The Bermuda-domiciled mineral exploration and development company, Gold Reserve, has said its attorney and legal representative José Ignacio Moreno Suárez has been released from a notorious Venezuelan prison.

Mr Moreno Suárez was detained for more than three years — mostly in Rodeo 1 prison, a place humanitarian organisation the Washington Office on Latin America has called “cruel, inhuman and degrading”.

“José has shown incredible courage and resilience throughout his prolonged detention,” Gold Reserve’s vice-chairman Paul Rivett said. “We are immensely relieved for José and his family, who, after three years of unwavering support and uncertainty, are finally reunited.”

When Mr Moreno Suárez was arrested, he was handling the legal work in a dispute over the Brisas-Cristinas gold and copper project and Siembra Minera, a joint business venture owned 55 per cent by Venezuela, and 45 per cent by Gold Reserve.

He was accused of treason, conspiracy with a foreign government, association to commit crimes, and misusing the international position of Gold Reserve in a legal and arbitration dispute with Venezuela.

Gold Reserve has maintained that Mr Moreno Suárez was being punished for performing his normal professional duties for political reasons.

This week, Gold Reserve said it remained committed to continuing support for Mr Moreno Suárez and his family as the lawyer recovers his health and returns to regular life.

“We are grateful to José’s advisers and Venezuelan officials whose efforts have contributed to the release of political prisoners in recent months as part of broader efforts towards national reconciliation,” Mr Rivett said.

Gold Reserve also recognised President Trump and the United States Administration in their efforts to create the stability and confidence necessary to encourage domestic and foreign investment in Venezuela.

“Such investment has the potential to create employment, develop productive projects and responsibly harness Venezuela’s extraordinary natural-resource potential for the benefit of the Venezuelan people,” the vice-chair said.

Gold Reserve refused to resume operations in Venezuela until Mr Moreno Suárez was released. Now that he is free, the firm is preparing to return personnel to the South American country.

“We want to reconcile the past and participate in the revitalisation and growth of the future in the great country of Venezuela,” Mr Rivett said.

Gold Reserve moved its corporate domicile to Bermuda in 2024.

In May, it revealed plans to spin out its mining assets into a new US-based company, American Heralds Mining Corp, focused on critical mineral development in the western hemisphere.

At the same time, the Bermuda parent company intends to rename itself Hamilton American Holdings Ltd.

It was also announced today that the Delaware Court of Chancery is expected to render its decision on the motion to dismiss brought by defendant Rusoro Mining on Monday.

Earlier this year Gold Reserve asked the court to reject a bid by Rusoro Mining to dismiss a lawsuit tied to the high-stakes judicial sale of shares in Petróleos de Venezuela Holding, the parent of Citgo Petroleum, the American refiner.

Gold Reserve has argued that Rusoro’s motion offered no valid basis for dismissal and should be denied in full. The dispute centres on a consortium agreement governing how the two companies would co-ordinate and support a joint bid in the court-ordered sale of PDV Holding shares.

Meanwhile, a tribunal has been constituted in the company’s arbitration proceedings against Venezuela before the International Centre for Settlement of Investment Disputes. The first hearing is expected to take place before September 12, with a date to be confirmed by ICSID. The purpose of the hearing is to address procedural matters and the next steps in the arbitration.

The United States Court of Appeals for the Third Circuit is scheduled to hear oral argument on the merits of the appeal concerning the proposed judicial sale of PDVH shares to Elliott/Amber Energy on October 21.

Gold Reserve has said they will provide further updates regarding these proceedings as developments occur, subject to applicable legal and regulatory requirements.