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<P align=center><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>As filed with the Securities and Exchange Commission on August 8, 2008</FONT></P>
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     <TD noWrap align=center><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Registration No. 333-</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>UNITED STATES </FONT></B><BR>
<B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Washington, D.C. 20549</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>FORM S-8 </FONT></B><BR>
<U><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>________________________________</FONT></U></TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></B></P>
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     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>GOLD RESERVE INC.</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Canada</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>N/A</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(State or other jurisdiction of</FONT>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(I.R.S. Employer Identification No.)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>incorporation or organization)</FONT>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>926 West Sprague Avenue;</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>99201</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Suite 200</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Zip Code)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Spokane, Washington</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Address of principal executive offices)</FONT>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>GOLD RESERVE INC. EQUITY INCENTIVE PLAN</FONT></B><BR>
<FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Full title of the plan) </FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center width="33%"><I><FONT face="Times New Roman,Italic,Times New Roman,Times,serif" size=2>agent for service</FONT></I><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>:</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><I><FONT face="Times New Roman,Italic,Times New Roman,Times,serif" size=2>with a copy to:</FONT></I>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>ROCKNE J. TIMM</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>JONATHAN B. NEWTON</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>926 West Sprague Avenue, Suite 200</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Baker &amp; McKenzie LLP</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Spokane, Washington 99201</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Pennzoil Place, South Tower</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>(509) 623-1500</FONT></B>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>711 Louisiana, Suite 3400</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Name, address and telephone number,</FONT>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Houston, Texas 77002</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="33%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>including area code)</FONT>&nbsp; </TD>
     <TD width="33%">&nbsp; </TD>
     <TD noWrap align=center width="33%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>(713) 427-5000</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b2 of the Exchange Act. </FONT></P>
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     <TD noWrap align=left width="46%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Large accelerated filer </FONT><FONT face="Times New Roman,Times New Roman,Times,serif" size=2><FONT face=Wingdings>&#168;</FONT></FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Accelerated filer </FONT><FONT face="Times New Roman,Times New Roman,Times,serif">X</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Non-accelerated filer (Do not check if a smaller reporting company)<FONT face=Wingdings>&#168;</FONT></FONT><FONT face="Times New Roman,Times New Roman,Times,serif" size=2> </FONT><FONT face="Times New &#13;&#10;Roman,Times New Roman,Times,serif" size=2>Smaller reporting company </FONT><FONT face="Times New Roman,Times New Roman,Times,serif" size=2><FONT face=Wingdings>&#168;</FONT></FONT> </TD></TR></TABLE><BR>
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     <TD noWrap align=right width="67%" colSpan=5><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>CALCULATION OF REGISTRATION FEE</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Proposed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Proposed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>maximum</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>maximum</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Amount of</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="31%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Title of each class of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Amount to be</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>offering price</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>aggregate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>registration</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="31%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>securities to be registered (1)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>registered</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>per share (2)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>offering price (2)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>fee</FONT></B>&nbsp; </TD></TR>
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     <TD width="31%">
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</TD>
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</TD>
     <TD width="2%"></TD>
     <TD width="16%">
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     <TD noWrap align=left width="31%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Class A Common Shares, no par value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>681,321 Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>$1.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>$953,849.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>37.49</FONT>&nbsp; </TD></TR>
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     <TD width="31%">
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</TD>
     <TD width="2%"></TD>
     <TD width="17%">
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</TD>
     <TD width="2%"></TD>
     <TD width="15%">
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</TD>
     <TD width="2%"></TD>
     <TD width="16%">
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</TD>
     <TD width="2%"></TD>
     <TD width="10%">
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     <TD noWrap align=center width="31%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Class A Common Share Purchase Rights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>681,321 Rights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>N/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>N/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>N/A (3)</FONT>&nbsp; </TD></TR>
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</TD>
     <TD width="2%"></TD>
     <TD width="17%">
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</TD>
