Gold Reserve Receives Unsolicited Offer from Rusoro Mining Ltd and Engages Financial and Legal Advisors

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SPOKANE, Wash. (Business Wire) -- Gold Reserve Inc. (TSX:GRZ) (AMEX:GRZ) - Gold Reserve Inc.
announced today that Rusoro Mining Ltd. ("Rusoro") (CDNX:RML.V) has
commenced an unsolicited offer (the "Offer") to acquire all of the
outstanding shares and equity units of Gold Reserve in consideration for
three shares of Rusoro for each Gold Reserve share or equity unit.




Gold Reserve has retained RBC Capital Markets and JP Morgan as financial
advisors, and Fasken Martineau DuMoulin LLP and Baker & MacKenzie LLP as
legal advisors in connection with the Offer. The Board together with its
financial advisors and legal advisors will review the full terms of the
Offer when they are received, and following that review the Board will
make a recommendation that is in the best interests of shareholders.
Gold Reserve urges shareholders to wait for its Board to make its
recommendation to shareholders before making a decision with respect to
the Offer. However, Gold Reserve recommends that all interested parties
review the September 30, 2008 Management's Discussion and Analysis and
interim financial statements of Rusoro Mining Ltd. These filings can be
found at www.sedar.com
under Rusoro Mining Ltd.




On Friday, December 12, 2008, the Board of Directors received a
non-binding proposal from Rusoro and received calls from representatives
of Rusoro's legal counsel and its financial advisor Endeavour Financial
Corporation (TSX:EDV) (Endeavour") regarding the proposal. On Sunday,
December 14, 2008, Gold Reserve sent letters to each of Rusoro and
Endeavour expressing concerns about the role of Endeavour in Rusoro's
Offer. Endeavour also provides advisory services to Gold Reserve and has
in depth knowledge of confidential and proprietary information about
Gold Reserve. In the circumstances, Gold Reserve believes that the Offer
cannot proceed and, together with its financial and legal advisors, is
considering its options to protect shareholder interests.




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. For the Company's periodic TSX (SEDAR) or SEC
(Edgar) filings please visit our website at www.goldreserveinc.com
under the Investor Relations section.




Certain statements included herein may constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. 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 Inc. to be materially different from our estimated 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, concentration of operations and assets in
Venezuela; corruption and uncertain legal enforcement; requests for
improper payments; regulatory, political and economic risks associated
with Venezuelan operations (including changes in previously established
legal regimes, rules or processes); the ability to obtain or maintain
the necessary permits or additional funding for the development of the
Brisas Project; in the event 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)
significantly differ or change as a result of actual results in our
expected construction and production at the Brisas Project (including
capital and operating cost estimates); 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; 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 the Company'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 the Company or persons acting on its behalf are
expressly qualified in their entirety by this notice. The Company
disclaims any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information,
future events or otherwise.




FOR FURTHER INFORMATION: