Gold Reserve Starts To Drill In Venezuela

Litigation has given way to drilling on the Venezuela gold property controlled by Spokanebased Gold Reserve Corp.

The company Thursday reported diamond drills were punching their first holes in the Brisas Concession in the South American country’s southeastern corner.

The initial drilling plan calls for 75 holes testing five targets on the property. By year-end, 200 holes will be completed.

Other geophysical and geochemical work is also planned.

The company said it has appointed Alan Wright, who has more than 30 years of mineral exploration experience in North and South America and Africa, to head the Brisas project.

The concession has been tied up by litigation for two years. A settlement was reached Dec. 21.

The area is considered one of the most promising in the world for new gold development.