BRISAS

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.

Gold Reserve Inc. commented today on an Official Gazette issued by the Government of Venezuela dated May 26, 2009 in which the Venezuelan Ministry of Mines (MIBAM) denied the extension of the Brisas del Cuyuni alluvial gold concession which contains approximately 3% of the proven and probable gold reserves of the Brisas Project.