Briefing.com

4:19PM Gold Reserve updates Brisas NI 43-101 report (GRZ) 4.65 0.00 : Co updates the Brisas gold copper resource and reserve estimates, capital and operating costs, and current project economics. The current operating plan assumes an open pit mine containing proven and probable reserves of ~10.2 mln ounces of gold and 1.4 bln pounds of copper in 483 mln tonnes of ore grading 0.66 grams of gold per tonne and 0.13% copper, at a revenue cutoff grade of $3.54 per tonne using a gold price of $470 per ounce and a copper price of $1.35 per pound. The operating plan anticipates utilizing conventional truck and shovel mining methods with the processing of ore at full production of 75,000 tonnes per day, yielding an avg annual production of 457,000 ounces of gold and 63 mln pounds of copper over an estimated mine life of ~18.25 years... Initial capital costs are currently estimated to be $731 mln (excluding working capital, critical spares and initial fills of ~$53 mln).