Gold Reserve Reports Rusoro and Endeavour Permission to Appeal Injunction Denied

SPOKANE, Wash.--(Business Wire)--
Gold Reserve Inc. (TSX:GRZ) (NYSE Amex:GRZ) announced today that the Ontario
Superior Court of Justice denied Rusoro Mining Ltd. (TSX VENTURE:RML) ("Rusoro")
and Endeavour Financial International Corporation ("Endeavour") permission to
appeal the order the Court made on February 10, 2009. The original order granted
an injunction precluding Rusoro and Endeavour from proceeding with Rusoro`s
hostile take over bid for the Company.

The action filed by the Company in December 2008, sought an injunction
restraining Rusoro and Endeavour from proceeding with Rusoro`s unsolicited
offer. At trial, the Company will also be seeking monetary damages of Cdn $550
million and various other items.

On April 2, 2009 the Ontario Superior Court of Justice heard motions by Rusoro
and Endeavour for permission to appeal the interlocutory injunction. On April 6,
2009, in its denial of the permission to appeal, the Court stated, "The motions
judge was very much alive to all the issues raised by the moving parties and, in
conducting his analysis, he carefully analyzed the facts, then applied
well-established principles of law. In granting this discretionary remedy, he
made no error that would result in my doubting the correctness of his order."

A. Douglas Belanger, President of Gold Reserve stated, "The judge who heard the
appeal, noted a number of compelling reasons for the denial of the leave to
appeal. The strength of the Court's response will guide the execution of our
claim against Rusoro and Endeavour in the future."

The ruling will be posted on our Website at www.goldreserveinc.com.

Gold Reserve Inc. is a Canadian company, which holds the rights to the Brisas
gold/copper project and the Choco 5 gold exploration property in Bolivar State,
Venezuela.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that may 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 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. While certain statements in this release may
be within the meaning of "forward-looking statements" under Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), the safe
harbor provided by Section 21E of the Exchange Act does not apply to any
forward-looking statements made in connection with the enjoined hostile takeover
bid (the "Offer") by Rusoro to acquire the shares of Gold Reserve, including the
forward-looking statements contained in this release.

Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation: concentration of
operations and assets in Venezuela; corruption and uncertain legal enforcement;
requests for improper payments; competition with companies that are not subject
to or do not follow Canadian and U.S. laws and regulations; the outcome of any
potential proceedings under the Venezuelan legal system or before arbitration
tribunals as provided in investment treaties entered into between Venezuela,
Canada and Barbados to determine the compensation due to Gold Reserve in the
event that Gold Reserve and the Venezuelan government do not reach an agreement
regarding construction and operation of the Brisas Project, or the Brisas
Project is transferred to the Venezuelan government and the parties do not reach
agreement on compensation; regulatory, political and economic risks associated
with Venezuelan operations (including changes in previously established laws,
legal regimes, rules or processes); the ability to obtain, maintain or
re-acquire the necessary permits or additional funding for the development of
the Brisas Project; the result or outcome of the trial regarding the Offer;
significant differences or changes in any key findings or assumptions previously
determined by us or our experts in conjunction with our 2005 bankable
feasibility study (as updated or modified from time to time) due to actual
results in our expected construction and production at the Brisas Project
(including capital and operating cost estimates); the method and manner of our
determination of reserves, risk that actual mineral reserves may vary
considerably from estimates presently made; impact of currency, metal prices and
metal production volatility; fluctuations in energy prices; changes in proposed
development plans (including technology used); our dependence upon the abilities
and continued participation of certain key employees; the prices, production
levels and supply of and demand for gold and copper produced or held by Gold
Reserve; the potential volatility of Gold Reserve`s Class A common shares; the
price and value of Gold Reserve`s notes, including any conversion of notes into
Gold Reserve`s Class A common shares; the prospects for exploration and
development of projects by Gold Reserve; and risks normally incident to the
operation and development 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 U.S. Securities and
Exchange Commission (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 the risks identified under "Important Note for U.S. Investors
Concerning Resource Calculations" as well as the risks identified in the filings
by Gold Reserve with the SEC and Canadian provincial securities regulatory
authorities, including Gold Reserve`s annual information form for the year ended
December 31, 2008, dated March 31, 2009, and Gold Reserve`s Annual Report on
Form 20-F for the fiscal year ended December 31, 2008 filed with the SEC on
March 31, 2009.

Rubenstein Investor Relations
Tim Clemensen, 212-843-9337
tclemensen@rubensteinir.com
or
Gold Reserve Inc.
A. Douglas Belanger, President
Tel. 509-623-1500
Fax 509-623-1634
www.goldreserveinc.com

Copyright Business Wire 2009