Gold Reserve Provides October Venezuela Update
October 13 2017 - 9:15AM
Business Wire
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or
the “Company”) is pleased to provide an update on activities in
Venezuela with respect to the Siembra Minera gold/copper/silver
project (owned 45% by the Company and 55% by the Bolivarian
Republic of Venezuela). Siembra Minera and its technical
consultants are currently working to complete a Preliminary
Economic Assessment (“PEA”) in accordance with National Instrument
43-101, which is expected to be finalized in early November. This
study will include an up to date resource estimate, a mine plan
including gold, copper and silver production, estimated capital and
operating costs, and overall project schedule. The 43-101 report
will detail the large 140,000 tonnes per day Siembra Minera project
and will now also include the smaller fast track 15,000 tonnes per
day saprolite project. The saprolite project tailings dam site
selection and preliminary design work are complete with preliminary
engineering of the saprolite plant nearing completion. Siembra
Minera has also been working with its environmental consultants on
the International Environmental and Social Impact Statement which
will be prepared in accordance with the World Bank’s Equator
Principles. Proposals are currently being evaluated for a drilling
program expected to commence in early in 2018 that will support the
overall project development activities, water management wells, and
test areas where additional resource potential is evident. Siembra
Minera has also now established local management offices in Caracas
and Puerto Ordaz.
As part of the development process, the Company also reports
that the Siembra Minera project has received two important permits
to advance the mining projects. Recently, the Ministerio del Poder
Popular para Ecosocialismo y Aguas (“MINEA” - Ministry of the
Environment) issued the Permit to Occupy. This permit allows
Siembra Minera to proceed to file its request for the Permit to
Affect, which, when issued, will allow early works construction
activities. To support the early works, the Bolivar State Mining
Authority, Instituto Autónomo Minas Bolívar (“IAMIB”) has approved
the issuance of a non-metallic mineral concession for the
development of an aggregate quarry for the project. This permit
will allow the mining of aggregate needed for roads, airstrip,
initial rock base for the construction of the tailing dam and the
production of concrete for overall construction of the
projects.
The Company is also pleased to announce that it has received the
October payment of US$29.5 million pursuant to the Settlement
Agreement.
Doug Belanger, President, stated, “The progress on the project
continues and the prompt receipt of the first permits is a big step
forward in the development of the project in a timely fashion.”
Further information regarding the Company can be located at
www.goldreserveinc.com, www.sec.gov, and www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This release contains “forward-looking statements” within the
meaning of applicable U.S. federal securities laws and
“forward-looking information” within the meaning of applicable
Canadian provincial and territorial securities laws and state Gold
Reserve’s and its management’s intentions, hopes, beliefs,
expectations or predictions for the future including without
limitation statements with respect to the development of the
Siembra Minera project, including the preparation of a PEA for the
project . Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies.
We caution that such forward-looking statements involve known
and unknown risks, uncertainties and other risks that may cause the
actual outcomes, financial results, performance, or achievements of
Gold Reserve to be materially different from our estimated
outcomes, future results, performance, or achievements expressed or
implied by those forward-looking statements, including without
limitation the risk that a PEA for the Siembra Minera project will
not be completed within the time frames anticipated, the risk that
the development of the Siembra Minera project may not proceed as
anticipated and the risk that the Company may not be able to
repatriate funds received under the Settlement Agreement. This list
is not exhaustive of the factors that may affect any of Gold
Reserve’s forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to Gold
Reserve or persons acting on its behalf are expressly qualified in
their entirety by this notice. Gold Reserve disclaims any intent or
obligation to update publicly or otherwise revise any
forward-looking statements or the foregoing list of assumptions or
factors, whether as a result of new information, future events or
otherwise, subject to its disclosure obligations under applicable
rules promulgated by the Securities and Exchange Commission and
applicable Canadian provincial and territorial securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171013005144/en/
Gold Reserve Inc.A. Douglas Belanger,
509-623-1500PresidentFax: 509-623-1634
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