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Gold Reserve places order for SAG and ball mills for Brisas
Gold Reserve places order for SAG and ball mills for Brisas.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, July 5 /CNW/ - (TSX:GRZ - AMEX:GRZ) Gold Reserve Inc.\nannounced that it has placed its order for the fabrication of the Brisas\ngyratory crusher, pebble crushers, Semi Autogenous Grinding (SAG) and ball\nmills and other processing equipment from Metso Minerals. The total value of\nthis purchase order is US $64 million with payment to be staged over the next\ntwo and one half years.\n\n\nDoug Belanger, President of Gold Reserve Inc., stated, "This order\ncommences the fabrication of significant long-lead components required for the\ncompletion of the Brisas Project. This order should ensure our place in the\nfabrication schedule as lead times for SAG and ball mills continue to increase\nindustry-wide."\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 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). The\nQualified Personnel for the NI 43-101 Report are Susan Poos of Marston and\nMarston, Inc. and Richard Addison and Richard Lambert of Pincock, Allen and\nHolt, all registered 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 or concerning\nthe Brisas Project, constitute "forward-looking statements" within the meaning\nof the United States Private Securities Litigation Reform Act of 1995.\nForwa...