Brisas deposit increases to 7.3 million ounces of gold.

SPOKANE, Wash.--(BUSINESS WIRE)--June 19, 1997--Gold Reserve Corporation (TSE:GLR-NASDAQ:GLDR), is pleased to announce that drilling at its Brisas property has increased the mineralized deposit by 900,000 ounces of gold and 150 million pounds of copper to 7.3 million ounces of gold and 950 million pounds of copper.

The increase in the Brisas mineralized deposit is due to drilling activity to the west of the Northern Area and southwest of the Southern Area (MAP available upon request). The Brisas mineralized deposit is over 1,900 meters long and 500 to 900 meters wide. Recent drill holes indicate that gold mineralization is open to the southwest where the grade of gold per tonne has increased by more than 10%.

The Brisas mineralized deposit to date is defined by 621 drill holes primarily on a 50-by-50 meter grid amounting to over 130,000 meters of drilling. The following table summarizes the Northern Area (gold/copper mineralization) and Southern Area (primarily gold only mineralization): -0-

               Gold    Copper  Gold Equiv.  Total   Gold
Area  Tonnes   Ounces  Pounds  of Copper(1) Gold    Grade
                                            Equiv.  gpt
                                            Ozs.

North 149.5 MM 3.14 MM 835 MM  2.40 MM      5.54 MM 1.18 Gold equiv.

South 108.7 MM 4.16 MM 115 MM  0.30 MM      4.46 MM 1.29 Gold only

Total 258.2 MM 7.30 MM 950 MM  2.70 MM     10.00 MM 1.23 Gold
equiv.

One ounce of gold = 31.1034 grams of gold / gpt = grams per tonne / MM = million (1) gold equivalent ounces based on $350 gold and $1.00 copper

The Company is currently drilling to the southwest of the Southern Area, certain El Remo and Mundo Nuevo targets and additional in-fill drilling required for the feasibility study scheduled for completion in early 1998. The Company has previously retained a geological consulting firm to conduct an independent audit of the Company's drilling, sampling and assay procedures. Preliminary conclusions indicate that Gold Reserve's data collection procedures meet or exceed industry standards. The results of the audit will be used in conjunction with the various reports necessary for the feasibility study. Gold Reserve Corporation is exploring and developing the Brisas property in KM 88 in southeast Venezuela. Gold Reserve and its subsidiaries have cash and investments of approximately U.S. $40 million and no long-term debt.

This news release includes certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Gold Reserve, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. -0- FOR FURTHER INFORMATION: Fax on Demand - Company and Property Information, 800/549-0673

CONTACT: Gold Reserve Corp.

A. Douglas Belanger, 509/623-1500

509/623-1634 fax

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