     <TD width="2%"></TD>
     <TD width="15%">
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</TD>
     <TD width="2%"></TD>
     <TD width="16%">
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</TD>
     <TD width="2%"></TD>
     <TD width="10%">
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</TD></TR></TABLE><BR>
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     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>The Class A Common Shares, no par value per share (the &#147;Class A Common Shares&#148;), of Gold Reserve Inc. (the &#147;Company&#148;) being registered hereby relate to the Gold Reserve Inc. Equity Incentive Plan, as amended, (the &#147;Plan&#148;).</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), there are also being registered such additional Class A Common Shares and associated Class A Common Share Purchase Rights as may become issuable pursuant to the anti-dilution provisions of the Plan.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and (h) promulgated under the Securities Act on the basis of the average of the high and low per share prices of the Class A Common Shares on August 6, 2008, as reported on the American Stock Exchange.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>In accordance with Rule 457(g), no additional registration fee is required in respect of the Class A Common Share Purchase Rights.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">Item 3. Incorporation of Documents by Reference.</FONT></B></TD></TR></TABLE>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The issuance of the additional 681,321 Class A Common Shares, and Class A Common Share Purchase Rights attaching to such shares, being registered hereby
shall be issued under the Plan, which was amended as of January 29, 2006 to increase the number of Class A Common Shares available for issuance under the Plan pursuant an "evergreen" provision (which provides that the total number of Class A Common
Shares subject to issuance under the Plan shall be 10% of the Company's outstanding Class A Common Shares from time to time). </FONT></P>
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<TABLE><TR><TD width=35>&nbsp;</TD><TD nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The following items are incorporated herein by reference:</FONT></TD></TR></TABLE>
</P>
<UL>
<LI>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Company&#146;s Annual Report on Form 40-F dated March 31, 2008;</FONT></LI>
<LI>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the fiscal year
covered by the Company&#146;s Annual Report on Form 40-F dated March 31,</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2008;</FONT></LI>
<LI>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The description of the Class A Common Shares registered hereby contained in the</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Company&#146;s Registration
Statement on Form S-4 filed on November 27, 1998 under the</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">section entitled &#147;DESCRIPTION OF SECURITIES AND COMPARISON OF RIGHTS OF</FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">SHAREHOLDERS&#148;; and</FONT><LI>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The description of the Class A Common Share Purchase Rights registered hereby contained</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">in the Company&#146;s 2005
Annual Report on Form 20-F (Exhibit 3.1) dated April 3, 2006.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 subsequent to its filing of this
registration statement, but prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of such documents. </FONT></P>
<P align="center">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Pursuant to Instruction E of Form S-8, the contents of the following Registration Statements on Form S-8</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">are incorporated herein by reference</FONT><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">:</FONT></TD></TR></TABLE>
</P>
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	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Gold Reserve Corporation, as assumed by the Company as successor issuer, as filed with the Securities and Exchange Commission: (a) Registration Statement on Form S-8 (Registration No.
033-61113), as amended; (b) Registration Statement on Form S-8 (Registration No. 033-58700), as amended; (c) Registration Statement on Form S-8 (Registration No. 033-69912), as amended; and (d) Registration Statement on Form S-8 (Registration No.
033-35595, as amended); and</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the Company, as filed with the Securities and Exchange Commission: (a) Registration Statement on Form S-8 (Registration No. 333-151589) (b) Registration Statement on Form S-8
(Registration No. 333-145769), as amended; (c) Registration Statement on Form S-8 (Registration No. 333-139463), as amended; (d) Registration Statement on Form S-8 (Registration No. 333-138128), as amended; (e) Registration Statement on Form S-8
(Registration No. 333- 135756), (f) Registration Statement on Form S-8 (Registration No. 333-133421), (g) Registration Statement on Form S- 8 (Registration No. 333-127336), as amended; (h) Registration Statement on Form S-8 (Registration No.
333-119037), as amended; (i) Registration Statement on Form S-8 (Registration No. 333-110927), and (j) Registration Statement on Form S-8 Registration No. 333-56495), as amended.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">Item 8. Exhibits. </FONT></B></P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The following are filed as exhibits to this registration statement: </FONT></P>
<P align="left">
<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">Exhibit </FONT></B></P>
<P align="left">
<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">Number </FONT></B><B><U><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">Description</FONT></U></B></P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Gold Reserve Inc. Equity Incentive Plan (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 20-F (File No. 001-31819) filed with the Securities and Exchange
Commission on April 3, 2006)</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4.2</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit No. 3.1 to the Proxy Statement/Joint Prospectus included as part of the Company&#146;s
registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities and Exchange Commission on November 27, 1998)</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4.3</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Bylaws of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy Statement/ Joint Prospectus included as part of the Company&#146;s registration statement on Form S-4
(Registration No.333- 68061) filed with the Securities and Exchange Commission on November 27, 1998)</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4.4</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Shareholder Rights Plan Agreement (as Amended) of the Company (including form of Rights Certificate) (incorporated by reference to Exhibit No. 3.1 to the Annual Report on Form 20-F
(File No.</FONT>	</TD>
