Jaguar-Portland Holdings acquires shares of Gold Reserve

    NEW YORK, Feb. 19 /CNW/ - Jaguar-Portland Holdings LLC
("Jaguar-Portland") announced that it has acquired ownership of 56,899 common
shares of Gold Reserve Inc. (the "Company"). After such acquisition,
Jaguar-Portland has ownership and control of 5,689,900 common shares of the
Company, which represent 10% of the issued and outstanding common shares of
the Company.
    The common shares referred to above were acquired for investment purposes
and Jaguar-Portland may, depending on market and other conditions, increase or
decrease its beneficial ownership of common shares of the Company whether in
the open market, by privately negotiated agreement or otherwise.

For further information:

For further information: Jaguar-Portland Holdings LLC is located at 1370
Avenue of the Americas, 19th Floor, New York, New York, 10019

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