Exploration Results Please Gold Reserve

Spokane-based Gold Reserve Corp. reported encouraging drilling results Tuesday at its Brisas Concession in Venezuela.

The company has drilled 40 holes in the promising gold deposit since late 1992. Drilling was stopped temporarily in 1994 as Gold Reserve settled a lawsuit with TVX Gold Inc. over the property.

The drilling results have revealed two areas of high gold concentration, the company said. The areas are called the Pozo Azul and Laguna Donna regions of the concession.

In the Pozo Azul area, some of the drills revealed up to 9.7 ounces of gold per ton of ore, with significant copper concentrations as well, the company reported.

In the Laguna Donna area, more limited drilling revealed mineralization of up to 1.11 grams of gold per ton of ore. The company will intensify its drilling efforts in this zone.