SPOKANE, WA, July 15 /CNW/ - Gold Reserve Inc. (TSX: GRZ - AMEX: GRZ)
announced today it has received the Permit to Occupy the Territory from the
Ministry of Environment and Natural Resources ("MARNR") for its Choco 5
property located in Venezuela's El Callao mining district. The Company expects
to receive the Permit to Affect Natural Resources next week allowing
commencement of an exploration program on the property.
An exploration Environmental and Socio-Cultural Impact Study (EScIS),
which is a new requirement under the 1999 Venezuela Constitution, was
submitted in May 2005 to the regional office of MARNR and approved this week.
By granting the Permit to Occupy, MARNR ratified the mining use of the area
granted as a concession by the Ministry of Basic Industries and Mines,
establishing at the same time a baseline environmental condition. The final
permit, the Permit to Affect Natural Resources for exploration purposes, is
the permit required to conduct exploration activities under the Venezuelan
environmental laws and regulations and this is expected to be received next
week.
Choco 5 is a 5,000 hectare concession located in the western end of the
El Callao mining district. Choco 5 is contiguous and adjacent to the Bolivar
Gold Corp. (BGC-TSX) Choco 4 and 10 properties and is also adjacent to the
Gold Fields Limited (GFI-NYSE)/Bolivar Gold Joint Venture properties Choco 9
to the south and Choco 6 to the west. Based on geochemistry and the drilling
results on these adjacent properties, management has identified a number of
drill targets on the Choco 5 property.
Doug Belanger, President of Gold Reserve, stated, "We are enthused about
receiving the permits to commence exploration on Choco 5, a property located
in what I believe is one of the more exciting mining exploration districts in
Latin America. Gold has been produced in the El Callao district for many years
and is an area with considerable mining and exploration activity."
More information on Choco 5 will be posted on the Company website at
www.goldreserveinc.com. Both permits will be posted on the website as well.
Gold Reserve Inc. is a Canadian company which has the Choco 5 gold
exploration property and the Brisas gold/copper project in southeastern
Venezuela. The Brisas project has 10.1 million ounces of gold and 1.29 billion
pounds of copper in proven and probable ore reserves. A positive production
decision was made earlier this year on the Brisas project.
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.
