BRISAS

Gold Reserve announced the Venezuelan Government has recently notified the company through the issuance of an Administrative Act dated October 21, 2009 of its intent to cancel the Company’s underlying hardrock concession. This action comes just days after the October 26, 2009 seizure of the Brisas alluvial gold concession, which is coextensive with the hardrock concession, and the Government’s taking over control of the Brisas Camp.

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 coextensive with the underlying hard rock concession area.

Gold Reserve Inc. today announced that it has filed a Request for Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes (“ICSID”) of the World Bank, in Washington D.C., against the Bolivarian Republic of Venezuela seeking compensation for the losses caused to the Company resulting from Venezuela’s violations of the Agreement between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (“Canada-Venezuela Treaty”) in regard to the Company and its investments in Venezuela relating to the Brisas Project and the Choco 5 property in the Bolivar State of Venezuela.