Business
Gold Reserve Receives Permits for Detailed Engineering Activities On The Brisas Project
Gold Reserve Receives Permits for Detailed Engineering Activities On The Brisas Project.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\n\nSPOKANE, WA, Jan. 4 /CNW/ - Gold Reserve Inc. (TSX:GRZ) (AMEX:GRZ) today\nannounced that the Government of Venezuela, through its Ministry of\nEnvironment and Natural Resources (MARN), granted its subsidiary Compania\nAurifera Brisas del Cuyuni, C.A., operator of the Brisas Project, additional\npermits for the Company's continuing detailed engineering activities related\nto the development of the Brisas gold/copper project.\nThe permits are for geotechnical drilling to support detailed engineering\nwork related to pit slope analysis, crusher design, process facility design,\ntailing dam design, and overall site development for the Brisas Project, which\nis anticipated to utilize conventional open pit mining methods with the\nprocessing of ore at full production of 70,000 tonnes per day, yielding an\naverage annual production of 486,000 ounces of gold and 63 million pounds of\ncopper over an estimated mine life of approximately 18 years.\nDoug Belanger, President, stated, \"We are pleased to receive these\npermits from the government allowing for the continued development of the\nBrisas Project in anticipation of the final permitting for construction.\"\n\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 proven and\nprobable reserves of 10.1 million ounces of gold and 1.29 billion pounds of\ncopper contained in 446 million tonnes with an average grade of 0.70 grams per\ntonne gold and 0.13% copper. The qualified person involved in the review and\nevaluation of the reserve estimates contained herein was Daniel M. Thompson,\nManager - Technical Services for Gold Reserve. Construction of the Brisas\nProject is expected to commence upon the issuance of the construction permit\nby the Ministry of Environment and Natural Resources and securing sufficient\ndebt 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 reasonab...