Gold Reserve announces completion of previously announced equipment sale

    SPOKANE, WA, Nov. 24 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)
reported today that it has closed the October 10, 2008 announced equipment
sale for certain equipment manufactured for the Company's Brisas Project. The
Company will recover approximately $19 million of progress payments and the
purchaser will assume the Company's remaining payment obligations related to
the equipment of approximately $22 million.

    Gold Reserve Inc. is a Canadian company, which holds the rights to the
Brisas gold/copper project and the Choco 5 gold exploration property in
Bolivar State, Venezuela. For the Company's periodic TSX (SEDAR) or SEC
(Edgar) filings please visit our website at www.goldreserveinc.com under the
Investor Relations section.

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    On Behalf of the Board of Directors

    Gold Reserve Inc.
    A Douglas Belanger, President