Custodianship of Brisas decided

Possession and control of the Brisas concession in Venezuela will remain with a subsidiary of Spokane-based Gold Reserve (TSE).

The decision was made by the Supreme Court of Venezuela, which reaffirmed a previous decision by a lower court, although the ownership is contingent on final adjudication of the main lawsuit.

The suit is centred around whether or not the lease and purchase option held by the Gold Reserve subsidiary should be terminated because of nonpayment of rentals.

The subsidiary will have the right to explore, develop and exploit mineralization found on the concession. In addition, it will be allowed to recover all costs derived from these activities, while net profits will be assigned to the prevailing party following the resolution of the main lawsuit. A ruling is not expected until after the first quarter of 1995.