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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: PaperPerson	1/7/2008 12:14:39 AM
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Meant to make this a reply to The Vet, regarding Venezuela stock choices. I found a decent little promotional article involving GRZ dated June 07 where the company is quoted on how lucrative the pit is going to be. biz.yahoo.com QUOTING ARTICLE Gold Reserve's Brisas project in Venezuela's highly prospective ``Kilometer 88'' greenstone belt. ``Brisas will be the largest gold producer in Venezuela with 456,000 ounces of gold and 60 million tons of copper,'' he says. ``This is going to be one big open pit.'' -- The truly remarkable level of existing infrastructure on and around the site, including water, a state-of-the-art power station, and paved road leading all the way to ocean portage. ``We have zero infrastructure costs over and above the cost of building the mine, so it's really quite spectacular in that regard.'' END QUOTE When I read that I started wondering if they were talking about a total of 456,000 ounces of gold...so I looked at the resource report from 2006 and that is one big hole they are going to dig. Sure enough they are talking 10 mm oz. in all. so the 4456,000 is yearly. "The operating plan proposes a large open pit mine containing proven and probable reserves of approximately 10.4 million ounces of gold and 1.3 billion pounds of copper in 484.6 million tonnes of ore grading 0.67 grams of gold per tonne and 0.13 percent copper, at a revenue cutoff grade of $3.04 per tonne for hard rock and $3.24 for saprolite. The revenue cutoffs were based on a gold price of $400 per ounce and a copper price of $1.15 per pound." Michael

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