Gold Reserve Appoints Behre Dolbear to Complete Ore Reserve Analysis

www.businesswire.com MAR 10, 2003 6:30 PACIFIC 09:30 EASTERN Business Editors

    SPOKANE, Wash.--(BUSINESS WIRE)--March 10, 2003--Gold Reserve Inc. (TSE:GLR.A) (OTC:GLDR.OB) is pleased to announce that Behre Dolbear & Company, Inc. (Behre Dolbear), of Denver, Colorado, has been appointed to perform a mine reserve analysis and long-term production schedule for the Company's Brisas gold/copper project. Behre Dolbear's study is expected to reflect the improved economic impact to the Brisas project as a result of the recent increase in the price of gold.     Behre Dolbear's reserve analysis should be complete in early May and the results will be incorporated into the final feasibility and economic analysis of the Brisas project.     Behre Dolbear was selected, in part, because of their familiarity with the Brisas project, as they have previously conducted three audits on the project: they have verified our database by drilling independent holes and verifying that our sampling and assaying procedures have met or exceeded industry standards, have verified that our ore reserve methodology is sound, and have confirmed earlier resource and reserve computations by the Company.     Gold Reserve's Brisas project in southeastern Venezuela currently contains a resource of 9.9 million ounces of gold with proven and probable reserves of approximately 6.67 million ounces of gold and 871 million pounds of copper.     The Company has approximately US$12.5 million in cash and investments, no debt, and no gold hedging. The Company has 24.3 million shares outstanding backed by 0.27 ounces of gold reserves per share, which is one of the highest in the industry, providing the Company tremendous leverage to a rising gold price. Based upon the current share price, these ore reserves are valued at approximately US$4.50 per ounce in the ground net of cash.     The information presented herein or incorporated by reference may include both historical information and "forward-looking statements," relating to the future results of Company, which involve risks and uncertainties. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the risk that actual reserves may vary considerably from estimates presently made, the impact of metals prices and metal production volatility, our concentration of operations and assets in Venezuela, regulatory, political and economic risks associated with Venezuelan operations, our ability to obtain additional funding for any future development of the Brisas property, and the risks normally incident to the operation and development of mining properties.

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CONTACT: Gold Reserve Inc., Spokane
         A. Douglas Belanger, 509/623-1500
         Fax: 509/623-1634
         http://goldreserveinc.com

KEYWORD: WASHINGTON COLORADO VENEZUELA INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Gold Reserve Inc.