due upon collection of the award	$ 1,800

Cash and Cash Equivalents: (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Cash And Cash Equivalents Details [Abstract]
Bank deposits	$ 2,174,951	$ 6,367,049
Money market funds	72,139	72,098
Total	$ 2,247,090	$ 6,439,147

Marketable Securities: (Details 1) - USD ($)	9 Months Ended	12 Months Ended
Marketable Securities: (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Marketable Securities Details [Abstract]
Fair value at beginning of year			$ 318,442
Impairment loss		$ (162,479)
Increase in market value	$ 2,722	19,578
Fair value at balance sheet date	$ 178,263	$ 175,541

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents (Note 5)	$ 2,247,090	$ 6,439,147
Marketable securities (Notes 6 and 7)	178,263	175,541
Deposits, advances and other	357,316	353,742
Total current assets	2,782,669	6,968,430
Property, plant and equipment, net (Note 8)	12,260,257	12,440,654
Total assets	15,042,926	19,409,084
Current Liabilities:
Accounts payable and accrued expenses (Note 4)	3,867,288	3,928,608
Accrued interest	16,715	2,388
Convertible notes and interest notes (Notes 11 and 12)	41,397,513	34,400,030
Total current liabilities	45,281,516	38,331,026
Convertible notes (Notes 11)	1,042,000	1,042,000
Other (Note 11)	1,012,491	1,012,491
Total liabilities	47,336,007	40,385,517
SHAREHOLDERS' EQUITY
Common shares and equity units	289,518,018	289,326,172
Contributed Surplus	12,226,559	11,682,644
Warrants	0	543,915
Stock options (Note 10)	20,904,923	20,669,308
Accumulated deficit	(354,962,307)	(343,215,476)
Accumulated other comprehensive income	19,726	17,004
Total shareholders' deficit	(32,293,081)	(20,976,433)
Total liabilities and shareholders' equity	$ 15,042,926	$ 19,409,084

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Shares Number	Equity Units Number	Common Shares and Equity Units Amount	Contributed Surplus	Warrants	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2013				$ 289,149,413	$ 5,171,603	$ 543,915	$ 19,849,225	$ (317,645,497)	$ (2,574)
Balance (in shares) at Dec. 31, 2013		75,522,411	500,236
Net loss								(25,569,979)
Other comprehensive income									19,578
Stock option compensation (Note 3)							896,742
Fair value of options exercised				76,659			(76,659)
Equity Units converted to shares		500,136	(500,136)
Equity component of convertible notes					6,511,041
Common shares issued for:
Option exercises				100,100
Option exercises (in shares)		55,000
Balance at Dec. 31, 2014	$ (20,976,433)			289,326,172	11,682,644	543,915	20,669,308	(343,215,476)	17,004
Balance (in shares) at Dec. 31, 2014		76,077,547	100
Common shares issued for:
Option exercises				121,300
Option exercises (in shares)		65,000
Balance at Sep. 30, 2015				289,518,018	12,226,559		20,904,923	(354,962,307)	19,726
Balance (in shares) at Sep. 30, 2015		76,142,647
Balance at Sep. 30, 2015	$ (32,293,081)
Common shares issued for:
Net loss								$ (11,746,831)
Other comprehensive income									$ 2,722
Stock option compensation							306,161
Fair value of options exercised				$ 70,546			$ (70,546)
Equity Units converted to shares		100	(100)
Warrant expiration					$ 543,915	$ (543,915)

Property, Plant and Equipment: (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property Plant And Equipment Details [Abstract]
Cost: Machinery and equipment	$ 12,234,092	$ 12,408,524
Accumulated Depreciation: Machinery and equipment	0	0
Net: Machinery and equipment	12,234,092	12,408,524
Cost: Furniture and office equipment	348,387	529,648
Accumulated Depreciation: Furniture and office equipment	(336,222)	(511,518)
Net: Furniture and office equipment	12,165	18,130
Cost: Leasehold improvements	41,190	41,190
Accumulated Depreciation: Leasehold improvements	(41,190)	(41,190)
Cost: Venezuelan property and equipment	171,445	171,445
Accumulated Depreciation: Venezuelan property and equipment	(157,445)	(157,445)
Net: Venezuelan property and equipment	14,000	14,000
Total cost property, plant and equipment	12,795,114	13,150,807
Total accumulated depreciation property, plant and equipment	(534,857)	(710,153)
Total net property, plant and equipment	$ 12,260,257	$ 12,440,654

Property, Plant and Equipment: (Details Text) $ in Millions	Dec. 31, 2014 USD ($)
Property Plant And Equipment Details Text [Abstract]
Write down of Brisas equipment	$ 6.5

