US Gold Reserve claims exploratory drillings and feasibility studies at Las Brisas goldmine

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, May 20, 2003 By: David Coleman

Spokane (Washington) USA-based Gold Reserve Inc says it has engaged a mining contractor to extract a bulk sample from the Las Brisas goldmine project in southeastern Bolivar State for a large scale test to be conducted by Cominco Engineering Services (CESL) over the next 10-12 weeks,  sinking exploratory shafts into hardrock mineralization to extract some 750 tonnes to be processed into a gold-copper concentrate at SGS Lakefield Research Limited in Canada.

• A GLDR press release claims that the CESL test will provide final feasibility level data for metal recovery, sizing, engineering and design of the CESL plant and will provide data for predictable reagent consumption and operating and capital cost estimates for the bankable feasibility study.

Behre Dolbear & Co Inc of Denver, Colorado (USA) is said to be advancing with a mine reserve analysis and long-term production schedule for the Las Brisas gold/copper project ... the study was due in May, but GLDR expanded the study's scope to include separate reserve analysis for the CESL process as well as incorporating a conventional smelter process case.  Preliminary pit designs are scheduled to be completed in June with a final report in Q3 2003.

Gold Reserve issued their press release earlier today on Canada's business wire with the usual disclaimer that the release may include both historical information and "forward-looking statements" relating to future results, which involve risks and uncertainties.  VHeadline.com is accustomed to treating GLDR press releases with due care, attention and skepticism as a result of their somewhat erratic operating history in Venezuela.