:: Gold Reserve Inc. Selects Aker Kvaerner for Brisas Feasibility Study

Gold Reserve Inc. (TSE: GRZ - AMEX:GRZ) announced today that it has selected Kvaerner U.S. Inc., a subsidiary of the international engineering and construction services group Aker Kvaerner, to complete the bankable feasibility study for the development, construction and operation of its Brisas gold-copper project in South-eastern Venezuela.

The study contemplates a 50,000 tonne per day conventional milling facility utilizing two primary cases to be evaluated for a 2004 production decision. The base case will be a conventional gold-copper mill with a secondary circuit utilizing the CESL gold-copper process developed by Cominco Engineering Services Limited of Vancouver, producing dore gold and cathode copper on-site. The other case will be a conventional gold-copper mill that will produce a copper concentrate for processing by an off-site smelter. Other processing alternatives and optimization studies will also be conducted as part of the final feasibility study. Vector Colorado LLC and Pincock Allen & Holt will play key roles in the completion of the Brisas feasibility study.

James Geyer, Gold Reserve Senior Vice President stated, "Aker Kvaerner's U.S. subsidiary was selected because of its extensive experience in engineering and construction of gold-copper ore processing facilities as well as its experience in South America. Gold Reserve looks forward to working with this Aker Kvaerner Group entity on the Brisas project."

Through its global affiliates and subsidiaries, Aker Kvaerner is a world leader in the engineering and construction of gold ore processing facilities, having completed more than 50 studies and EPCM projects in the past 15 years. These projects have included the first large scale gold CIP circuit in the U.S. and the first gold facility built by foreign investors in Russia since the 1930s. Aker Kvaerner Group companies have played a role in projects that have been built in North and South America, Russia, Asia, and Africa.

The Aker Kvaerner entity Kvaerner E&C, a division of Kvaerner U.S. Inc., will execute the project.

Gold Reserve currently has 28.8 million shares outstanding and US$20 million in cash and no debt. Information on Gold Reserve is located at www.goldreserveinc.com