Exploration Results Favorable At Mine

Spokane-based Gold Reserve Corp. reported Wednesday that drilling results at its Brisas gold mine in southeastern Venezuela are encouraging.

Crews at the Brisas concession have outlined about 4 million ounces of gold and copper, with 3.1 million ounces of the mineralized rock being primarily gold.

The results do not include drilling from below 210 meters at the Brisas site. The company immediately will start a larger drilling program that will probe deeper into the site and evaluate more of the site’s gold potential.

The results of the new drilling program will be used in a feasibility study on the mine to see if it would be economical for Gold Reserve to develop the mine.

The Brisas property is the company’s primary project. Gold Reserve President Rockne J. Timm said the company, with $25 million in cash and no debt, is in an excellent position to proceed with Brisas.

, DataTimes