Gold Reserve Wins Brisas Project Title

Gold Reserve Corp.’s Venezuelan subsidiary has won a key approval from that country’s Ministry of Energy and Mines, the company announced. Venezuelan officials approved issuance of the Brisas hardrock mining title.

Comparing the process to “a real estate closing,” Gold Reserve Executive Vice President Douglas Belanger said that after a 30-day comment period, the title will be issued for gold, copper and molybdenum contained in the hardrock beneath the Brisas alluvial gold concession.

Gold Reserve has invested $60 million in the project, expected to produce 7.3 million ounces of gold and 950 million pounds of copper. A pre-feasibility study will be completed in early January.

Last month, the Venezuelan ministry temporarily suspended mining concessions in the Imataca Forest Reserve, but, Gold Reserve officials said, the ruling did not affect the Brisas concession.

“The last 4-1/2 years has been a long, hard and difficult time for the company and its shareholders,” said Rockne J. Timm, Gold Reserve president and CEO. “Publication of the resolution (of approval) is a tremendous milestone for the company and all those who participated in the process.”