Gold Reserve files formal application for Brisas environmental permit

SPOKANE, WA, Aug. 4 /CNW/ - Gold Reserve Inc. (TSX: GRZ - AMEX: GRZ)
announced today it has formally filed the Venezuela Environmental and Social
Impact Study with the Venezuelan Ministry of Environment and Natural
Resources, which is required for the Company to obtain the permit to
construct the Brisas gold/copper project. This study is complemented by the
Brisas Project Environmental and Social Impact Assessment which will be used
to support the Company's planned project debt financing, which it is in the
process of pursuing.
The Company is also pleased to report on a recent Public Consultation
Meeting with the local communities surrounding the Brisas project in the KM88
mining district of Venezuela. The meeting, which builds on the Company's
years of community dialogue and development initiatives, was attended by 187
people representing the local communities and indigenous people. Following a
presentation of the project in both Spanish and Pemon languages, including
its potential environmental and social impact and proposed mitigation
measures, attendees were solicited for their comments and concerns. We
believe the meeting was well received by the community leaders and comments
provided will be considered and incorporated into the project as appropriate.
Further public consultation meetings will be conducted to continue this
dialogue and identify community concerns and priorities.
Doug Belanger, President of Gold Reserve, stated, "Completion of these
studies is a major milestone in the project's history. Our staff and
consulting engineers at Ingenieria Caura, S.A. of Caracas, Venezuela and AATA
International, Inc. of Fort Collins, Colorado, plus several Venezuelan and
international environmental specialists have worked very hard to complete
these studies. We believe the impact statements and the development of the
Brisas project adhere to the best practices in the mining industry, to the
Venezuelan laws, World Bank Standards and the Equator Principles. We look
forward to a mutually beneficial relationship with the communities located
near the project and the people in Bolivar State. The Brisas project is
expected to have a significant economic impact in the region and is expected
to provide 6,000 indirect jobs, approximately 2,000 jobs during construction
and almost 1,000 full-time jobs during the life of the mine."

Gold Reserve Inc. is a Canadian company which has the Brisas gold/copper
project and the Choco 5 gold exploration property in Bolivar State,
Venezuela. The Brisas project is estimated to have 10.1 million ounces of
gold and 1.29 billion pounds of copper in proven and probable ore reserves.
Further information on Brisas tonnage, grades, reserve estimates and
calculations,  and the bankable feasibility study is available at
www.goldreserveinc.com, www.sedar.com and www.sec.gov.

Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by management are inherently subject to significant
business, economic and competitive uncertainties and contingencies. We
caution that such forward-looking statements involve known and unknown risks,
uncertainties and other risk factors that may cause the actual financial
results, performance, or achievements of Gold Reserve to be materially
different from our estimated future results, performance, or achievements
expressed or implied by those forward looking statements. These are discussed
in greater detail in Gold Reserve's filings with the U.S. Securities and
Exchange Commission at www.sec.gov and the Annual Information Form and other
reports filed with Canadian provincial securities commissions at
www.sedar.com. Gold Reserve expressly disclaims any intention or obligation
to update or revise any forward looking statement whether as a result of new
information, events or otherwise.