Gold Reserve's EPCM Contractor Mobilizes to Brisas

    SPOKANE, WA, June 12 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:  GRZ) is
pleased to announce that its EPCM contractor, SNC- Lavalin Engineers &
Constructors, Inc. and its affiliates ("SNC-Lavalin") have mobilized for the
commencement of site preparation work at Brisas.
    To the end of May, 2007, SNC-Lavalin has completed 230,000 man hours of
work on Brisas in engineering, procurement and environmental activities.
Orders for the water and sewage treatment plants, on-site employee housing,
office facilities, and incinerator have already been released. Site
preparation contracts including camp water wells, pit dewatering, power
generation, early civil earthworks, and road construction will be released in
the coming weeks.
    Doug Belanger, President, said, "It is very gratifying to see the site
preparation work at Brisas and we will be ramping up the construction process
as more people and equipment arrive at the site."

    Forward-Looking Statements

    Certain statements included herein, including those that express
management's expectations or estimates of our future performance or concerning
the Brisas Project, 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.

    On Behalf of the Board of Directors:

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

For further information:

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

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