e-gold Update: Value Access Plan Approved

As my November 2, 2009 blog entry advised, we have been working diligently to develop a Value Access Plan (VAP) to allow access to e-metal account value.  We are pleased to announce that we have finalized an agreement with government authorities that will permit owners of VAP-Qualified Accounts to be paid in U.S. dollars their proportionate share of the monetized value of the e-metals in such Accounts.  Completion of an agreed upon customer identification process is a prerequisite to participation in the VAP.  Please complete this process as soon as possible and respond to any request for additional information promptly.

A VAP-Qualified Account is one (1) that does not contain value derived from suspected illegal activity; (2) as to which all required customer information has been provided to, and verified by, e-gold Ltd.; (3) that consents to having a VAP claim processed, which involves our transmission of all  VAP-required customer information, account number, e-metal balance and monetized value to a Court-appointed Claims Administrator; and (4) after review by the Court-appointed Claims Administrator and the U.S. Government, is not disqualified by either of them on the basis of (a) known engagement in criminal activity, (b) activity relating to terrorism; or (c) residence in a country (other than Iran) subject to Office of Foreign Assets Control sanctions that would prohibit the Claims Administrator from paying the claimant.

More information on how to participate in the Value Access Plan will be posted here shortly, including when and how to submit Value Access Plan claims.  Please visit this site often.  Once the claims process begins, there will be a 120day period within which all claims must be submitted (the “Claims Period”).  Claims will be processed as they are received during the Claims Period, and VAP-Qualified Account claims will be paid by the Court-appointed Claims Administrator pursuant to Court Order on a rolling basis.