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Gold Reserve Cautions its Shareholders to Carefully Assess the Rusoro Compilation of Select Fourth Quarter Results
SPOKANE, WA, Jan. 15 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ) today announced t...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Jan. 15 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ)\n(TSX: GRZ) today announced that its Board of Directors cautions the Company's\nshareholders to carefully assess the compilation of select fourth quarter\nresults announced yesterday by Rusoro Mining Ltd. ("Rusoro") (TSX-V: RML.V).\n\n\nThe Board notes that a number of Rusoro's quarterly filings with the\nTSX-V over the last two years have been delinquent and, given the timing of\nthis recent report, shareholders are urged to wait and read Rusoro's audited\nannual financial report to fully understand Rusoro's operating and financial\nperformance for 2008 and its plans for 2009.\n\n\nThe Board has a number of concerns regarding Rusoro's selective results,\nincluding Rusoro's report of its "record" performance at Choco 10. The\ninclusion of high-grade ore from the short-lived Isidora deposit appears to\nskew the results attributable to the Choco 10 mine on a standalone basis.\n\n\nBased on the material concerns originally raised by our financial and\ntechnical experts as detailed in the Company's Directors' Circular, the Board\nrecommends Gold Reserve shareholders consider the following questions so that\nthey can judge if the reported results are sustainable or transitory.\n\n\n- What were the individual tonnes and ore grade processed from Choco 10\n and Isidora? How much of this production came from stockpiled\n material from Isidora?\n\n- What was the ore grade compared to the reserve grade, recovery and\n strip ratio as well as cash operating costs for the Choco 10 mine on\n a standalone basis? Is the Choco 10 mine able to sustain itself\n without the high grade ore from Isidora which, based on Rusoro's\n August 1, 2008 NI43-101 page 6, is expected to cease production in 6\n to 14 months?\n\n- What was Rusoro's share of production from Isidora given Isidora is a\n 50:50 joint venture with the Venezuelan Government? Has Rusoro\n satisfied its obligations to its partner and are the joint venture\n formalities complete?\n\n- What will be the impact on cash costs as a result of Rusoro's plan to\n process Increible 6 material at the Choco 10 mill, displacing higher\n grade ore from Choco 10? The reserve grade at Choco 10 is 3.21 g/t Au\n or approximately 50% greater than the Increible 6 resource grade.\n\n- What is the timetable for Inc...