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<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>001-31819) filed with the Securities and Exchange Commission on March 31, 2006)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.5</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Form of Certificate for the Class A Common Shares (incorporated by reference to Exhibit 4.4 to the Company&#146;s registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities and Exchange Commission on November 27, 1998)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>5.1</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Opinion of Austring, Fendrick, Fairman &amp; Parkkari *</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.1</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Austring, Fendrick, Fairman &amp; Parkkari (see Exhibit 5.1)*</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.2</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of PricewaterhouseCoopers LLP*</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.3</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Pincock Allen &amp; Holt*</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.4</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Marston &amp; Marston, Inc.*</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>24.1 Power of Attorney (included on the signature page of the registration statement)*</FONT></P>
<P align=left>
<TABLE>
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     <TD width=3>&nbsp;</TD>
     <TD noWrap><FONT face="Times New Roman,Times New Roman,Times,serif">_______________ </FONT><BR>
<FONT face="Times New Roman,Times New Roman,Times,serif" size=2>* Filed herewith. </FONT><BR>
<BR>
<B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Item 9. Undertakings.</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(a) The undersigned Company hereby undertakes: </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(i) To include any prospectus required by Section 10(a)(3) of the Securities Act; </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(iii) To include any material information with respect to the Plan of Distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this Section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(4) To file a post-effective amendment to this registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(5) That, for the purpose of determining liability under the Securities Act to any purchaser: </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(i) If the Company is relying on Rule 430B: </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(A) Each prospectus filed by the Company pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </FONT></P>
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<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(ii) If the Company is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(6) That, for the purpose of determining liability of the Company under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Company undertakes that in a primary offering of securities of the undersigned Company pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Company will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(i) Any preliminary prospectus or prospectus of the undersigned Company relating to the offering required to be filed pursuant to Rule 424; </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Company or used or referred to by the undersigned Company; </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Company or its securities provided by or on behalf of the undersigned Company; and </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(iv) Any other communication that is an offer in the offering made by the undersigned Company to the purchaser. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(b) The undersigned Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>
<P align=left><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </FONT></P>
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<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">SIGNATURES</FONT></B>
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&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration</FONT>&nbsp;
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	<TD align=left width=100% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Spokane, State of</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Washington, on August 7, 2008</FONT><FONT color="#9a3365" size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT>&nbsp;
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&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">GOLD RESERVE INC.</FONT>&nbsp;
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&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">By: /s/ Rockne J. Timm</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">ROCKNE J. TIMM</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Chief Executive Officer and Director</FONT>&nbsp;
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<B><FONT size=2 face="Times New Roman,Bold,Times New Roman,Times,serif">POWER OF ATTORNEY</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">KNOW ALL MEN BY THESE PRESENTS that each of the undersigned directors and officers of Gold Reserve Inc. hereby appoints Rockne J. Timm his true and lawful
attorney-in-fact and agent, for him and in his name, place and stead, with full power to act alone, to sign on his behalf and in the capacity set forth below, any and all amendments and post-effective amendments to this Registration Statement on
Form S-8 and to file each such amendment and post-effective amendment to this Registration Statement, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting
unto said attorney-in-fact and agent full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the
capacities and on the date indicated. </FONT></P>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Signature</FONT></U>&nbsp;
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<U><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Title</FONT></U>&nbsp;
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&nbsp;	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Date</FONT></U>&nbsp;
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&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ Rockne J. Timm</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Chief Executive Officer (Principal Executive</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">ROCKNE J. TIMM</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Officer) and Director</FONT>&nbsp;
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&nbsp;	</TD>
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&nbsp;
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&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ Robert A. McGuinness</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Vice President Finance and Chief Financial</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">ROBERT A. McGUINNESS</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Officer (Principal Financial and Accounting</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=48% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Officer)</FONT>&nbsp;
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&nbsp;	</TD>
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&nbsp;
