SPOKANE, WA,
May 1, 2013 /CNW/ - Gold Reserve Inc.
(TSX.V:GRZ) (OTCQB:GDRZF) (the "Company") has paid Soltoro Ltd.
(SOL:TSX.V) a scheduled option payment of US $125,000. Gold Reserve has the right to
earn an undivided 51% interest in the La
Tortuga property located in Jalisco State, Mexico.
La Tortuga, a copper and gold
prospect, is an 11,562 hectare property being investigated for its
base and precious metal potential with occurrences of copper and
gold mineralization over 49 square kilometers. Potential deposit
types include iron oxide copper gold deposits (IOCG), copper
porphyries, and epithermal gold and/or base metal veining. Previous
work includes 151 line-kilometers of induced polarization, 20 drill
holes (both diamond core and reverse circulation), mapping and
sampling (approximately 1,000 soil, rock chip and stream sediment
samples), and a ground magnetic survey.
Gold Reserve's 2013 exploration program, which includes airborne
geophysics and drilling, is well under way. Ground based
mapping, sampling, geochemical studies, and geophysical analyses
have been conducted on the property and these activities, along
with about 22 km of road upgrading, support a 7000 to 12000 meter
drill program planned for 2013. This program tests four known
mineralized targets (Las Garrochas, Caballo Vein, Quartz Breccia
Vein, and Oro East) along projected
trends of mineralized structures identified by past surface
exploration and drilling activities. The airborne magnetic
study will be used to determine extensions or additional targets to
be followed up by ground magnetics and/or gravity surveys.
Additional drilling could also be initiated on any new targets
generated by this and other exploration work this year. The Company
has also commenced the environmental baseline studies required for
exploration permitting, as well as future development and has also
begun social program works. Contact has been initiated with the
local community and baseline work started for social impact
studies, which forms the basis of a comprehensive social impact and
mitigation plan for any future development.
Further information regarding the Company can be located at
www.goldreserveinc.com, www.sec.gov and www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This release contains forward-looking statements that state
Gold Reserve's or its management's intentions, hopes, beliefs,
expectations or predictions for the future. In this release,
forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, 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 risks that may cause the
actual outcomes, financial results, performance, or achievements of
Gold Reserve to be materially different from our estimated
outcomes, future results, performance, or achievements expressed or
implied by those forward-looking statements.
Numerous factors could cause actual results to differ
materially from those in the forward-looking statements, including
without limitation: outcome of the Company's arbitration against
the Bolivarian Republic of Venezuela; continued servicing or
restructuring of the Company's convertible notes or other
obligations as they come due; equity dilution resulting from the
conversion of the convertible notes in part or in whole to common
shares; value realized from the disposition of the remaining Brisas
Project related assets; competition with companies that are not
subject to or do not follow Canadian and U.S. laws and regulations;
corruption, uncertain legal enforcement and political and social
instability; regulatory, political and economic risks associated
with foreign jurisdictions including changes in laws and legal
regimes; currency, metal prices and metal production volatility;
adverse U.S. and Canadian tax consequences; abilities and continued
participation of certain key employees; prospects for exploration
and development of other mining projects by the Company; and risks
normally incident to the exploration, development and operation of
mining properties.
This list is not exhaustive of the factors that may affect
any of Gold Reserve's forward-looking statements. Investors are
cautioned not to put undue reliance on forward-looking statements.
All subsequent written and oral forward-looking statements
attributable to Gold Reserve or persons acting on its behalf are
expressly qualified in their entirety by this notice. Gold Reserve
disclaims any intent or obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of
assumptions or factors, whether as a result of new information,
future events or otherwise, subject to its disclosure obligations
under applicable rules promulgated by the SEC.
In addition to being subject to a number of assumptions,
forward-looking statements in this release involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to be materially different from
those expressed or implied by such forward-looking statements,
including those factors outlined in the "Cautionary Statement
Regarding Forward-Looking Statements" and "Risks Factors" contained
in Gold Reserve's filings with the Canadian provincial securities
regulatory authorities and the SEC, including Gold Reserve's Annual
Information Form and Annual Report on Form 40-F for the year ended
December 31, 2012, filed with the
Canadian provincial securities regulatory authorities and the SEC,
respectively.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release."
SOURCE Gold Reserve Inc.