Brisas Resource increased by 500,000 ounces of gold.

SPOKANE, Wash.--(BUSINESS WIRE)--Dec. 20, 1995--Gold Reserve Corp. (ToSE-GLR; NASDAQ-GLDR) announced that drilling of the Laguna Donna zone located on the Brisas Concession has added an additional 500,000 ounces of gold to the previously announced resource.

The resource has increased by 16.1 million tonnes grading 0.98 grams (or 0.031 ounces) of gold per tonne. Currently the resource approximates 138 million tonnes grading 0.93 grams (or 0.03 ounces) per tonne gold and 0.21% copper. This represents 4.1 million ounces of gold and 625 million pounds of copper (or 5.7 million ounces of gold and gold equivalent). The Laguna Donna zone is primarily gold-only and as a result the copper resource increased only slightly from the previous announced estimate.

The above resource does not include mineralization below 210 meters, the southern part of the concession, any results from the current in-fill drilling program or further delineation of the "Blue Whale" structure. Work is ongoing in these areas and assay results will be announced during the first half of 1996.

Rockne J. Timm, president, stated, "The Laguna Donna zone is an extension of the Pozo Azul zone, which is now 1.6 kilometers long, up to 800 meters wide and 210 meters deep. Considerable potential still remains in this large structure in addition to certain other areas of the concession. Our goal is to determine the total magnitude of the resource and 1996 should be an exciting year towards that end."

Gold Reserve is exploring and developing the Brisas Alluvial Concession in KM 88 in Southeastern Venezuela. This resource estimate includes the Brisas Concession and areas under concession application.

CONTACT: Gold Reserve

A. Douglas Belanger, 509/623-1500

509/623-1634, fax

or

FAX ON DEMAND, 800/549-0673