Gold Reserve Reports Positive Audit by Behre Dolbear at Brisas 14:54 EST Tuesday, August 12, 1997
SPOKANE, WASHINGTON--Gold Reserve Corporation is pleased to announce that Behre Dolbear & Company, Inc. of Denver, Colorado, has recently completed an audit of the data collection procedures used by the Company at its Brisas gold copper deposit in southeastern Venezuela. The Behre Dolbear study concluded that:
--Technical data collection procedures utilized by Gold Reserve meet or exceed accepted industry standards.
--Assay laboratories utilized by Gold Reserve provided reliable and acceptable results.
--The database being compiled by Gold Reserve at the Brisas property is of a quality appropriate for utilization in a mineral resource or reserve calculation which could be included in a feasibility study suitable for obtaining financing from international financial entities.
Behre Dolbear audited all data collection procedures, verified that these procedures meet industry standards, and established the reliability and accuracy of the sample preparation procedures and assay results from the primary and secondary labs used by the Company for its Brisas property.
The first phase of the audit by Behre Dolbear provided the verification of the data necessary to calculate the ore reserve that will be incorporated in the pre-feasibility study. The pre-feasibility study is scheduled for completion this fall. In addition, Behre Dolbear has been engaged for the second phase audit of the ore reserve calculation which will be incorporated into the final feasibility study expected to be completed during the first half of 1998.
Richard Kehmeier Vice President - Exploration stated, "We are very pleased this independent audit by Behre Dolbear confirms that the data collection policies and procedures utilized at Brisas have resulted in producing a quality database that meets or exceeds industry standards."
Behre Dolbear & Company, Inc. founded in 1911, is the oldest, continually operating, mining consulting firm in North America, specializing in performing mineral industry studies for mining companies, financial institutions and natural resources firms. Typical studies conducted by Behre Dolbear are reserve compilation and audits, mineral property evaluations and valuations, due diligence studies for acquisition purposes, assistance in negotiating mineral agreements, and market analysis. The firm has worked with a broad spectrum of commodities on a worldwide basis including base and precious metals, coal and lignite, ferrous metals, and industrial minerals.
Gold Reserve Corporation is developing the Brisas gold copper deposit, which is currently estimated 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.
A copy of the Executive Summary of the study is available on Gold Reserve's FAX ON DEMAND Service at 800-549-0673. Request document number 1800.
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 U.S. 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. |
