FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of May, 2005
Commission File Number: 001-31819
Gold Reserve Inc.
(Exact name of registrant as specified in its charter)
926 W. Sprague Avenue, Suite 200
Spokane, Washington 99201
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F _____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-____________
Filed with this Form 6-K are the following, which are incorporated herein by
reference:
99.1 Press Release
May 17, 2005
Gold Reserve increases proven and probable reserves to 10.1 million
ounces of gold
99.2 Press Release
May 13, 2005
Brisas measured and indicated gold resource increases to 12.4 million
ounces
Certain statements included herein, including those that express management's
expectations or estimates of our future performance, constitute "forward
looking statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable by
management 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 risk factors that may cause the actual financial
results, performance, or achievements of Gold Reserve to be materially different
from our estimated future results, performance, or achievements expressed or
implied by those forward looking statements. These are discussed in greater
detail in Gold Reserve's filings with the U.S. Securities and Exchange
Commission at www.sec.gov and the Annual Information Form and other reports
filed with Canadian provincial securities commissions at www.sedar.com . Gold
Reserve expressly disclaims any intention or obligation to update or revise any
forward looking statement whether as a result of new information, events or
otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Gold Reserve Inc.
(Registrant)
Date: May 17, 2005 By: s/ Robert A. McGuinness
Name: Robert A. McGuinness
Title: Vice President - Finance & CFO
EXHIBIT INDEX
99.1 Press Release
NR-05-04
GOLD RESERVE INCREASES PROVEN & PROBABLE RESERVES
TO 10.1 MILLION OUNCES OF GOLD
SPOKANE, WASHINGTON May 17, 2005
Gold Reserve Inc. (TSX: GRZ - AMEX:GRZ) is pleased to announce an
increase in its proven and probable mineral reserves at the
Brisas project. Gold increased to 10.1 million ounces from 9.2
million ounces and copper increased to 1.29 billion pounds from
1.18 billion pounds.
Pincock Allen & Holt, Inc. ("PAH") of Denver, Colorado has
completed the Brisas mineral reserve analysis based on 195,000
meters of diamond drilling in 830 holes. This increase
incorporates the Company's recent 15,000 meter drilling program,
the mining and milling costs for the 70,000 tonne per day
flotation plant, and the smelter treatment and refining charges
for the gold/copper concentrates from the Company's bankable
feasibility study.
The proven and probable mineral reserve estimate is summarized in
the following table:
Brisas Mineral Reserve
Reserve Gold Gold Copper Copper Strip
Tonnes Grade Ounces Grade lbs. Ratio
(millions) (gpt) (thousands) (%) (millions)
-------------------------------------------------------------------
Proven 206.9 0.726 4,829 0.125 570
Probable 239.3 0.683 5,255 0.136 720
-------------------------------------------------------------------
Total 446.2 0.703 10,084 0.131 1,290 2.1
-------------------------------------------------------------------
The mineral reserve (within a pit design) has been estimated in
accordance with the SME Reporting Guide and CIM Standards as
adopted by CSA National Instrument 43 - 101, which we believe is
substantially the same as SEC Industry Guide 7. The mineral
reserve was estimated using metal prices of US $350 per ounce
gold and US $0.90 per pound copper with an internal revenue
cutoff of US $3.00 per tonne. The qualified persons involved in
the reserve estimates are Raul Borrastero, C.P.G. and Susan Poos
P.E. of PAH and Brad Yonaka, Exploration Manager and Daniel
Thompson, Manager Technical Services for the Company.
Doug Belanger, President, stated, "With the new proven and
probable reserves and only 35.8 million shares outstanding, Gold
Reserve has over 0.28 ounces of gold per outstanding share, which
is the highest in the industry."
The Brisas operating plan from the January 2005 bankable
feasibility study anticipates processing ore at 70,000 tonnes per
day, yielding an average annual production of 486,000 ounces of
gold and 63 million pounds of copper. Cash operating costs (net
of copper by-product at US $1.00 per pound) are estimated at $154
per ounce of gold and total costs per ounce, including operating
costs and initial and sustaining capital, are estimated at $263
per ounce of gold.
Gold Reserve Inc. is a Canadian company, currently developing its
Brisas gold/copper project in Southeastern Venezuela.
Information regarding Gold Reserve Inc. is located at
www.goldreserveinc.com
Certain statements included herein, including those that express
management's expectations or estimates of our future performance,
constitute "forward looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Forward looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management 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 risk factors that may
cause the actual financial results, performance, or achievements
of Gold Reserve to be materially different from our estimated
future results, performance, or achievements expressed or implied
by those forward looking statements. These are discussed in
greater detail in Gold Reserve's filings with the U.S. Securities
and Exchange Commission at www.sec.gov and the Annual Information
Form and other reports filed with Canadian provincial securities
commissions at www.sedar.com. Gold Reserve expressly disclaims
any intention or obligation to update or revise any forward
looking statement whether as a result of new information, events
or otherwise.
