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Brisas Receives Environmental Approval and Construction Permit
Brisas Receives Environmental Approval and Construction Permit.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, March 28 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) is\nextremely pleased to announce that the Venezuelan Ministry of Environment\n(MinAmb) has approved the Brisas Environmental and Social Impact Assessment\n(ESIA) for the exploitation and processing of gold and copper mineralization.\nAs a result, the MinAmb has issued the permit or authorization for affecting\nnatural resources for the commencement of the construction phase of the Brisas\nProject.\n\n\nDoug Belanger, President of Gold Reserve Inc., stated, "With the approval\nof the ESIA and issuance of the permit to affect, the MinAmb has approved a\nwell developed project designed to meet the highest technical, environmental\nand social standards represented by the Equator Principles. This approval is a\nmajor milestone and will result in immediate actions to commence our\nconstruction activities."\n\n\nBelanger further stated, "We want to thank the Venezuelan Government for\nits assistance and we look forward to continuing our work with local\ncommunities so they become the first to benefit from the Brisas Project. Also,\nwe wish to thank our employees and consultants for their dedication and\noutstanding work which has made this possible and our Shareholders for their\nsupport during the development of this world class gold/copper project."\n\n\nGold Reserve Inc. is a Canadian company developing the Brisas gold copper\nproject is Southeastern Venezuela. Brisas has NI-43-101 reserves of\n485 million tonnes of ore grading 0.67 grams per tonne gold and 0.13% copper\ncontaining 10.4 million ounces of gold and 1.3 billion pounds of copper (using\na revenue cutoff grade of US $3.04 per tonne and a gold price of US $400 and a\ncopper price of US $1.15 per pound). The Company expects to finance the\nconstruction of Brisas with a combination of debt and equity. The mine plan\nanticipates using conventional truck and shovel mining methods with the\nprocessing of ore at full production of 70,000 tonnes per day, yielding an\naverage annual production of 456,000 ounces of gold and 60 million pounds of\ncopper for a mine life of 18.5 years. Using copper as a byproduct, operating\ncosts are expected to be US $126 per ounce (using US $1.80 copper). With only\n42.6 million shares outstanding Gold Reserve has one of the highest leverages\nto gold in ...