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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Study Shows Ore Body Would Last 14 Years

From Staff And Wire Reports

A gold- and copper-bearing property in Venezuela owned by Gold Reserve Corp. of Spokane contains reserves that would sustain mining for 14 years, a just released pre-feasibility study concludes.

The analysis of results from 737 drill holes at the Brisas property assumes a gold price of $375 per ounce and $1 per pound for silver. At those prices, a proposed mine could yield 5.62 million ounces of gold and 747 million pounds of copper.

Lower prices would reduce reserves.

The mine would be open-pit. Associated processing facilities would produce copper concentrate and gold ore.

The study was prepared by JE MinCorp. of Denver, which is also working on a final report due by year-end, said Gold Reserve Chief Financial Officer Bob McGuinness.

He said construction - expected to cost $293 million - could start shortly after completion of the study if financing can be arranged. Mining would begin 18 months later. , DataTimes