Gold Reserve Reports on Status of Brisas Property

SPOKANE, Wash.--(Business Wire)--
Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX: GRZ) reported today that the Venezuelan
Government has assumed control of the Brisas Property in southeastern Venezuela.
Government personnel arrived at the Brisas Camp on Monday to deliver
notification of the Government`s takeover of the property relating to the Brisas
Del Cuyuni alluvial gold concession and to take physical possession of that
property. The 500-hectare alluvial concession area is coextensive with the
underlying hard rock concession area.

The Government`s actions come less than a week after the company filed its
request for international arbitration. Doug Belanger, President of Gold Reserve
stated, "The Government`s actions are a continuation of its wrongful treatment
of Gold Reserve and its investments and a further demonstration of the
Government`s earlier decision to expropriate the entire Brisas Project."

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: the outcome or
processof any potential proceedings under the Venezuelan legal system or before
arbitration tribunals as provided in investment treaties entered into between
Venezuela, Canada and/or Barbados to determine compensation due to Gold Reserve
resulting from its claims in arbitration against the Venezuelan government and
its agents and agencies, or if the Brisas Project is transferred to the
Venezuelan government and the parties do not reach agreement on compensation;
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;
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 enjoined hostile takeover bid for Gold
Reserve; 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) or our inability to undertake
such construction or production; 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 those factors outlined in the "Cautionary Notes" and "Risks Factors"
contained in Gold Reserve's filings with the Canadian provincial securities
regulatory authorities and U.S. Securities and Exchange Commission, including
Gold Reserve`s Annual Information Form and Annual Report on Form 20-F for the
year ended December 31, 2008, filed with the Canadian provincial securities
regulatory authorities and U.S. Securities and Exchange Commission,
respectively, on March 31, 2009.

Gold Reserve Inc.
A. Douglas Belanger, President
Tel. 509-623-1500
Fax 509-623-1634
www.goldreserveinc.com

Copyright Business Wire 2009