Gold Reserve Inc. Selects Aker Kvaerner for Brisas Feasibility Study
The study contemplates a 50,000 tonne per day conventional milling facility utilizing two primary cases to be evaluated for a 2004 production decision. The base case will be a conventional gold-copper mill with a secondary circuit utilizing the CESL gold-copper process developed by Cominco Engineering Services Limited of Vancouver, producing dore gold and cathode copper on-site. The other case will be a conventional gold-copper mill that will produce a copper concentrate for processing by an off-site smelter. Other processing alternatives and optimization studies will also be conducted as part of the final feasibility study. Vector Colorado LLC and Pincock Allen & Holt will play key roles in the completion of the Brisas feasibility study.
James Geyer, Gold Reserve Senior Vice President stated, "Aker Kvaerner's U.S. subsidiary was selected because of its extensive experience in engineering and construction of gold-copper ore processing facilities as well as its experience in South America. Gold Reserve looks forward to working with this Aker Kvaerner Group entity on the Brisas project."
Through its global affiliates and subsidiaries, Aker Kvaerner is a world leader in the engineering and construction of gold ore processing facilities, having completed more than 50 studies and EPCM projects in the past 15 years. These projects have included the first large scale gold CIP circuit in the U.S. and the first gold facility built by foreign investors in Russia since the 1930s. Aker Kvaerner Group companies have played a role in projects that have been built in North and South America, Russia, Asia, and Africa.
The Aker Kvaerner entity Kvaerner E&C, a division of Kvaerner U.S. Inc., will execute the project.
Gold Reserve currently has 28.8 million shares outstanding and US$20 million in cash and no debt. Information on Gold Reserve is located at www.goldreserveinc.com
ENDS
For further information, please contact:
Jason Cohen, Manager of Marketing and Communications: Tel: +1 (925) 244-6064 or Email: jason.cohen@akerkvaerner.com
Aker Kværner ASA
is through its subsidiaries and affiliates ("Aker Kvaerner") a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner spans a number of industries, including Oil & Gas production, Refining & Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 6 billion and employs around 29,000 employees in more than 30 countries. The Aker Kvaerner group consists of many legally independent entities, constituting their own separate identities. Aker Kvaerner is used as the common brand or trademark for most of these entities.