Gold Reserve Completes Offering

On November 4, 2004, Gold Reserve Inc., a mineral resource exploration and development company developing the Brisas gold copper project in Southeastern Venezuela, completed an offering on a bought deal basis of 5,361,000 units for gross proceeds of approximately $30 million. The underwriting syndicate was co-led by Orion Securities Inc. and Sprott Securities Inc., and included GMP Securities Ltd.

Gold Reserve was represented by Fasken Martineau DuMoulin LLP, with a team that included Chuck Higgins (securities/global mining), Robert Eberschlag and Paul Cooper (securities) and Mitchell Thaw (tax); and in the US and Venezuela by Baker & McKenzie, with a team that included Jonathan Newton, Albert McGrath and William Davis II (corporate/securities) in the US, and Eugenio Hernandez (mining and corporate) in Venezuela.

The underwriters were represented by Wildboer Dellelce LLP, with a team that included Rob Wortzman and Diana Escobar.