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net loss for the period	$ (3,581,046)	$ (7,792,138)	$ (11,746,831)	$ (14,953,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock option compensation (Note 3)	24,637	828,875	306,161	828,875
Depreciation	2,215	2,617	5,965	8,050
Loss on settlement of debt	0	0	0	161,292
Loss on sale of equipment	0	0	9,432	0
Write-down of property, plant and equipment	0	0	0	425,010
Accretion of convertible notes	2,503,435	1,948,484	6,997,483	4,401,333
Changes in non-cash working capital:
Net (increase) decrease in deposits and advances	(179,138)	(2,448)	(3,574)	(53,710)
Net increase (decrease) in accounts payable and accrued expenses	(233,951)	3,195,768	(46,993)	3,409,215
Net cash used in operating activities	(1,463,848)	(1,818,842)	(4,478,357)	(5,773,023)
Cash Flows from Investing Activities:
Purchase of property, plant and equipment	0	0	0	(150,000)
Proceeds from sales of equipment	0	0	165,000	0
Net cash provided by (used in) investing activities	0	0	165,000	(150,000)
Cash Flows from Financing Activities:
Proceeds from the issuance of convertible notes	0	0	0	12,000,000
Net proceeds from the issuance of common shares	121,300	31,850	121,300	100,100
Restructure fees	0	0	0	(684,488)
Settlement of convertible notes	0	0	0	(4,000)
Net cash provided by financing activities	121,300	31,850	121,300	11,411,612
Change in Cash and Cash Equivalents:
Net increase (decrease) in cash and cash equivalents	(1,342,548)	(1,786,992)	(4,192,057)	5,488,589
Cash and cash equivalents - beginning of period	3,589,638	10,251,418	6,439,147	2,975,837
Cash and cash equivalents - end of period	$ 2,247,090	$ 8,464,426	$ 2,247,090	$ 8,464,426

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
Class A Authorized: unlimited
Issued and outstanding	76,142,647	76,077,547
Equity Units
Issued and outsatnding	0	100

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2015 shares
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Gold Reserve Inc.
Entity Central Index Key	0001072725
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Common Class A
Document and Entity Information [Abstract]
Entity Common Stock, Shares Outstanding	76,142,647

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OTHER INCOME (LOSS)
Interest	$ 3	$ 12	$ 42	$ 170
Write-down of property, plant and equipment	0	0	0	(425,010)
Loss on settlement of debt	0	0	0	(161,292)
Loss on sale of equipment	0	0	(9,432)	0
Foreign currency gain (loss)	(1,665)	(3,979)	13,582	(11,033)
Net OTHER INCOME (LOSS)	(1,662)	(3,967)	4,192	(597,165)
EXPENSES
Corporate general and administrative	609,284	765,254	2,230,697	2,722,724
Exploration	58,747	333,152	180,809	778,269
Legal and accounting	22,656	313,614	151,102	562,982
Venezuelan operations	30,122	51,663	88,222	109,535
Arbitration (Note 4)	169,617	4,149,059	1,498,224	4,429,906
Equipment holding costs	171,195	212,617	561,503	660,873
Interest expense	2,517,763	1,962,812	7,040,466	5,091,634
Total EXPENSES	3,579,384	7,788,171	11,751,023	14,355,923
Net loss for the period	$ (3,581,046)	$ (7,792,138)	$ (11,746,831)	$ (14,953,088)
Net loss per share, basic and diluted	$ (0.05)	$ (0.10)	$ (0.15)	$ (0.20)
Weighted average common shares outstanding	76,129,267	76,070,283	76,095,043	76,056,420

Fair Value Measurements: (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Measurements Details [Abstract]
Marketable securities fair value level one	$ 178,263	$ 175,541
Marketable securities fair value total	178,263	175,541
Convertible notes and interest notes fair value level two	33,916,976	37,408,241
Convertible notes and interest notes fair value total	$ 33,916,976	$ 37,408,241

Stock Based Compensation Plans: (Details Text)	9 Months Ended
Stock Based Compensation Plans: (Details Text)	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) $ / shares shares
Stock Based Compensation Plans Details Text [Abstract]
Maximum number of options available under the plan	7,550,000
Options available for grant	1,519,500
Maximum term of options	10 years
Options granted during the period	315,000	310,000
Non-cash compensation expense \| $	$ 306,161	$ 896,742
Weighted average fair value of options granted \| $ / shares	$ 0.85	$ 0.87
Retention units held by officers and directors	1,457,500
Retention units held by others	315,000
Minimum value of retention units. \| $	$ 7,700,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net loss for the period	$ (3,581,046)	$ (7,792,138)	$ (11,746,831)	$ (14,953,088)
Items that may be reclassified subsequently to the consolidated statement of operations:
Unrealized gain (loss) on marketable securities (Note 6)	(65,494)	(102,214)	2,722	(47,241)
Other comprehensive income (loss)	(65,494)	(102,214)	2,722	(47,241)
Comprehensive loss for the period	$ (3,646,540)	$ (7,894,352)	$ (11,744,109)	$ (15,000,329)

Exhibit 99.1

GOLD RESERVE INC.

September 30, 2015

Interim Consolidated Financial Statements

11,682,644

543,915

20,669,308

(343,215,476)

17,004

(20,976,433)

19,409,084

Adjustments to reconcile net loss to net cash

Net increase (decrease) in accounts payable and accrued expenses

Exhibit 99.2

GOLD RESERVE INC.

September 30, 2015

Management’s Discussion and Analysis

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Results of Operations

Exhibit 99.3 Chief Executive Officer’s Certification of Interim Filings

Exhibit 99.4 Chief Financial Officer’s Certification of Interim Filings

Net increase (decrease) in accounts payable
and accrued expenses

The Company, Going Concern and Significant Accounting Policies: (Details Text) $ in Millions	Sep. 30, 2015 USD ($)
The Company, Going Concern and Significant Accounting Policies: [Abstract]
Financial resources	$ 2.4
Fair Value of Equipment	12.2
Current financial liabilities - notes	42.9
Accounts payable and accruals	3.9
Equipment cost	$ 24.6