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&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ A. Douglas Belanger</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">President and Director</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">A. DOUGLAS BELANGER</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ James P. Geyer</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Senior Vice President and Director</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">JAMES P. GEYER</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ James H. Coleman</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Chairman of the Board</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">JAMES H. COLEMAN</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ Patrick D. McChesney</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Director</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">PATRICK D. McCHESNEY</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ Chris D. Mikkelsen</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Director</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">CHRIS D. MIKKELSEN</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/ Jean Charles Potvin</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Director</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">JEAN CHARLES POTVIN</FONT>&nbsp;
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<DIV align=left>
<TABLE style="WIDTH: 726px; HEIGHT: 53px" cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Exhibit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Number</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><U><FONT face="Times New Roman,Bold,Times New Roman,Times,serif" size=2>Description</FONT></U></B>&nbsp; </TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Gold Reserve Inc. Equity Incentive Plan (incorporated by reference to Exhibit 3.2 to the Company&#146;s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Annual Report on Form 20-F (File No. 001-31819) filed with the Securities and Exchange Commission</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>on March 31, 2006)*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit No. 3.1 to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Proxy Statement/Joint Prospectus included as part of the Company&#146;s registration statement on Form S-4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>(Registration No. 333-68061) filed with the Securities and Exchange Commission on November</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>27,1998)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Bylaws of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy Statement/Joint</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Prospectus included as part of the Company&#146;s registration statement on Form S-4 (Registration No.333-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>68061) filed with the Securities and Exchange Commission on November 27, 1998)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Shareholder Rights Plan Agreement (as Amended) of the Company (including form of Rights</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Certificate) (incorporated by reference to Exhibit No. 3.1 to the Annual Report on Form 20-F (File No.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>001-31819) filed with the Securities and Exchange Commission on March 31, 2006)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>4.5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Form of Certificate for the Class A Common Shares (incorporated by reference to Exhibit 4.4 to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Company&#146;s registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>and Exchange Commission on November 27, 1998)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>5.1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Opinion of Austring, Fendrick, Fairman &amp; Parkkari *</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Austring, Fendrick, Fairman &amp; Parkkari (see Exhibit 5.1)*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of PricewaterhouseCoopers LLP*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Pincock Allen &amp; Holt*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>23.4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Consent of Marston &amp; Marston, Inc.*</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>24.1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>Power of Attorney (included on the signature page of the registration statement)*</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="6%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%"></TD>
     <TD width="91%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman,Times New Roman,Times,serif" size=2>* Filed herewith.</FONT>&nbsp; </TD></TR></TABLE><BR>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">EXHIBIT 5.1</FONT></P>

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<B><FONT size=5 face="Times New Roman,Bold,Times New Roman,Times,serif">AUSTRING,</FONT></B><B><FONT size=4 face="Times New Roman,Bold,Times New Roman,Times,serif"> </FONT></B><B><FONT size=5 face="Times New Roman,Bold,Times New Roman,Times,serif">FENDRICK,</FONT></B><B><FONT size=4 face="Times New Roman,Bold,Times New Roman,Times,serif"> </FONT></B><B><FONT size=5 face="Times New Roman,Bold,Times New Roman,Times,serif">FAIRMAN &amp; PARKKARI</FONT></B></P>
<P align="center">
<TABLE><TR><TD align="center" nowrap>
<FONT face="Times New Roman,Times New Roman,Times,serif">BARRISTERS &amp; SOLICITORS</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=1 cellpadding=0>
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	<TD align=left width=18% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">LORNE N. AUSTRING</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=41% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">DEBRA L. FENDRICK</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=18% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">H. SHAYNE FAIRMAN</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=41% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">KEITH D. PARKKARI</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">3081 Third Avenue</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=18% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">GREGORY A. FEKETE</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=41% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">PETER MORAWSKY</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">Whitehorse, Yukon</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=18% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">ANNA J. PUGH</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">Y1A 4Z7</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD align="right" nowrap>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">PHONE: (867) 668-4405</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FAX: (867) 668-3710</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">E-MAIL: gf@lawyukon.com</FONT></TD></TR></TABLE>
</P>
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<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">OUR FILE NO:</FONT></TD></TR></TABLE>
</P>
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<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">014910-21</FONT></TD></TR></TABLE>
</P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 6, 2008</FONT></TD></TR></TABLE>
</P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">United States Securities and Exchange Commission</FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Washington, DC 20549 USA </FONT><BR>
<BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Gold Reserve Inc. </FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">926 West Sprague Avenue, Suite 200 </FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Spokane, Washington </FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">99201 USA </FONT></TD></TR></TABLE>
</P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Dear Sirs/Mesdames:</FONT></TD></TR></TABLE>
</P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Re: </FONT><U><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Securities and Exchange Commission Form S-8</FONT></U></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">We are Yukon counsel to Gold Reserve Inc., a corporation incorporated under the laws of the Yukon Territory (the "Company"). The Company intends to file with the Securities and Exchange
Commission (the "Commission") a registration statement (the "Registration Statement") on Form S-8 under the Securities Act of 1933, as amended (the "Act"). The Registration Statement covers (a) 681,321 Class A Common Shares, no par value per share,
of the Company (the "Class A Common Shares"), including the Class A Common Share Purchase Rights attaching to such shares pursuant to that certain Shareholder Rights Plan Agreement, amended and restated as of January 29, 2006, between the Company
and Computershare Trust Company of Canada (the "Rights Agreement"), which shall be issued pursuant to the Gold Reserve Equity Incentive Plan, as amended and restated January 29, 2006 (the "Equity Plan"), and (b) such additional Class A Common Shares
as may become issuable pursuant to the antidilution provisions of the Equity Plan (such shares are collectively referred to as the "Securities"). </FONT></P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In rendering this opinion we have examined such corporate records, documents and instruments of the Company and such certificates of public officials, have received such representations
from officers of the Company, and have reviewed such questions of law as in our judgment are necessary, relevant or appropriate to enable us to render the opinion expressed below. In such examination, we have assumed the genuineness of all
signatures, the authenticity of all corporate documents of all documents submitted to us as conformed, certified or photostatic copies thereof, and the authenticity of the originals of such conformed, certified or photostatic copies.</FONT></P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Based upon such examination and review and upon representations made to us by officers of the Company, we are of the opinion that upon issuance and delivery of the Securities in
accordance with the terms and conditions of the Equity Plan and, as appropriate, the Rights Agreement, and upon receipt by the Company of the full consideration for the Securities as determined pursuant to the Equity Plan and, as appropriate, the
Rights Agreement, the Securities will be validly issued, fully paid and non-assessable.</FONT></P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">This firm consents to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we come within the category of persons whose
consent is required by Section 7 of the Act or the rules and regulations of the Commission thereunder. </FONT></P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Yours truly, </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">s/ </FONT><I><FONT size=2 face="Times New Roman,Italic,Times New Roman,Times,serif">Austring, Fendrick, Fairman &amp; Parkkari</FONT></I></TD></TR></TABLE>
</P>

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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">EXHIBIT 23.2</FONT></P>

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<P align="center">
<TABLE><TR><TD align="center" nowrap>
<B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif">Consent of Independent Accountants</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) of our report dated March 27, 2008 relating to
the consolidated financial statements and the effectiveness of internal control over financial reporting of Gold Reserve Inc., which appears in Gold Reserve Inc.&#146;s Annual Report on Form 40-F for the year ended December 31, 2007. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=13% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">s/</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Vancouver, B.C., Canada</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 7, 2008</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">EXHIBIT 23.3</FONT></P>

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<P align="center">
<TABLE><TR><TD align="center" nowrap>
<B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif">Consent of Pincock, Allen &amp; Holt</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) to references to this firm, which appear in Gold
Reserve Inc.'s Annual Report on Form 40-F for the year ended December 31, 2007. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act of 1933, as amended. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Pincock, Allen &amp; Holt.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">s/</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="Times New Roman,Italic,Times New Roman,Times,serif">Richard Addison, PE</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Principal Process Engineer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">s/</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="Times New Roman,Italic,Times New Roman,Times,serif">Barton G. Stone, C.P.G.</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Chief Geologist</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 6, 2008</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">EXHIBIT 23.4</FONT></P>

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<P align="center">
<TABLE><TR><TD align="center" nowrap>
<B><FONT face="Times New Roman,Bold,Times New Roman,Times,serif">Consent of Marston &amp; Marston, Inc.</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) to references to this firm, which appear in Gold
Reserve Inc.'s Annual Report on Form 40-F for the year ended December 31, 2007. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act of 1933, as amended. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">s/</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Marston &amp; Marston, Inc.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">August 6, 2008</FONT>
	</TD>
</TR>
</TABLE><BR>

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</HTML>
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{"company-data": {"conformed-name": "GOLD RESERVE INC", "cik": "0001072725", "assigned-sic": "1040", "irs-number": "810266636", "state-of-incorporation": "B0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-152882", "film-number": "081001263"}, "business-address": {"street1": "926 W SPRAGUE AVENUE", "street2": "SUITE 200", "city": "SPOKANE", "state": "WA", "zip": "99201", "phone": "5096231500"}, "mail-address": {"street1": "926 W SPRAGUE AVENUE", "street2": "SUITE 200", "city": "SPOKANE", "state": "WA", "zip": "99201"}}
s8eip0808.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
As filed with the Securities and Exchange Commission on August 8, 2008
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
________________________________
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
GOLD RESERVE INC.
