Business
Gold Reserve Receives Brisas Quarry Concession
Gold Reserve Receives Brisas Quarry Concession.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\n\nSPOKANE, WA, Nov. 30 /CNW/ - Gold Reserve Inc. (TSX: GRZ - AMEX:GRZ)\ntoday announced that the Government of Bolivar State, Venezuela, through its\nMining Institute (IAMIB), granted Compania Aurifera Brisas del Cuyuni, C.A.,\noperator of the Brisas Project and subsidiary of Gold Reserve, a 400-hectare\nconcession for the exploration and exploitation of rock and aggregates to\nsupport the Brisas gold/copper project.\nThe quarry site, located within the Brisas Project area in the Km 88\nmining district, is planned to be used for the construction of infrastructure\nfor the Brisas Project which is anticipated to utilize conventional open pit\nmining methods with the processing of ore at full production of 70,000 tonnes\nper day, yielding an average annual production of 486,000 ounces of gold and\n63 million pounds of copper over an estimated mine life of approximately 18\nyears.\nDoug Belanger, President, stated, \"We are pleased that IAMIB has issued\nour quarry concession, an indication that we are making progress in our\nefforts to obtain the required permit to start construction on the Brisas\nProject.\"\nGold Reserve Inc. is a Canadian company which holds the rights to the\nBrisas gold/copper project and the Choco 5 gold exploration property in\nBolivar State, Venezuela. The Brisas Project is estimated to have 10.1 million\nounces of gold and 1.29 billion pounds of copper (proven and probable) in\n446 million tonnes at a grade of 0.70 grams per tonne gold and 0.13% copper.\nConstruction of the Brisas Project is expected to commence upon the issuance\nof the construction permit by the Ministry of Environment and Natural\nResources and securing sufficient debt and equity funding.\n\nCertain statements included herein, including those that express\nmanagement's expectations or estimates of our future performance, constitute\n\"forward looking statements\" within the meaning of the United States Private\nSecurities Litigation Reform Act of 1995. Forward looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management are inherently subject to significant\nbusiness, economic and competitive uncertainties and contingencies. We caution\nthat such forward-looking statements involve known and unknown risks,\nuncertainties and other risk factors that may cause...