Gold Reserve Inc. (TSX:GRZ) (AMEX:GRZ) announced it has agreed to sell one SAG mill, two ball mills (35,000 tonne per day through-put) and related motors currently being manufactured for the Company's Brisas Project. The total value of this transaction is approximately $43 million.

In response to the news release issued by Gold Reserve Inc. ("Gold Reserve") on Wednesday August 27, 2008, Rusoro Mining Ltd.

Gold Reserve Inc. (TSX:GRZ) (AMEX:GRZ) announced that it received an unsolicited non-binding expression of interest from Rusoro Mining Ltd. ("Rusoro") (CDNX:RML.V) to complete a 100% business combination by issuing two shares of Rusoro for each share of Gold Reserve.

Gold Reserve Inc. (TSX:GRZ)(AMEX:GRZ) will hold a conference call to discuss the Company's financial results for the quarter ending June 30, 2008 on Tuesday, August 19, 2008 at 4:30 p.m. Eastern daylight time (1:30 p.m. Pacific daylight time).

Gold Reserve Inc. (TSX:GRZ) (AMEX:GRZ) announced that the Company was invited to a meeting held on June 18, 2008 with the Venezuelan Ministry of Environment ("MinAmb"), led by Vice Minister of Environmental Planning and Administration, Ing. Merly Garcia and assisted by legal advisor Dra. Lucy Vidal.