DJ Gold Reserve: Venezuela Rescinds Brisas Construction Permit

May 08, 2008 (Dow Jones Commodities News via Comtex) --

Company: Gold Reserve, Inc. (GRZ)

DOW JONES NEWSWIRES

Gold Reserve Inc. (GRZ) received formal notification from the Venezuelan government of the rescission of a March 2007 construction permit for the company's Brisas Project, a gold copper mining project.

The Spokane, Wash., mining company said the Venzuelan Ministry of Environment referenced the existence of environmental degradation and affectation in the area, the presence of small miners, the proximity of the Imataca Forest Reserve, and presidential decree 4633 as the basis for the decision.

Gold Reserve said there were no small or illegal miners on the Brisas property, any environmental disturbances have been neutralized, and that presidential decrees used as a justification to rescind the permit preceded the issuance of the permit.

The company also said it is working with governmental officials to resolve the issue.

-Adam O. Manzor; 201-938-5400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

05-08-08 1856ET

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Company: Gold Reserve, Inc. (GRZ)


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