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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE -- Ignore unavailable to you. Want to Upgrade?

To: shorty who wrote (260)	3/4/1998 6:01:00 PM
From: Damon Pham	Respond to of 406

Gold Reserve Corp. Announces Brisas Hardrock Mining Title Published SPOKANE, Wash.--(BUSINESS WIRE)--March 4, 1998--Gold Reserve Corp. (TSE:GLR - news; NASDAQ:GLDR -news) is extremely pleased to announce that the mining title for the Brisas hardrock concession has been approved by the Ministry of Energy and Mines (''MEM'') and published in the Official Gazette of the Republic of Venezuela. The concession grants the company's wholly owned Venezuelan subsidiary, Compania Aurifera Brisas del Cuyuni, C.A. (''Brisas''), the right to exploit gold, copper and molybdenum in the hardrock that underlies the subsidiary's alluvial gold concession. The primary conditions of the mining title are: 1. Term of 20 years with two ten-year renewable periods. 2. Mining taxes of four percent on the gross value of gold and seven percent on the value of the copper and molybdenum at the mine mouth (sales of gold to the Central Bank of Venezuela will be taxed at one percent). 3. Submission of a technical and economical feasibility study in 24 months to the MEM. 4. Submission of an environmental impact statement to the Ministry of the Environment and Renewable Resources and the MEM. 5. The hiring and training of Venezuelan employees. The current mining law allows Brisas five years to commence production at the hardrock concession. The Brisas property, which includes the alluvial gold concession and the hardrock concession (below the alluvial concession), is located nearby the Las Cristinas and Albino properties in southeastern Venezuela in the KM 88 mining district. Rockne J. Timm, president and CEO stated, ''We are pleased that this milestone has been achieved and we can continue the development of our world class gold and copper deposit.''