Gold Reserve participates in short course on Equator Principles

    SPOKANE, WA, April 16 /CNW/ - Gold Reserve Inc. (TSX: GRZ - AMEX:   GRZ)
today announced that Don Proebstel, PhD, VP of Environmental Affairs and
Sustainability will assist in conducting a series of workshops sponsored by
Prizma LLC entitled: Equator Principles and IFC Performance Standards -
Impacts on Mining Projects and Finance. This event will be held April 18th in
Vancouver, Canada, with future presentations scheduled in Toronto and London.
    Dr. Proebstel will highlight the Gold Reserve Brisas Project in Venezuela
as a model for the application of the newly revised social and environmental
benchmarks defined by Equator Principles and IFC Performance Standards to
modern mining projects. It will include strategies developed to maintain Gold
Reserve's commitments to social and environmental sustainability, focusing on
areas such as: community engagement and development, biodiversity offsets and
indigenous peoples concerns. The workshops will emphasize various approaches
to enhance corporate predictability, transparency, and accountability.
    Dr. Proebstel joined Gold Reserve in 2006. Previously, he worked on the
Brisas International Environmental and Social Impact Assessment while employed
at AATA International, Fort Collins, Colorado. Doug Belanger, President,
stated, "We are very fortunate to have engaged Don to oversee environmental
sustainability matters for the Brisas project and are proud to support his
participation in these workshops. Don has extensive international experience
in environmental and social matters and is firmly committed to positioning
Gold Reserve at the forefront of the social and environmental benchmarks
defined by Equator Principles and IFC Performance Standards."
    More information on the short course is available at:

    Gold Reserve Inc. is a Canadian company developing the Brisas gold copper
project is Southeastern Venezuela. Brisas has NI-43-101 reserves of
485 million tonnes of ore grading 0.67 grams per tonne gold and 0.13% copper
containing 10.4 million ounces of gold and 1.3 billion pounds of copper (using
a revenue cutoff grade of US $3.04 per tonne and a gold price of US $400 and a
copper price of US $1.15 per pound). The Company expects to finance the
construction of Brisas with a combination of debt and equity. The mine plan
anticipates using conventional truck and shovel mining methods with the
processing of ore at full production of 70,000 tonnes per day, yielding an
average annual production of 456,000 ounces of gold and 60 million pounds of
copper for a mine life of 18.5 years. Using copper as a byproduct, operating
costs are expected to be US $126 per ounce (using US $1.80 copper). With only
42.6 million shares outstanding Gold Reserve has one of the highest leverages
to gold in the mining industry. The Company currently has US $22 million in
cash and investments and no debt. For more detailed information please see the
news release from November 13, 2006 representing an update to the Company's
NI-43-101 report. This can be obtained at our website at or

    Certain statements included herein, including those that express
management's expectations or estimates of our future performance, 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 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 risk factors 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. These are discussed
in greater detail in Gold Reserve's filings with the U.S. Securities and
Exchange Commission at and the Annual Information Form and other
reports filed with Canadian provincial securities commissions at Gold Reserve expressly disclaims any intention or obligation to
update or revise any forward looking statement whether as a result of new
information, events or otherwise.

For further information:

For further information: Internet -, A. Douglas
Belanger, President, 926 W. Sprague Ave., Suite 200, Spokane, WA, 99201, USA,
Tel. (509) 623-1500, Fax (509) 623-1634

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