SPOKANE, WA, May 8 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) announced that it has obtained from the Venezuelan Ministry of Environment (MinAmb) formal notification of the rescission of the March 2007 permit for the commencement of the construction phase of the Brisas Project (the "Authorization to Affect").

MinAmb referenced in its formal notice the existence of environmental degradation and affectation on the Brisas property, the presence of a large number of miners on the Brisas property and Presidential Decree No. 4633 dated June 26, 2006, declaring an emergency in certain areas of the state of Bolivar including within the Imataca Forest Reserve as the primary reasons for their decision.

	    Doug Belanger, President of Gold Reserve stated:  	    -  There are no small or illegal miners on the Brisas property.  	    -  There are minor environmental disturbances on the property resulting 	       from crude mining activities undertaken prior to the Company acquiring 	       the property in 1992. Those disturbances were neutralized by the 	       Company and are clearly documented in our operating plan, which the 	       Ministry of Basic Industries and Mines ("MIBAM") previously approved, 	       and are subject to future reclamation, as outlined in our 	       Environmental and Social Impact Study ("ESIA), previously approved by 	       MinAmb prior to the issuance of the Authorization to Affect.  	    -  The Authorization to Affect was issued March 27, 2007, subsequent to 	       Presidential Decree No. 4633 dated June 26, 2006, and that decree 	       expired in June 2007. Since the issuance of Presidential Decree 	       No. 4633, Brisas has received a number of other exploration permits 	       from MinAmb as well.  	    -  The Km88 area in which Brisas is located was approved for mining prior 	       to the Company acquiring Brisas and that approval was reaffirmed in 	       2004 by Presidential Decree No. 3110. 	    

Doug Belanger noted that, "Venezuelan legal counsel has advised the Company that the revocation of the Authorization to Affect is groundless and legally unsupported. The Authorization to Affect was granted to Gold Reserve by a competent authority following the corresponding legal procedure, and in accordance with applicable laws and regulations. At the time the Authorization to Affect was issued, there was no legal norm prohibiting MinAmb from authorizing performance of mining activities in the area of the Brisas Project.

We are actively meeting with members of the MIBAM, MinAmb and other Government officials to solve this issue many of whom support our Brisas Project. These officials have given us no indication that the Government intends to create a mining moratorium in the Imataca Forest Reserve. The notification does not cite any specific criticism of the Brisas Project, does not indicate that there is any opposition to mining in the Imataca nor does it revoke the previously approved ESIA or preclude future issuance of Authorizations to Affect."

Belanger further stated, "The revocation issued by MinAmb not only conflicts with the rights granted to Gold Reserve under the previously issued Authorization to Affect, it conflicts with what we believe to be the Government's desire to diminish and contain, to the extent possible, the irrational and environmentally damaging mining activities of the small and/or illegal miners as well as the interests of a community council representing 21 local communities who have publically expressed their full support of the Brisas Project. We believe that the Brisas Project could be a participant in crafting the solution to the problems that the local area is faced with. We have made no secret of our interest to assist the Government in the resolution of these problems.

Our management continues to actively work with members of Government to resolve this issue. We are also working with Venezuelan counsel to prepare our legal response against the revocation, including administrative and court actions and, if necessary, other avenues to protect the interests of our shareholders will be pursued."

	    On Behalf of the Board of Directors 	    Gold Reserve Inc. 	    A. Douglas Belanger, President