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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE

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To: Tim Cruise who wrote ()	9/5/1996 5:55:00 PM
From: Andrew G.	of 406

Timothy, NEWS !!! It's been a long summer but here is some big news: [Image] BW-Gold Reserve Drills Higher Grade Horizon in Southwest Zone SPOKANE, WASH. (Sept. 5) BUSINESS WIRE -Sept. 5, 1996--Gold Reserve Corp. (TSE - GLR; NASDAQ - GLDR) is extremely pleased to announce that extensive gold mineralization has been intersected in drill hole No. 464, thereby greatly increasing the potential to increase the size of the deposit. Hole No. 464, recently completed in the western extension of the southwest zone, intercepted a higher grade horizon measuring 188 meters of 2.58 grams/tonne (.083 oz) bottoming in 48 meters of 6.77 grams/tonne (.218 oz). This drill hole, in addition to other recently completed drill holes indicates the southwest zone is open to the north, south and west. As a result, the company is immediately increasing its drilling activity. Drilling in the southwest zone indicates the zone is characterized by upper and lower mineralized horizons which correlate over a 450 meter northeast trend currently considered mineable by open pit methods. Within this area a thicker higher grade area measuring 250 meters long and up to 170 meters wide has been defined. Following is a table of 50 X 50 meter spaced drill holes in the mineralized area of the southwest zone. Hole No. Interval Width Grams/ Meters Meters Tonne (C) 316 (A) 54 - 99 45 3.31 153 - 156 3 9.89 171 - 180 9 0.63 207 - 255 48 1.49 267 99 - 165 66 1.05 240 - 285 45 0.86 208 66 - 114 48 1.20 162 - 198 36 0.92 216 - 267 51 0.97 270 48 - 66 18 0.79 75 - 99 24 0.90 120 - 141 21 0.69 156 - 246 90 1.12 464 162 - 351 188 2.58 including 303 - 351 48 6.77 360 129 - 237 108 1.28 319 (A) 99 - 174 75 1.36 240 - 285 45 2.54 361 69 - 84 15 0.88 96 - 261 165 0.97 320 (A) 48 - 99 51 4.16 including 57 - 60 3 41.28 362 18 - 39 21 1.29 63 - 69 6 0.87 132 - 156 24 0.72 274 141 - 198 57 1.08 210 - 219 9 1.21 225 - 237 12 1.70 288 - 324 36 0.88 210 105 - 120 15 0.91 129 - 162 33 1.02 174 - 204 30 0.62 243 - 282 39 1.51 202 90 - 99 9 1.26 204 - 247 43 1.18 271 36 - 63 27 1.00 72 - 81 9 0.59 90 - 120 30 0.73 162 - 171 9 1.28 213 63 - 111 48 1.34 363 147 - 183 36 0.79 228 - 237 9 0.65 258 - 288 30 1.38 323 (A) 96 - 129 33 1.91 including 120 - 129 9 5.76 364 63 - 84 21 1.49 96 - 105 9 0.71 117 - 147 30 1.10 322 (A) 117 - 135 18 4.85 393 (B) 204 - 231 27 0.81 (A) Previously reported (B) Hole 393 is 150 meters southwest of 363 and was too shallow to hit main zone but ended in strong mineralization. This hole will be deepened. (C) 1 ounce of gold equals 31.1034 grams of gold per tonne Drill hole No. 464 is one of the best drill holes the company has completed to date on the property. As a result, the company is reviewing the drill data and cross sections of the southwest zone, as well as another new area to the southeast of the Pozo Azul where a newly identified separate structure has been located. The company will issue a report next week. Gold Reserve is exploring and developing the Brisas alluvial and hard rock concessions in KM 88 in southeastern Venezuela. The current estimate of the Brisas gold/copper deposit is 5.5 million ounces of gold and 726 million pounds of copper. -0- Map of the southwest zone available upon request. Fax on Demand - Current Company and Property Information 800/549-0673 --30--DS/se* CONTACT: Gold Reserve A. Douglas Belanger, 509/623-1500 Fax: 509/623-1634 Visit us on the Internet businesswire.com KEYWORD: WASHINGTON INDUSTRY KEYWORD: MINING/METALS REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com CX 598 15:44 ------

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