(Exact name of registrant as specified in its charter)
Canada
N/A
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
926 West Sprague Avenue;
99201
Suite 200
(Zip Code)
Spokane, Washington
(Address of principal executive offices)
GOLD RESERVE INC. EQUITY INCENTIVE PLAN
(Full title of the plan)
agent for service
:
with a copy to:
ROCKNE J. TIMM
JONATHAN B. NEWTON
926 West Sprague Avenue, Suite 200
Baker & McKenzie LLP
Spokane, Washington 99201
Pennzoil Place, South Tower
(509) 623-1500
711 Louisiana, Suite 3400
(Name, address and telephone number,
Houston, Texas 77002
including area code)
(713) 427-5000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
X
Non-accelerated filer (Do not check if a smaller reporting company)
¨
Smaller reporting company
¨
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
maximum
maximum
Amount of
Title of each class of
Amount to be
offering price
aggregate
registration
securities to be registered (1)
registered
per share (2)
offering price (2)
fee
Class A Common Shares, no par value
681,321 Shares
$1.40
$953,849.40
37.49
Class A Common Share Purchase Rights
681,321 Rights
N/A
N/A
N/A (3)
(1)
The Class A Common Shares, no par value per share (the "Class A Common Shares"), of Gold Reserve Inc. (the "Company") being registered hereby relate to the Gold Reserve Inc. Equity Incentive Plan, as amended, (the "Plan").
Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered such additional Class A Common Shares and associated Class A Common Share Purchase Rights as may become issuable pursuant to the anti-dilution provisions of the Plan.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and (h) promulgated under the Securities Act on the basis of the average of the high and low per share prices of the Class A Common Shares on August 6, 2008, as reported on the American Stock Exchange.
(3)
In accordance with Rule 457(g), no additional registration fee is required in respect of the Class A Common Share Purchase Rights.
Item 3. Incorporation of Documents by Reference.
The issuance of the additional 681,321 Class A Common Shares, and Class A Common Share Purchase Rights attaching to such shares, being registered hereby
shall be issued under the Plan, which was amended as of January 29, 2006 to increase the number of Class A Common Shares available for issuance under the Plan pursuant an "evergreen" provision (which provides that the total number of Class A Common
Shares subject to issuance under the Plan shall be 10% of the Company's outstanding Class A Common Shares from time to time).
The following items are incorporated herein by reference:
The Company's Annual Report on Form 40-F dated March 31, 2008;
All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of
the fiscal year
covered by the Company's Annual Report on Form 40-F dated March 31,
2008;
The description of the Class A Common Shares registered hereby contained in the
Company's Registration
Statement on Form S-4 filed on November 27, 1998 under the
section entitled "DESCRIPTION OF SECURITIES AND COMPARISON OF RIGHTS OF
SHAREHOLDERS"; and
The description of the Class A Common Share Purchase Rights registered hereby contained
in the Company's 2005
Annual Report on Form 20-F (Exhibit 3.1) dated April 3, 2006.
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 subsequent to its filing of this
registration statement, but prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of such documents.
Pursuant to Instruction E of Form S-8, the contents of the following Registration Statements on Form S-8
are incorporated herein by reference
:
(1)
Gold Reserve Corporation, as assumed by the Company as successor issuer, as filed with the Securities and Exchange Commission: (a) Registration Statement on Form S-8 (Registration No.
033-61113), as amended; (b) Registration Statement on Form S-8 (Registration No. 033-58700), as amended; (c) Registration Statement on Form S-8 (Registration No. 033-69912), as amended; and (d) Registration Statement on Form S-8 (Registration No.
033-35595, as amended); and
(2)
the Company, as filed with the Securities and Exchange Commission: (a) Registration Statement on Form S-8 (Registration No. 333-151589) (b) Registration Statement on Form S-8
(Registration No. 333-145769), as amended; (c) Registration Statement on Form S-8 (Registration No. 333-139463), as amended; (d) Registration Statement on Form S-8 (Registration No. 333-138128), as amended; (e) Registration Statement on Form S-8
(Registration No. 333- 135756), (f) Registration Statement on Form S-8 (Registration No. 333-133421), (g) Registration Statement on Form S- 8 (Registration No. 333-127336), as amended; (h) Registration Statement on Form S-8 (Registration No.
333-119037), as amended; (i) Registration Statement on Form S-8 (Registration No. 333-110927), and (j) Registration Statement on Form S-8 Registration No. 333-56495), as amended.
Item 8. Exhibits.
The following are filed as exhibits to this registration statement:
Exhibit
Number
Description
4.1
Gold Reserve Inc. Equity Incentive Plan (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 20-F (File No. 001-31819) filed with the Securities and Exchange
Commission on April 3, 2006)
4.2
Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit No. 3.1 to the Proxy Statement/Joint Prospectus included as part of the Company's
registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities and Exchange Commission on November 27, 1998)
4.3
Bylaws of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy Statement/ Joint Prospectus included as part of the Company's registration statement on Form S-4
(Registration No.333- 68061) filed with the Securities and Exchange Commission on November 27, 1998)
4.4
Shareholder Rights Plan Agreement (as Amended) of the Company (including form of Rights Certificate) (incorporated by reference to Exhibit No. 3.1 to the Annual Report on Form 20-F
(File No.
