News release:
March 9, 1999 1:04 PM EST
SPOKANE, Wash.--(BUSINESS WIRE)--March 9, 1999--Gold Reserve Inc. (TSE:GLR.A) (Nasdaq: GLDRD) is pleased to announce an increase in its proven and probable reserves to 5.6 million ounces of gold and 654 million pounds of copper at its Brisas property.
Using US $300 per ounce gold and US $0.80 per pound copper the deposit contains mineable reserves of 223.1 million tonnes grading 0.78 grams gold per tonne and 0.13 percent copper with a waste to ore ratio of 1.44:1. An audit recently completed by Behre Dolbear & Company, Inc. of Denver, Colorado verified the increase in mineable reserves as well as a significant decrease in the waste to ore ratio.
Behre Dolbear has concluded that the reserve risk for the project is low. The report also concluded there is upside potential for additional reserves at the Brisas project because the mineralization can be extrapolated with quite high confidence beyond the current drilling in the down dip direction and to the north.
During April, the Company expects the results of metallurgical tests designed to evaluate the potential to produce cathode copper on-site. These tests are being conducted by Cominco Engineering Services Ltd. (CESL), and if successful could substantially improve project economics.
Rockne J. Timm, President and CEO stated, "We are pleased that Behre Dolbear has concluded that there is good potential for additional reserves at Brisas. The Company is evaluating a modest exploration program for 1999, which we believe could add approximately 1 million ounces of gold to these reserves, even at $300 gold. Because of the positive changes to the reserves, the strip ratio and the potential for on-site copper production, we will be updating the pre-feasibility study on the Brisas project over the next few months."
Gold Reserve Inc. is a Canadian company developing the Brisas gold copper project in Southeastern Venezuela. The Company has over US $23 million in cash and investments and no long-term debt. |
