Gold Reserve Comments on News Reports Regarding Brisas

    SPOKANE, WA, Jan. 14 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ)
(TSX: GRZ) has reviewed several news reports related to remarks by Venezuelan
President Hugo Chavez concerning the Venezuelan government plans to jointly
develop the Las Cristinas deposit and Gold Reserve's Brisas deposit. We
understand President Chavez also referred to the formation of VENRUS CA, a
joint venture between Rusoro Mining Ltd.'s ("Rusoro") (TSX-V: RML.V) and the
Venezuelan government, to develop and exploit these deposits.
    Gold Reserve has had no communication from the government of Venezuela
with respect to this matter. Gold Reserve also notes that there has been no
disclosure concerning the formation of such a joint venture by Rusoro in its
public filings.
    Gold Reserve has invested US $230 million in proprietary work in Brisas
including amongst other things, drilling and assaying, metallurgical,
geotechnical, environmental and comprehensive feasibility studies, equipment
and detailed engineering for the project.
    In the event that the government of Venezuela decides to proceed in this
manner, Gold Reserve believes that it has alternatives to realize considerable
value related to its Brisas investment. Gold Reserve could entertain an offer
from the Venezuelan government or its joint venture partner to purchase the
Company's assets and proprietary work. If the purchase amount is adequate then
this would be beneficial in the near term to Gold Reserve and save the
purchaser several years of time in duplicating our work.
    If a mutually agreeable purchase price could not be determined or other
satisfactory resolution is not found then Gold Reserve has remedies to protect
its investment in Brisas under Venezuela's domestic legal system, or under
bilateral investment treaties to which Venezuela is a party. In the case of
accessing bilateral investment treaties, Gold Reserve would seek the recovery
of its US $230 million investment, plus potential lost profits of several US $
    The value of Rusoro's proposed take-over is substantially less than the
value of the Company's net cash, equipment and Brisas investment. In its
Directors' Circular and Schedule 14D-9, the Gold Reserve Board strongly
recommends that all Gold Reserve shareholders reject the Rusoro Offer and not
tender their shares. Shareholders are encouraged to read the Company's
Directors' Circular and Schedule 14D-9, which are available at
or respectively, to carefully consider the reasons for the Board's

    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 under the
Investor Relations section.

    Certain statements included herein or in the Directors' Circular 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:

For further information: Gold Reserve Inc., President, A. Douglas
Belanger, (509) 623-1500, Fax: (509) 623-1634,; Dan
Katcher, Steve Frankel, Andi Salas, Joele Frank, Wilkinson Brimmer Katcher,
(212) 355-4449

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