Gold Reserve injunction motion to be heard by the Ontario Superior Court of Justice on February 4, 2009

    SPOKANE, WA, Jan. 8 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX:
GRZ) ("Gold Reserve" or the "Company") today announced that a Judge of the
Ontario Superior Court of Justice has fixed Wednesday, February 4, 2009 as the
hearing date for Gold Reserve's injunction motion (the "Injunction"). The
Injunction seeks, among other things: (a) to restrain Rusoro Mining Ltd.
(TSX-V: RML) ("Rusoro") from proceeding with Rusoro's unsolicited offer of
December 15, 2008 (the "Offer") to acquire all of the outstanding shares and
equity units of Gold Reserve; and (b) to compel Endeavour Financial
International Corporation to return to Gold Reserve confidential information
relating to Gold Reserve's business.
    In Rusoro's press release dated Monday, January 5, 2009, Rusoro
acknowledged that it had accessed Gold Reserve's Choco 5 property. Gold
Reserve did not authorize such access. Gold Reserve still has not been
provided the confidential information regarding Choco 5 that Rusoro obtained
without permission.
    In its Directors' Circular and Schedule 14D-9, the Gold Reserve Board
unanimously 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 or on the Company's website at, and to carefully consider the reasons for the Board's
unanimous recommendation to reject the Rusoro Offer.

    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.

    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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