Crystallex International

Gold Reserve's Annual Information Form and Form 10-K now available

	    SPOKANE, WA, March 31 /CNW/ - Gold Reserve Inc. (NYSE-Amex: GRZ) (TSX:
GRZ) announced that it has filed its 2009 Annual Information Form and Form 10K
on SEDAR and on EDGAR, respectively. To access the documents, please visit the
following links www.sedar.com and www.sec.gov or go to the Company's website
at www.goldreserveinc.com. Management encourages shareholders to read these
documents.
	    As more fully described in our Annual Report, with the expropriation of
the Brisas Project our primary objectives now include: pursuing our
arbitration against Venezuela in a timely and efficient manner while exploring
opportunities to settle our dispute; selling Brisas Project assets and
continuing to reduce costs; redeeming, restructuring or otherwise modifying
the terms of the 5.50% subordinated notes; and identifying alternative mining
opportunities.
	    On November 9, 2009 our Request for Arbitration under the Additional
Facility Rules of the Centre for Settlement of Investment Disputes, against
the Bolivarian Republic of Venezuela ("Respondent"), was registered and
shortly thereafter the Tribunal was established. We are seeking compensation
in the arbitration for all of the loss and damage resulting from what we
believe to be Venezuela's wrongful conduct which includes the full market
value of the legal rights to develop the Brisas Project. Our current
arbitration efforts consist of engaging and assisting technical, legal, and
financial experts, preparing for the initial meeting with the Respondent and
the three member arbitration tribunal and developing and filing our initial
pleadings, the filing of which is expected to occur in 2010.
	    As a result of the expropriation of the Brisas Project by Venezuela and
our loss of control and physical access to the project in October 2009, we
recorded a $150.7 million non-cash write-off of the carrying value of the
expropriated assets, including Brisas equipment on order of approximately
$14.5 million, resulting in a consolidated net loss after extraordinary item
for the year ended December 31, 2009 of approximately $165.5 million. Although
we have been successful with our efforts to reduce controllable costs as
evidenced by the reduction in loss before extraordinary item in 2009 compared
to 2008, our efforts have been partially obscured by the non-cash adjustment
for the expropriation of the Brisas Project.
	    Since acquiring the Brisas Concession in 1992, we have spent close to
$300 million on the project (including equipment recorded in the Consolidated
Balance Sheet and financial, legal and engineering costs incurred in support
of our Venezuelan operations and the recent write-down of previously
capitalized costs associated with our Venezuelan operations recorded in the
Consolidated Statement of Operations).
	    We ended the year with total financial resources, (cash and cash
equivalents, restricted cash and marketable securities), of approximately
$81.2 million. Management continues with efforts to dispose of certain Brisas
Project assets to mitigate its losses and provide working capital for future
activities.
	    Our primary financial obligation is the 5.50% senior subordinated notes
which may be settled in cash or common shares in the event the holder chooses
the one-time option to put the notes back to the Company for repurchase on
June 15, 2012. Management is evaluating various options to redeem, restructure
or otherwise modify the terms of the subordinated notes.
	    We are actively pursuing alternative mining prospects. The timing and
structure of any new investment or transaction is conditional on available
funds, the sale of the remaining equipment and availability of potential
future financings.
	    Considering our current cash and investment balances, funds available
from potential future Brisas Project asset sales and the terms of the
subordinated notes, we believe that the Company has sufficient capital to fund
its current activities through 2011. The successful execution of our
objectives will be facilitated by the Company's senior management team which
has substantial technical, financial and administrative experience.
	    Gold Reserve will hold a conference call to discuss the Company's
financial results for the year ended December 31, 2009 on Wednesday, April 7,
2010 at 4:30 p.m. Eastern daylight time (1:30 p.m. Pacific daylight time).
Details will be released shortly.

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