Gold Reserve hits deep copper in Km 88

In a program of follow-up drilling, Gold Reserve (GLR-T) has confirmed the presence of deep copper-gold mineralization beneath the centre of the Las Brisas deposit in the Kilometre 88 region of southeastern Venezuela.

The company first encountered the mineralization in earlier, widely spaced drilling.

Measuring 400 metres long and 50 to 70 metres wide, the zone contains copper that is nearly twice as rich as that found in the main deposit. Gold grades, however, are generally lower than in the main deposit.

All holes were drilled at an angle of 60. Highlights include: * hole 695, which returned 60 metres grading 0.38% copper and 0.6 grams gold per tonne, starting from a depth of 330 metres;

* hole 692, which intercepted 54 metres of 0.55% copper and 0.54 gram gold, starting from a depth of 396 metres;

* hole 334a, which hit 72 metres of 0.47% copper and 0.4 gram gold, starting at a depth of 264 metres;

* hole 693, which hit 45 metres grading 0.57% copper and 0.4 gram gold, starting at a depth of 348 metres; and

* hole 696, which returned 48 metres of 0.41% copper and 0.42 gram gold, starting at a depth of 381 metres.

Gold Reserve says the recently discovered zone could extend the mine life by as much as two years. Additional drilling is planned.

A prefeasibility study is expected in December, and the company is considering increasing the daily mining rate to 50,000 tonnes. The company is still waiting for the Venezuelan government to issue the veta (mining) rights for Las Brisas.