Tuesday, 17th May 2005 (2650 views)

Canada's Gold Reserve has revealed gold reserves at its Brisas project have been increased.

According to the company gold reserves have increased from 9.2 million to 10.1 million ounces at the project, based in southeastern Venezuela.

Doug Belanger, president, stated, "With the new proven and probable reserves and only 35.8 million shares outstanding, Gold Reserve has over 0.28 ounces of gold per outstanding share, which is the highest in the industry."

The analysis was conducted by Pincock Allen & Holt and was based on 195,000 metres of diamond drilling in 830 holes.

Analysis also included 15,000-metre drilling recently conducted by Gold Reserve.

Proven and probable reserve figures for the Brisas site show proven gold grades of 0.726 gpt and probable reserves of 0.683 gpt.

It is hoped 70,000 tonnes of ore will processed each day, with annual production of 486,000 ounces of gold.

 

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