001-31819) filed with the Securities and Exchange Commission on March 31, 2006)
4.5
Form of Certificate for the Class A Common Shares (incorporated by reference to Exhibit 4.4 to the Company's registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities and Exchange Commission on November 27, 1998)
5.1
Opinion of Austring, Fendrick, Fairman & Parkkari *
23.1
Consent of Austring, Fendrick, Fairman & Parkkari (see Exhibit 5.1)*
23.2
Consent of PricewaterhouseCoopers LLP*
23.3
Consent of Pincock Allen & Holt*
23.4
Consent of Marston & Marston, Inc.*
24.1 Power of Attorney (included on the signature page of the registration statement)*
_______________
* Filed herewith.
Item 9. Undertakings.
(a) The undersigned Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii) To include any material information with respect to the Plan of Distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this Section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) To file a post-effective amendment to this registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3.
(5) That, for the purpose of determining liability under the Securities Act to any purchaser:
(i) If the Company is relying on Rule 430B:
(A) Each prospectus filed by the Company pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
(ii) If the Company is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(6) That, for the purpose of determining liability of the Company under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Company undertakes that in a primary offering of securities of the undersigned Company pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Company will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned Company relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Company or used or referred to by the undersigned Company;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Company or its securities provided by or on behalf of the undersigned Company; and
(iv) Any other communication that is an offer in the offering made by the undersigned Company to the purchaser.
(b) The undersigned Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Spokane, State of
Washington, on August 7, 2008
.
GOLD RESERVE INC.
By: /s/ Rockne J. Timm
ROCKNE J. TIMM
Chief Executive Officer and Director
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each of the undersigned directors and officers of Gold Reserve Inc. hereby appoints Rockne J. Timm his true and lawful
attorney-in-fact and agent, for him and in his name, place and stead, with full power to act alone, to sign on his behalf and in the capacity set forth below, any and all amendments and post-effective amendments to this Registration Statement on
Form S-8 and to file each such amendment and post-effective amendment to this Registration Statement, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting
unto said attorney-in-fact and agent full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
Signature
Title
Date
/s/ Rockne J. Timm
Chief Executive Officer (Principal Executive
August 7, 2008
ROCKNE J. TIMM
Officer) and Director
/s/ Robert A. McGuinness
Vice President Finance and Chief Financial
August 7, 2008
ROBERT A. McGUINNESS
Officer (Principal Financial and Accounting
Officer)
/s/ A. Douglas Belanger
President and Director
August 7, 2008
A. DOUGLAS BELANGER
/s/ James P. Geyer
Senior Vice President and Director
August 7, 2008
JAMES P. GEYER
/s/ James H. Coleman
Chairman of the Board
August 7, 2008
JAMES H. COLEMAN
/s/ Patrick D. McChesney
Director
August 7, 2008
PATRICK D. McCHESNEY
/s/ Chris D. Mikkelsen
Director
August 7, 2008
CHRIS D. MIKKELSEN
/s/ Jean Charles Potvin
Director
August 7, 2008
JEAN CHARLES POTVIN
Exhibit
Number
Description
4.1
Gold Reserve Inc. Equity Incentive Plan (incorporated by reference to Exhibit 3.2 to the Company's
Annual Report on Form 20-F (File No. 001-31819) filed with the Securities and Exchange Commission
on March 31, 2006)*
4.2
Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit No. 3.1 to the
Proxy Statement/Joint Prospectus included as part of the Company's registration statement on Form S-4
(Registration No. 333-68061) filed with the Securities and Exchange Commission on November
27,1998)
4.3
Bylaws of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy Statement/Joint
Prospectus included as part of the Company's registration statement on Form S-4 (Registration No.333-
68061) filed with the Securities and Exchange Commission on November 27, 1998)
4.4
Shareholder Rights Plan Agreement (as Amended) of the Company (including form of Rights
Certificate) (incorporated by reference to Exhibit No. 3.1 to the Annual Report on Form 20-F (File No.
