For anyone interested here is the latest news release. Drilling at its Brisas Property Increased the Mineralized Deposit by 900,000
Ounces of Gold
Gold Reserve Corporation (TSE:GLR-NASDAQ:GLDR), is pleased to announce that drilling at its Brisas
property has increased the mineralized deposit by 900,000 ounces of gold and 150 million pounds of
copper to 7.3 million ounces of gold and 950 million pounds of copper. The increase in the Brisas
mineralized deposit is due to drilling activity to the west of the Northern Area and southwest of the
Southern Area. The Brisas mineralized deposit is over 1900 meters long and 500 to 900 meters wide.
Recent drill holes indicate that gold mineralization is open to the southwest where the grade of gold per
tonne has increased by more than 10%.
The Brisas mineralized deposit to date is defined by 621 drill holes primarily on a 50 by 50 meter grid
amounting to over 130,000 meters of drilling. The following table summarizes the Northern Area
(gold/copper mineralization) and Southern Area (primarily gold only mineralization):
Gold
Gold Copper Gold Equiv. Total Gold Grade
Area Tonnes Ounces Pounds (1) of Copper. Equiv. Ozs gpt
------------------------------------------------------------------
North 149.5 MM 3.14 MM 835 MM 2.40 MM 5.54 MM 1.18 Gold equi-
valent
South 108.7 MM 4.16 MM 115 MM 0.30 MM 4.46 MM 1.29 Gold only
------------------------------------------------------------------------
Total 258.2 MM 7.30 MM 950 MM 2.70 MM 10.00 MM 1.23 Gold equi-
valent
------------------------------------------------------------------------
------------------------------------------------------------------------
One ounce of gold equals 31.1034 grams of gold / gpt equals grams per tonne / MM equals million
(1) gold equivalent ounces based on $350 gold and $1.00 copper
The Company is currently drilling to the southwest of the Southern Area, certain El Remo and Mundo
Nuevo targets and additional in-fill drilling required for the feasibility study scheduled for completion in early
1998. The Company has previously retained a geological consulting firm to conduct an independent audit of
the Company's drilling, sampling and assay procedures. Preliminary conclusions indicate that Gold
Reserve's data collection procedures meet or exceed industry standards. The results of the audit will be
used in conjunction with the various reports necessary for the feasibility study. Gold Reserve Corporation is
exploring and developing the Brisas property in KM 88 in southeast Venezuela. Gold Reserve and its
subsidiaries have cash and investments of approximately U.S. $40 million and no long-term debt.
This news release includes certain ``forward-looking statements'' within the meaning of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact,
included in this release, including, without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of Gold Reserve, are forward-looking
statements that involve various risks and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to differ materially from the
Company's expectations are disclosed under the heading ``Risk Factors'' and elsewhere in documents filed
from time to time with The Toronto Stock Exchange, the United States Securities and Exchange
Commission and other regulatory authorities. All subsequent written and oral forward-looking statements
attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this
notice. |
