A third stock of mine in the news today..WOW!... Glad to see them looking around..
Press Release Source: Gold Reserve Inc.
Bolivar Gold and Gold Reserve Agree to Explore Choco 5 Property in Venezuela
Tuesday July 8, 11:19 am ET
TORONTO--(BUSINESS WIRE)--July 8, 2003--Bolivar Gold Corp. (TSX VENTURE:BGC - News) and Gold Reserve Inc. (TSX:GLR.A - News; OTC:GLDR - News) have agreed to jointly explore and, if warranted, develop the Choco 5 property in the El Callao district of Venezuela. Bolivar Gold will fund the initial exploration program and earn a 50% interest in the Joint Venture and thereafter each party will contribute equally towards the exploration and development costs. In addition, the companies have agreed to jointly pursue other exploration opportunities within a defined area of interest in the El Callao district of Venezuela.
Choco 5 is located contiguous and to the west of Bolivar Gold's Choco 4 and 10 properties where Bolivar Gold has commenced development of a 5,400 tonne per day open-pit gold operation.
Serafino Iacono, Chairman and CEO of Bolivar Gold stated, "We are excited about entering into this venture with Gold Reserve and are looking forward to leveraging our collective experience in Venezuela. This is a positive and important step forward for us as we work to identify the mineral potential of the El Callao district."
Rockne J. Timm, CEO of Gold Reserve stated, "We are extremely pleased to work with Bolivar Gold on the Choco 5 property as well as other opportunities in the immediate area. Bolivar Gold and Gold Reserve both recognize the substantial potential that exists in the historic El Callao gold producing district of Venezuela."
Bolivar Gold is a gold exploration and development company with a 70% interest in the Choco 4 & 10 properties, where previous exploration has identified a near surface gold resource in oxides, with limited but encouraging deep exploration results. Bolivar Gold intends to develop this oxide resource over the next year, while at the same time aggressively pursuing the deep potential below this resource, as well as other exploration targets on Choco 4 and 10. Bolivar Gold has US$7.5 million in cash and no debt.
Gold Reserve is developing the Brisas project in south-eastern Venezuela and is planning a 50,000 tonne per day mining operation which is expected to produce 362,000 ounces of gold and 46 million pounds of copper annually, at an estimated cash cost (net of copper credits) of $153 per ounce of gold. The property currently contains reserves of 6.7 million ounces of gold and 871 million pounds of copper. Gold Reserve has US$11.4 million in cash and no debt.
The information presented herein or incorporated by reference may include both historical information and "forward-looking statements" relating to the future results of the companies, which involve risks and uncertainties. Numerous factors could cause actual results to differ materially from those in the forward-looking statements. These factors are outlined in both companies' 2002 Annual Information Form (AIF) filed online at sedar.com. Regarding Gold Reserve, these factors are also included in Gold Reserve's Form 20-F as filed on sec.gov.
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Contact:
Bolivar Gold Corp.
Robert Doyle, 416/360-4653
Fax 416/360-7783
www.bolivargold.com
or
Gold Reserve Inc.
Douglas Belanger, 509/623-1500
Fax 509/623-1634
www.goldreserveinc.com
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