Feb 24 (Reuters) - Gold Reserve ( GDRZF ) said on Monday

the Lisbon Court of Appeal confirmed the Canadian miner's

arbitration award against Venezuela, giving it green light to

enforce about $1.1 billion in Portugal.

The company said the judgment supports its ongoing efforts

to enforce its arbitration award in Portugal, where it said it

had obtained attachment orders "against multiple bank accounts"

holding more than $1.4 billion.

"Recovery is not certain in the Portugal legal proceedings

due to multiple factors," it added. "Further court orders are

required to attempt to collect against any of the attached

funds."

Venezuela's Information and Communication ministry did not

immediately reply to a request for comment.

The Canadian company said its efforts for enforcement of the

arbitration ruling in Portugal are in addition to those being

undertaken in the U.S., including its participation in a

court-organized auction of shares in the parent of

Venezuela-owned refiner Citgo Petroleum to pay 18 creditors for

debt defaults and expropriations in the South American country.

Citgo Petroleum is Venezuela's most valuable overseas asset

and has been the target of creditors seeking compensation for

late President Hugo Chavez's nationalization wave and President

Nicolas Maduro's failed debt payments.

Any recovery in the U.S. court proceedings is expected to

offset the amount that can be recovered from the legal

proceedings in Portugal, Gold Reserve ( GDRZF ) added.

(Reporting by Pooja Menon in Bengaluru and Marianna Parraga in

Houston; Additional reporting by Vivian Sequera in Caracas;

Editing by Sriraj Kalluvila)