NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GOLD RESERVE CORP.
TSE SYMBOL: GLR
NASDAQ SYMBOL: GLDR
AUGUST 13, 1997
Gold Reserve Appoints JE MinCorp to Prepare Feasibility
Study on Brisas
SPOKANE, WASHINGTON--Gold Reserve Corporation (TSE - GLR, NASDAQ -
GLDR) is pleased to report that JE MinCorp, a division of Jacobs
Engineering Group has been engaged to prepare the feasibility
studies for the Company's Brisas gold copper project in
southeastern Venezuela.
The pre-feasibility study is expected to be completed in the fall
and will include tradeoff studies for plant throughput rates of
approximately 25,000 to 40,000 tonnes per day. Their work will
include analysis of the processing facilities, site and ancillary
facilities and tailings impoundment. The feasibility study is
expected to be finalized during the first half of 1998.
James Geyer, Senior Vice President, states, "We are very pleased
to have a firm of JE MinCorp's caliber to prepare our pre- and
final feasibility studies. JE MinCorp has extensive experience in
Latin America and have recently completed a project in Venezuela,
as well as a project in North America that has similar processing
characteristics to those anticipated for the Company's Brisas
property."
Jacobs Engineering Group is one of the largest engineering and
construction firms in the world and has extensive engineering,
construction and maintenance experience in various resource based
industries throughout the world.
Gold Reserve Corporation is developing the Brisas gold copper
deposit, which the Company estimates to contain 7.3 million ounces
of gold and 950 million pounds of copper making it one of the
largest undeveloped gold deposits in the world. At the end of the
second quarter the Company has cash and investments of $38 million
and no long-term debt.
The information presented in this news release includes both
historical information and forward-looking information or
statements, as defined by the Private Securities Litigation Reform
Act of 1995 (the "Act"). Examples of the latter include, without
limitation, statements regarding potential mineralization,
exploration results, and future plans and objectives of the
Company, all of which involve risks and uncertainties. In
accordance with the Act, the Company cautions that 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 United
States Securities and Exchange Commission. 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.
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