The information regarding the Company’s Venezuelan properties contained herein should be considered in context of our October 21, 2009 news release “Gold Reserve Files International Arbitration Against Venezuelan Government.”


Brisas is primarily comprised of a 500-hectare land parcel consisting of the Brisas alluvial concession and the Brisas hardrock concession beneath the alluvial concession. Together these concessions contain substantially all of the mineralization identified in the Brisas NI 43-101 Report. Brisas also includes a number of other concessions, Corporacion Venezolana de Guayana (“CVG”) work contracts, easements and pending applications for land use authorizations relating to as much as 11,000 hectares of land parcels adjacent to or near the existing alluvial and hardrock concessions. The Brisas project site is in Bolivar State in southeast Venezuela near the small community of Las Claritas in an area known as the KM 88 Mining District. The site is 373-km southeast of Puerto Ordaz or 88 km south of El Dorado on Highway 10, a paved road.

Existing Infrastructure

The existing infrastructure consists of an office building located on the property which accommodated engineering, geology and administrative functions. Additional facilities include an infirmary, maintenance facility, power generating station and a full service camp capable of housing and feeding approximately 55 people as well as sample prep facilities used for logging and splitting core and sample prep.

The Company historically maintained an office in Puerto Ordaz for purchasing and expediting supplies to the site, as well housing geologists and engineers for environmental permitting and project planning and development. Puerto Ordaz, at the confluence of the Orinoco and Caroni Rivers, is a major industrial center with a population of approximately 1,400,000. It has sea-going port facilities servicing the steel mills, aluminum smelters, and the oil industry in the area. The city is also served daily by regular scheduled flights from Caracas. The Puerto Ordaz port facilities could be utilized to ship copper concentrates to smelters outside the country and accommodate the importation of construction, mining and milling equipment.

EDELCA (state hydroelectric company) maintains a 400 kV powerline from Puerto Ordaz through the community of Las Claritas near Highway 10 and into Brazil.