Gold Reserve completes sale of certain equipment

On November 24, 2008, Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) announced that it had completed the previously announced sale of one SAG mill, two ball mills and related motors currently being manufactured for Gold Reserve's Brisas Project. The total value of this transaction is approximately $41 million. Gold Reserve will recover approximately $19 million of progress payments and the purchaser will assume the company's remaining payment obligations related to the equipment of approximately $22 million.

Gold Reserve's decision is consistent with its intention to stay financially strong by recovering amounts already paid and reducing future obligations. The sale of this equipment is not expected to impact the start-up of the Brisas Project to the extent the current delays in Venezuela are resolved.

Gold Reserve 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.

Gold Reserve was advised in this matter by Chuck Higgins and Raziel Zisman of Fasken Martineau.