FOR FURTHER INFORMATION:
Internet - www.goldreserveinc.com
A. Douglas Belanger, President
926 W. Sprague Ave., Suite 200
Spokane, WA 99201 USA
Tel. (509) 623-1500
Fax (509) 623-1634
99.2 Press Release
NR-05-03
Brisas measured and indicated gold resource increases to 12.4 million
ounces
SPOKANE, WASHINGTON May 13, 2005
Gold Reserve Inc. (TSX: GRZ - AMEX:GRZ) is very pleased to
announce a 1.4 million gold ounce and 229 million copper pound
increase in the measured and indicated resource at its Brisas
project located in Southeastern Venezuela. The measured and
indicated gold and copper resources are approximately 12.4
million ounces and 1.6 billion pounds, respectively. The inferred
resource at Brisas is an additional 2.46 million ounces of gold
and 346 million pounds of copper. The increase in measured and
indicated gold and copper resource is in addition to the resource
disclosed in the Brisas bankable feasibility study released in
January 2005.
The resource estimate incorporates the Company's recent drill
program of 15,000 meters and a 0.4 grams per tonne gold
equivalent (AuEq) cutoff grade using $350 per ounce gold and
$0.90 per pound copper. Pincock Allen & Holt of Denver, Colorado
is currently completing the proven and probable reserve estimate
which is expected to be finalized next week.
Pincock Allen & Holt has completed the resource estimate
utilizing various cutoff grades summarized in the following
table:
Brisas Measured and Indicated Resource
Category AuEq K tonnes Gold Copper
Cutoff Gpt k ozs % m lbs
---------------------------------------------------------------------
0.3 285,819 0.636 5,841 0.115 721
0.4 250,184 0.689 5,541 0.119 656
Measured 0.5 206,653 0.758 5,039 0.127 577
0.6 156,226 0.861 4,327 0.133 456
0.7 120,940 0.953 3,704 0.139 370
---------------------------------------------------------------------
0.3 402,949 0.567 7,351 0.129 1,140
0.4 332,314 0.640 6,837 0.132 966
Indicated 0.5 265,562 0.719 6,139 0.137 802
0.6 193,409 0.834 5,186 0.137 585
0.7 147,338 0.928 4,398 0.140 454
---------------------------------------------------------------------
0.3 688,768 0.596 13,192 0.123 1,861
Measured 0.4 582,498 0.661 12,378 0.126 1,622
+ 0.5 472,215 0.736 11,178 0.133 1,379
Indicated 0.6 349,635 0.846 9,513 0.135 1,041
0.7 268,278 0.939 8,102 0.140 824
---------------------------------------------------------------------
Brisas Inferred Resource
The Brisas inferred resource estimate at various gold equivalent
(AuEq) cutoff grades is summarized in the following table:
Category AuEq K tonnes Gold Copper
Cutoff Gpt k ozs % m lbs
---------------------------------------------------------------------
0.3 178,650 0.490 2,813 0.120 472
0.4 129,040 0.594 2,464 0.122 346
Inferred 0.5 95,492 0.690 2,118 0.124 261
0.6 63,916 0.835 1,715 0.113 159
0.7 47,607 0.933 1,428 0.113 118
---------------------------------------------------------------------
The geologic resource has been estimated in accordance with the
SME Reporting Guide and CIMM Standards as adopted by CSA National
Instrument 43 - 101. The gold equivalent (AuEq) cutoff is based
on $350 per gold ounce, $0.90 per pound copper, anticipated metal
recoveries and smelter costs. The qualified persons involved in
the resource estimate were Raul Borrastero, C.P.G. and Susan Poos
P.E. of Pincock Allen & Holt and Brad Yonaka and Daniel Thompson
of Gold Reserve.
The Brisas operating plan from the bankable feasibility study
anticipates utilizing conventional truck and shovel mining
methods with the processing of ore at full production of 70,000
tonnes per day, yielding an average annual production of 486,000
ounces of gold and 63 million pounds of copper. Initial capital
cost and the cash operating cost are estimated to be $552 million
and $154 per ounce of gold (net of copper by product at $1.00 per
pound), respectively.
Information regarding Gold Reserve Inc. is located at
www.goldreserveinc.com
Certain statements included herein, including those that express
management's expectations or estimates of our future performance,
constitute "forward looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Forward looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management 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 risk factors that may
cause the actual financial results, performance, or achievements
of Gold Reserve to be materially different from our estimated
future results, performance, or achievements expressed or implied
by those forward looking statements. These are discussed in
greater detail in Gold Reserve's filings with the U.S. Securities
and Exchange Commission at www.sec.gov and the Annual Information
Form and other reports filed with Canadian provincial securities
commissions at www.sedar.com. Gold Reserve expressly disclaims
any intention or obligation to update or revise any forward
looking statement whether as a result of new information, events
or otherwise.
FOR FURTHER INFORMATION:
Internet - www.goldreserveinc.com
A. Douglas Belanger, President
926 W. Sprague Ave., Suite 200
Spokane, WA 99201 USA
Tel. (509) 623-1500
Fax (509) 623-1634