001-31819) filed with the Securities and Exchange Commission on March 31, 2006)
4.5
Form of Certificate for the Class A Common Shares (incorporated by reference to Exhibit 4.4 to the
Company's registration statement on Form S-4 (Registration No. 333-68061) filed with the Securities
and Exchange Commission on November 27, 1998)
5.1
Opinion of Austring, Fendrick, Fairman & Parkkari *
23.1
Consent of Austring, Fendrick, Fairman & Parkkari (see Exhibit 5.1)*
23.2
Consent of PricewaterhouseCoopers LLP*
23.3
Consent of Pincock Allen & Holt*
23.4
Consent of Marston & Marston, Inc.*
24.1
Power of Attorney (included on the signature page of the registration statement)*
* Filed herewith.
EXHIBIT 5.1
AUSTRING,
FENDRICK,
FAIRMAN & PARKKARI
BARRISTERS & SOLICITORS
LORNE N. AUSTRING
DEBRA L. FENDRICK
H. SHAYNE FAIRMAN
KEITH D. PARKKARI
3081 Third Avenue
GREGORY A. FEKETE
PETER MORAWSKY
Whitehorse, Yukon
ANNA J. PUGH
Y1A 4Z7
PHONE: (867) 668-4405
FAX: (867) 668-3710
E-MAIL: gf@lawyukon.com
OUR FILE NO:
014910-21
August 6, 2008
United States Securities and Exchange Commission
Washington, DC 20549 USA
Gold Reserve Inc.
926 West Sprague Avenue, Suite 200
Spokane, Washington
99201 USA
Dear Sirs/Mesdames:
Re:
Securities and Exchange Commission Form S-8
We are Yukon counsel to Gold Reserve Inc., a corporation incorporated under the laws of the Yukon Territory (the "Company"). The Company intends to file with the Securities and Exchange
Commission (the "Commission") a registration statement (the "Registration Statement") on Form S-8 under the Securities Act of 1933, as amended (the "Act"). The Registration Statement covers (a) 681,321 Class A Common Shares, no par value per share,
of the Company (the "Class A Common Shares"), including the Class A Common Share Purchase Rights attaching to such shares pursuant to that certain Shareholder Rights Plan Agreement, amended and restated as of January 29, 2006, between the Company
and Computershare Trust Company of Canada (the "Rights Agreement"), which shall be issued pursuant to the Gold Reserve Equity Incentive Plan, as amended and restated January 29, 2006 (the "Equity Plan"), and (b) such additional Class A Common Shares
as may become issuable pursuant to the antidilution provisions of the Equity Plan (such shares are collectively referred to as the "Securities").
In rendering this opinion we have examined such corporate records, documents and instruments of the Company and such certificates of public officials, have received such representations
from officers of the Company, and have reviewed such questions of law as in our judgment are necessary, relevant or appropriate to enable us to render the opinion expressed below. In such examination, we have assumed the genuineness of all
signatures, the authenticity of all corporate documents of all documents submitted to us as conformed, certified or photostatic copies thereof, and the authenticity of the originals of such conformed, certified or photostatic copies.
Based upon such examination and review and upon representations made to us by officers of the Company, we are of the opinion that upon issuance and delivery of the Securities in
accordance with the terms and conditions of the Equity Plan and, as appropriate, the Rights Agreement, and upon receipt by the Company of the full consideration for the Securities as determined pursuant to the Equity Plan and, as appropriate, the
Rights Agreement, the Securities will be validly issued, fully paid and non-assessable.
This firm consents to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we come within the category of persons whose
consent is required by Section 7 of the Act or the rules and regulations of the Commission thereunder.
Yours truly,
s/
Austring, Fendrick, Fairman & Parkkari
EXHIBIT 23.2
Consent of Independent Accountants
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) of our report dated March 27, 2008 relating to
the consolidated financial statements and the effectiveness of internal control over financial reporting of Gold Reserve Inc., which appears in Gold Reserve Inc.'s Annual Report on Form 40-F for the year ended December 31, 2007.
s/
PricewaterhouseCoopers LLP
Vancouver, B.C., Canada
August 7, 2008
EXHIBIT 23.3
Consent of Pincock, Allen & Holt
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) to references to this firm, which appear in Gold
Reserve Inc.'s Annual Report on Form 40-F for the year ended December 31, 2007. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act of 1933, as amended.
Pincock, Allen & Holt.
s/
Richard Addison, PE
Principal Process Engineer
s/
Barton G. Stone, C.P.G.
Chief Geologist
August 6, 2008
EXHIBIT 23.4
Consent of Marston & Marston, Inc.
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (Gold Reserve Inc. Equity Incentive Plan) to references to this firm, which appear in Gold
Reserve Inc.'s Annual Report on Form 40-F for the year ended December 31, 2007. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act of 1933, as amended.
s/
Marston & Marston, Inc.
August 6, 2008