A U.S. District Court in Washington, D.C., has ruled in favor of Spokane-based Gold Reserve Inc., as the company continues a lengthy battle to try to secure payment of a $760 million award owed to it by the Venezuelan government.

Gold Reserve executives couldn’t be reached for comment on the latest ruling. However, the company said in a press release issued last week that the federal court on Nov. 20 denied Venezuela’s motion to dismiss the case. It said the court then took the additional step of confirming the award and entered the judgment against the South American country. The court also rejected Venezuela’s claims that the judgment violated its due process, the release said.

 “After a grand tour around the world of foreign and international law, the court ultimately holds that Gold Reserve may indeed have its award enforced right here in Washington, D.C,” the release said, quoting the court decision.

Company President Doug Belanger said in the release, “We are pleased that the D.C. federal district court recognized the validity of the award, and rejected all arguments raised by Venezuela. We intend to enforce the judgment using all means available under the law.”

Echoing comments he’s made several times in the past, Belanger added, “The company also continues to have an open dialogue with representatives from Venezuela and is hopeful that Venezuela will voluntarily comply with its legal obligation to pay the full amount of the judgment.”

Gold Reserve is incorporated in Canada, but has its executive offices at 926 W. Sprague in downtown Spokane.

In 2008, Gold Reserve sued the Venezuelan government for $2.3 billion after the country seized the company’s primary mining property called the Brisas Project. The gold and copper project was Gold Reserve’s main business for more than 16 years.

Gold Reserve claims it invested $300 million into Brisas from the early 1990s to the time the project was expropriated by the Venezuelan government. The company was in the process of clearing the Brisas site when the government revoked its construction permit.

Gold Reserve board chairman James H. Coleman and CEO Rockne J. Timm met face to face last July with four members of Venezuela’s government and others.

“We are pleased with the open dialogue and seriousness demonstrated by senior representatives of the government in seeking a solution to resolve this matter in a manner that is positive for both the company and the government,” Belanger said after that meeting.