Mr. A. Douglas Belanger reports

GOLD RESERVE REPORTS ON STATUS OF BRISAS PROPERTY

Gold Reserve Inc. 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 co-extensive 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