The interesting thing about this change is that it seems to be aimed mainly at a "permitted bid" and not the non-permitted Rusoro hostile bid.

Is there another deal in the works which hasn't been disclosed due to a confidentiality and standstill agreement?

Gold Reserve Amends Shareholder Rights Plan

	    Gold Reserve Forms Independent Committee

	    SPOKANE, WA, Dec. 24 /CNW/ - Gold Reserve Inc. (TSX:GRZ - NYSE
Alternext:GRZ) announces that its Board of Directors has amended the
Shareholder Rights Plan adopted on January 29, 2006 and confirmed by its
shareholders on March 22, 2006 (the "Rights Plan"). The amendment is effective
immediately and will be presented for confirmation at the next meeting of Gold
Reserve shareholders.
	    The Rights Plan is amended by extending the definition of "Permitted Bid"
to include a bid by an entity which has confidential information about Gold
Reserve that has executed a confidentiality and standstill agreement within
three months prior to the commencement of the bid. This amendment will further
ensure that all potential bids are made on a basis which is fair to all
bidders and to the shareholders of Gold Reserve.
	    Additionally, pursuant to the Rights Plan, the Board of Directors has
indefinitely extended the Separation Time (as defined in the Rights Plan)
triggered by the Non-Permitted Offer (as defined below).
	    Details of the amendment will be filed on SEDAR (www.sedar.com), EDGAR
(www.sec.gov), and on Gold Reserve's website at www.goldreservinc.com.