VENEZUELA – GOLD RESERVE INC. of Spokane, Washington, has updated the NI 43-101 report for its Brisas copper-gold project in the KM 88 Mining District. The company believes the property contains at least 10.4 million oz of gold and 1.3 billion lb of copper. The proven and probable reserve is 484.6 million tonnes grading 0.13% Cu and 0.67 g/t Au.
The current operating plan assumes a large open pit mine using conventional truck and shovel mining methods. At full production the mill will treat 70,000 t/d of ore, yielding an average annual production of 456,000 oz of gold and 60 million lb of copper over an estimated mine life of approximately 18.5 years. Initial capital costs are now put at US$638.0 million, up from the estimate of US$552.1 million made in 2005.
Gold Reserve made a presentation at the Denver Gold Group in September 2006. That presentation is posted at www.GoldReserveInc.com.