Gold Reserve files investor presentation

    SPOKANE, WA, Jan. 6 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX:
GRZ) today announced that it has filed an investor presentation with Canadian
securities regulatory authorities and the Securities and Exchange Commission
("SEC"), in connection with Rusoro Mining Ltd.'s ("Rusoro") (TSX-V: RML.V)
unsolicited offer to acquire Gold Reserve. The presentation will be available
on SEDAR at, on the SEC's website at, and on Gold
Reserve's website at

    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.

    This press release and the presentation contain certain statements that
constitute "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as amended that are
based on expectations, estimates and projections as of the date of this press
release and the presentation. Forward-looking statements can often, but not
always, be identified by the use of forward-looking terminology such as
"plans", "predicts", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases, or
statements that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
    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 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; the outcome of any potential
proceedings under the Venezuelan legal system or before arbitration tribunals
as provided in investment treaties entered into between Venezuela, Canada and
other countries to determine the compensation due to Gold Reserve in the event
that Gold Reserve and the Venezuelan government do not reach an agreement
regarding construction and operation of the Brisas project, or the Brisas
project is transferred to the Venezuelan government and the parties do not
reach agreement on compensation; requests for improper payments; 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; 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) 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; the prices, production levels and supply of and demand
for gold and copper produced or held by Gold Reserve or Rusoro; the potential
volatility of both Gold Reserve shares and Rusoro shares; the price and value
of the Gold Reserve notes; uncertainty as to the future value of Rusoro, Gold
Reserve or the combined company proposed by the Rusoro offer; the prospects
for exploration and development of projects by Gold Reserve or Rusoro; whether
or not an alternative transaction superior to the Rusoro offer will emerge;
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 these
forward-looking statements, whether as a result of new information, future
events or otherwise; and whether or not an alternative transaction superior to
the Rusoro offer may emerge.
    In addition to being subject to a number of assumptions, forward-looking
statements in this press release and the presentation 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 the risks identified under
"Important Note for U.S. Investors Concerning Resource Calculations" as well
as the risks identified in the filings by Gold Reserve with the SEC and
Canadian provincial securities regulatory authorities, including Gold
Reserve's annual information form for the year ended December 31, 2007, dated
March 31, 2008, and Gold Reserve's Annual Report on Form 40-F for the fiscal
year ended December 31, 2007 filed with the SEC on March 31, 2008.

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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