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GOLD RESERVE REPORTS THIRD-QUARTER RESULTS

 GOLD RESERVE REPORTS THIRD-QUARTER RESULTS
 SPOKANE, Wash., Nov. 15 /PRNewswire/ -- Gold Reserve Corp.


(NASDAQ: GLDR) reported a net loss of $308,105, or 6 cents per share, for the quarter ended Sept. 30, 1991, compared to a net loss of $2,157,833, or 41 cents per share, for the same period in 1990.
 For the nine months ended Sept. 30, 1991, the company had a net loss of $580,588, or 12 cents per share, compared to net income of $1,612,168, or 31 cents per share, for the comparable period in 1990.
 The net loss in 1991 is primarily attributable to the decline in the market value and loss on the sale of the company's equity securities, and its business development activities. The decline in market value and the loss from sales are typical of the current depressed state of the gold mining industry.
 During 1991, the company was able to successfully resolve all litigation. As a result, legal and accounting expenses decreased by $185,391, compared to the first nine months of 1990. In addition, Gold Reserve's equity in earnings from the U.S. Mining Limited Partnership increased to $73,282 from $44,735 in 1990.
 -0- 11/15/91
 /CONTACT: A. Douglas Belanger of Gold Reserve Corp., 509-623-1500/
 (GLDR) CO: Gold Reserve Corp. ST: Washington IN: MNG SU: ERN LM-SC -- SE009 -- 1794 11/15/91 18:11 EST
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Publication:PR Newswire
Date:Nov 15, 1991
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