SPOKANE, WA, March 16 /CNW/ - Gold Reserve Inc. (TSX: GRZ - AMEX:GRZ)
reported today that the Ministry of the Environment and Natural Resources
("MARN") in Venezuela has issued to the Company the "Permit to Impact Natural
Resources" for the quarry on the Barbarita property which would provide
aggregate for the Company's adjacent Brisas project.
Gold Reserve announced previously that it had been granted the rights to
explore and develop a quarry on the Barbarita property for its Brisas project
by the Mining Institute (IAMIB) of Bolivar State, Venezuela. Aggregate is
required for the construction and operating phase of the Brisas project which
is currently expected to produce an average of 486,000 ounces of gold and 63
million pounds of copper annually. The Barbarita concession is located
approximately 5 kilometers from the Brisas project site and near the planned
mill site.
Doug Belanger, President of Gold Reserve stated, "MARN's granting of the
Permit to Impact Natural Resources for the Barbarita aggregate quarry that
would service the Brisas project is an important element for the development
of the Brisas mine."
Gold Reserve Inc. is a Canadian company, which holds the rights to the
Brisas gold/copper project and the Choco 5 gold exploration property in
Bolivar State, Venezuela. Construction of the Brisas project is expected to
commence upon the issuance of the construction permit by the Ministry of
Environment and Natural Resources and securing sufficient debt and equity
funding.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by management are inherently subject to significant
business, economic and competitive uncertainties and contingencies. We caution
that such forward-looking statements involve known and unknown risks,
uncertainties and other risk factors that may cause the actual financial
results, performance, or achievements of Gold Reserve to be materially
different from our estimated future results, performance, or achievements
expressed or implied by those forward-looking statements. These are discussed
in greater detail in Gold Reserve's filings with the U.S. Securities and
Exchange Commission at www.sec.gov and the Annual Information Form and other
reports filed with Canadian provincial securities commissions at
www.sedar.com. Gold Reserve expressly disclaims any intention or obligation to
update or revise any forward-looking statement whether as a result of new
information, events or otherwise.
