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Border controversy between Guyana and Venezuela

GUYANA / VENEZUELA – The internationally recognized border between Guyana and Venezuela was established in 1899 by an arbitration panel. Importantly, the territory of Guyana has been continuously administered and controlled by Guyana since that time.

The Venezuelan government claims that the Essequibo territory, a large area within Guyana that is west of the Essequibo River extending to the border of Venezuela, belongs to Venezuela. The resurgence of protests by the Venezuelan government in recent years has corresponded with the commencement of oil production by ExxonMobil and world-class offshore oil discoveries within Guyana’s borders.

On December 3, 2023, the government of Venezuela held a consultative referendum over control of the Essequibo territory. The results of the referendum, including Venezuela’s unilateral claim over the Essequibo territory and disregard for the jurisdiction of the International Court of Justice (“ICJ”) in this matter have been widely discredited. The ICJ is the international body responsible for confirming the legal validity and binding effect of the 1899 Award. Commenting on Venezuela’s referendum, the ICJ decided unanimously that “pending a final decision in the case, the Bolivarian Republic of Venezuela shall refrain from taking any action which would modify the situation that currently prevails in the territory in dispute, whereby the Co-operative Republic of Guyana administers and exercises control over that area”.

The full statement and filings with the ICJ can be found on the ICJ website.

With respect to Venezuela’s recent actions, Guyana has understandably received broad-based international support, including from CARICOM – the economic community of Caribbean states, the United States who through Secretary of State Antony Blinken “reaffirmed the United States’ unwavering support for Guyana’s sovereignty” and France’s Minister for Europe and Foreign Affairs, who reiterated the importance of Guyana’s sovereignty and territorial integrity being respected in line with the principles of the United Nations Charter.

The Company’s Eagle Mountain Project, like all major gold projects in Guyana, falls within this Essequibo area, the sovereign territory of Guyana. The Company’s activities at Eagle Mountain, including exploration, technical and environmental studies, along with ongoing coordination with governmental agencies, which included meetings last week when Company executives were in Guyana, remain unaffected by recent events, though the Company will continue to monitor the situation very closely.

The Company has operated in Guyana at the Eagle Mountain Project for over 10 years and intends to be in Guyana for many more years in its commitment to the responsible and sustainable management of the Project and its natural resources in Guyana’s Region 8, Potaro-Siparuni.

Goldsource Mines Inc., is a Canadian exploration company focussed on the 100 percent-owned Eagle Mountain gold project in Guyana, South America. The Company is led by an experienced management team, proven in making precious metals exploration discoveries and executing on phased project development in the Americas.



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