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Gold Reserve begins drilling at Choco 5
Gold Reserve begins drilling at Choco 5.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Sept. 6 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)\nannounced today that it has commenced drilling at its Choco 5 property in the\nEl Callao region of Bolivar State in Southeastern Venezuela. The first phase\ndrilling plan calls for approximately 2,500 meters of diamond core and is\ntargeting an anomaly based on a 100 by 100 meter geochemical soil sampling\ngrid. The exploration target was refined by ground magnetics and radiometric\ngeophysical surveys.\n\n\nChoco 5 is a 5,000 hectare property located in the prolific El Callao\ngold mining district of Venezuela and is contiguous to Gold Fields Limited's\n(NYSE:GFI) Choco 10 gold mine. At present there is one drill rig operating at\nChoco 5 and additional drills will be added based upon this program's results.\nDrill results are expected later this year.\n\n\nGold Reserve Inc. is a Canadian company developing the Brisas gold copper\nproject in 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 mine plan anticipates using\nconventional truck and shovel mining methods with the processing of ore at\nfull production of 70,000 tonnes per day, yielding an average annual\nproduction of 456,000 ounces of gold and 60 million pounds of copper for a\nmine life of 18.5 years. Using copper as a byproduct, operating costs are\nexpected to be US $126 per ounce (using US $1.80 copper). The Qualified\nPersonnel for the NI 43-101 Report are Susan Poos of Marston and Marston, Inc.\nand Richard Addison and Richard Lambert of Pincock, Allen and Holt, all\nregistered professional engineers.\n\n\nFor further information please see our update to the Company's NI-43-101\nreport at our website at www.goldreserveinc.com, investor relations, SEDAR\nFilings.\n\n\nForward-Looking Statements\n\n\nCertain statements included herein, including those that express\nmanagement's expectations or estimates of our future performance concerning\nthe Brisas Project or the Choco 5 Exploration Project, constitute\n"forward-looking statements" within the meaning of the United States Private\nSecurities Lit...