Brisas Project Update Regarding Construction Permit

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[{"type":"text","content":"\n\n\n\nSPOKANE, WA, May 8 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)\nannounced that it has obtained from the Venezuelan Ministry of Environment\n(MinAmb) formal notification of the rescission of the March 2007 permit for\nthe commencement of the construction phase of the Brisas Project (the\n"Authorization to Affect").\n\n\nMinAmb referenced in its formal notice the existence of environmental\ndegradation and affectation on the Brisas property, the presence of a large\nnumber of miners on the Brisas property and Presidential Decree No. 4633 dated\nJune 26, 2006, declaring an emergency in certain areas of the state of Bolivar\nincluding within the Imataca Forest Reserve as the primary reasons for their\ndecision.\n\n\nDoug Belanger, President of Gold Reserve stated:\n\n- There are no small or illegal miners on the Brisas property.\n\n- There are minor environmental disturbances on the property resulting\n from crude mining activities undertaken prior to the Company acquiring\n the property in 1992. Those disturbances were neutralized by the\n Company and are clearly documented in our operating plan, which the\n Ministry of Basic Industries and Mines ("MIBAM") previously approved,\n and are subject to future reclamation, as outlined in our\n Environmental and Social Impact Study ("ESIA), previously approved by\n MinAmb prior to the issuance of the Authorization to Affect.\n\n- The Authorization to Affect was issued March 27, 2007, subsequent to\n Presidential Decree No. 4633 dated June 26, 2006, and that decree\n expired in June 2007. Since the issuance of Presidential Decree\n No. 4633, Brisas has received a number of other exploration permits\n from MinAmb as well.\n\n- The Km88 area in which Brisas is located was approved for mining prior\n to the Company acquiring Brisas and that approval was reaffirmed in\n 2004 by Presidential Decree No. 3110.\n\n\nDoug Belanger noted that, "Venezuelan legal counsel has advised the\nCompany that the revocation of the Authorization to Affect is groundless and\nlegally unsupported. The Authorization to Affect was granted to Gold Reserve\nby a competent authority following the corresponding legal procedure, and in\naccordance with applicable laws and regulations. At the time the Authorization\nto Affect was issued, there was no legal norm prohibiting MinAmb f...

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