GOLD/COPPER PROJECT – Positive Las Brisas Decision Expected This Month

VENEZUELA - GOLD RESERVE of Spokane, Wash., is planning to release a feasibility study on its Las Brisas gold-coppe...
VENEZUELA - GOLD RESERVE of Spokane, Wash., is planning to release a feasibility study on its Las Brisas gold-copper project in the week starting Dec. 20, said company president Doug Belanger.

"At this point, our intentions are to release it and make a production decision by year-end," said Belanger in an e-mail. If the release comes too close to the holiday season, the company will wait until early in the New Year, he added. "But with something of this magnitude, there is no deadline. We want to get it right first and foremost," stressed Belanger.

The bankable feasibility study is evaluating a 70,000-tonnes/day operation using conventional flotation and cyanidation of the copper-gold ore to produce 475,000 oz of gold annually and 29,485 tonnes of copper over 16 or more years.

Gold Reserve forecasts start-up in 2007, said Belanger, declining to provide a capital cost estimate so close to the feasibility study release.

Endeavor Financial has been hired to advise on the structure of the debt and equity finance for Brisas. "With the positive outlook for gold and copper prices, we are in excellent shape to complete the financing necessary to construct Brisas," continued Belanger.

Colorado-based AATA has been hired to complete the international environmental impact statement (IEIS) for Las Brisas, which should be completed in January and is a necessary component for obtaining the start-up capital.

The company has also engaged Neil Seldon & Associates to assist marketing the copper and gold concentrate and has held several meetings with smelter groups. Permitting is also underway.

In early November, Gold Reserve raised Cdn$30 million in an offering led by Orion Securities and Sprott Securities of over 5.36 million units at Cdn$5.60/each.

The funds will be used to continue the momentum at Las Brisas and explore the company's Choco 5 property, also in southeast Venezuela's Bolvar state and next to BOLIVAR GOLD's Choco 10 under construction.

Las Brisas has proven and probable reserves of 407 million tonnes grading 0.7 g/t Au and 0.13% Cu to contain 9.10 million oz of gold and 523,000 tonnes of copper. Gold Reserve has invested US$78 million in the project. More information about the project is available at


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