Gold Reserve reports on status of Brisas Property
SPOKANE, Wash., Oct 27, 2009 (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 process of 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.

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