Venezuelan Mine Estimate Increased

Spokane-based Gold Reserve Corp. has discovered 30 percent more gold at its Brisas mine in southeastern Venezuela.

Gold Reserve has determined that the site contains 5.2 million ounces of gold compared with a previous estimate of 4 million ounces. The latest calculations were made after receiving estimates from the northern portion of the mine.

The company has yet to include two other mineralized zones in its calculations. Results from those areas will be announced in 1996 or earlier, the company said.

“We believe there is considerable potential to further expand the size of the resource,” said Rockne J. Timm, president of Gold Reserve Corp. , DataTimes