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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As filed with the Securities and Exchange Commission on April 28, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration No. 333-</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">UNITED STATES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Washington, D.C. 20549</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">________________________________</FONT></U></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 4pt" align=center><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FORM S-8</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">GOLD RESERVE INC.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>
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<P style="MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Canada<BR>
</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(State or other jurisdiction of</FONT></P>
<P style="MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">incorporation or organization)</FONT></P>
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<P style="MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">N/A</FONT></B></P>
<P style="MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(I.R.S. Employer Identification No.)</FONT></P>
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<P style="MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">926 West Sprague Avenue</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Suite 200 </FONT></B></P>
<P style="MARGIN: 0in 0in 2pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Spokane, Washington </FONT></B></P>
<P style="MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Address of principal executive offices)</FONT></P>
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<P style="MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">99201</FONT></B></P>
<P style="MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;(Zip Code)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">GOLD RESERVE INC. &nbsp;EQUITY INCENTIVE PLAN</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Full title of the plan)</FONT></P>
<P style="MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&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></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">agent for service</FONT></I><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">:&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">with a copy to:</FONT></I></P>
<P style="MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&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; ROCKNE J. TIMM &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; JONATHAN B. NEWTON</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926 West Sprague Avenue, Suite 200&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; Baker &amp; McKenzie LLP</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spokane, Washington 99201 &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; Pennzoil Place, South Tower</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&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; (509) 623-1500 &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; 711 Louisiana, Suite 3400</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name, address and telephone number, &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><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Houston, Texas 77002</FONT></B></P>
<P style="MARGIN: 0in 0in 2pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&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; including area code)</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &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;&nbsp; (713) 427-5000&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></B></P>
<P style="MARGIN: 2pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">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>
<P style="MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated filer &#9633;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer &#9633; </FONT></P>
<P style="MARGIN: 2pt 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer &#9633; &nbsp;(Do not check if a smaller reporting company)&nbsp; Smaller reporting company [x] </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CALCULATION OF REGISTRATION FEE</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Title of each class of </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">securities to be registered (1)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amount to be registered</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Proposed maximum offering price per share&nbsp;(2)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Proposed maximum aggregate offering price&nbsp;(2)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amount of registration fee&nbsp;</FONT></B></P>
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<P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Class A Common Shares, no par value</FONT></P>
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<P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,232,226 Shares</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$1.69</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$2,082,462</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$241.77</FONT></P>
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<P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Class A Common Share Purchase Rights</FONT></P>
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<P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,232,226 Rights</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">N/A</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">N/A</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">N/A&nbsp;(3)</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 3pt 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">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;).&nbsp; 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></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 1.5pt 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 April 27, 2011, as reported on the NYSE Amex.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 1.5pt 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Rule 457(g), no additional registration fee is required in respect of the Class A Common Share Purchase Rights.</FONT></P>
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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman Bold" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">Incorporation by Reference</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The issuance of the additional 1,232,226
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 &#8220;evergreen&#8221; provision (which provides
that the total number of Class A Common Shares subject to issuance under the
Plan shall be 10% of the Company&#8217;s outstanding Class A Common Shares from time
to time). The Plan was reaffirmed by Shareholders June 11, 2009.&#160; Pursuant to
Instruction E of Form S-8, the contents of the following Registration
Statements on Form S-8 are incorporated herein by reference: </font></p>

<ol start=1 type=1 style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:1.5pt;margin-top:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">the Company, as filed with the
     Securities and Exchange Commission: (a) Registration Statement on Form S-8
     (Registration No. 333-162587); (b) Registration Statement on Form S-8
     (Registration No. 333-152882), as amended; (c) Registration Statement on
     Form S-8 (Registration No. 333-151589), as amended; (d) Registration
     Statement on Form S-8 (Registration No. 333-145769), as amended; (e)
     Registration Statement on Form S-8 (Registration No. 333-139463), as
     amended; (f) Registration Statement on Form S-8 (Registration No.
     333-138128), as amended; (g) Registration Statement on Form S-8 (Registration
     No.333-135756), as amended; (h) Registration Statement on Form S-8
     (Registration No. 333-133421), as amended; (i) Registration Statement on
     Form S-8 (Registration No. 333-127336), as amended; (j) Registration
     Statement on Form S-8 (Registration No. 333-119037), as amended; (k)
     Registration Statement on Form S-8 (Registration No. 333-110927),as amended;
     and (l) Registration Statement on Form S-8&#160; (Registration No. 333-56495),
     as amended; and</font></li>
 <li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">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).</font></li>
</ol>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;margin-left:.5in;margin-right:0in;margin-top:1.5pt;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 3.&#160;&#160; Incorporation of Documents
by Reference.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
following items are incorporated herein by reference:</font></p>

<p align=left style="margin-bottom:3.0pt;margin-left:74.15pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The Company&#8217;s Annual Report on Form 10-K, filed March 23, 2011,
as amended;</font></p>

<p align=left style="margin-bottom:3.0pt;margin-left:74.15pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">All other reports filed pursuant to Section 13(a) or 15(d) of the
Securities and Exchange Act of 1934, as amended, since the end of the fiscal
year covered by the Company&#8217;s Annual Report on Form 10-K filed March 23, 2010,
as amended;</font></p>

<p align=left style="margin-bottom:3.0pt;margin-left:74.15pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The description of the Class A Common Shares registered hereby
contained in the Company&#8217;s Registration Statement on Form S-4 filed on November
27, 1998 under the section entitled &#8220;DESCRIPTION OF SECURITIES AND COMPARISON
OF RIGHTS OF SHAREHOLDERS&#8221;; and </font></p>

<p align=left style="margin-bottom:10.0pt;margin-left:74.25pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The description of the Class A Common Share Purchase Rights
registered hereby contained in the Company&#8217;s Form 6-K (Exhibit 99.1, Appendix C)
dated May 14, 2009.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">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 style="margin:0in;margin-bottom:1.5pt;margin-left:.5in;margin-right:0in;margin-top:1.5pt;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 8.&#160;&#160; Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The following are filed as exhibits to this registration
statement:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:6.0pt;width:492.000000pt;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=11% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0pt;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Exhibit Number</font></b></p>
  </td>
 <td valign=bottom width=89% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Description</font></u></b></p>
  </td>
 </tr>
</table></div>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:5.4pt;width:489.599976pt;">
 <tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Gold
  Reserve Inc. Equity Incentive Plan (incorporated by reference to Exhibit 3.2
  to the Company&#8217;s Annual Report on Form 20-F (File No. 001-31819) filed with
  the Securities and Exchange Commission on April 3, 2006)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">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&#8217;s registration statement on Form S-4 (Registration No. 333-68061)
  filed with the Securities and Exchange Commission on November 27, 1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Bylaws
  of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy Statement/
  Joint Prospectus included as part of the Company&#8217;s registration statement on
  Form S-4 (Registration No.333-68061) filed with the Securities and Exchange
  Commission on November 27, 1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Shareholder Rights Plan Agreement (as amended) of
  the Company (including form of Rights Certificate) (incorporated by reference
  to Exhibit 99.1, Appendix C of the Company's Form 6-K filed with the
  Securities and Exchange Commission on May 14, 2009)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Form
  of Certificate for the Class A Common Shares (incorporated by reference to
  Exhibit 4.4 to the Company&#8217;s registration statement on Form S-4 (Registration
  No. 333-68061) filed with the Securities and Exchange Commission on November
  27, 1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Opinion and consent of
  Austring, Fendrick, Fairman &amp; Parkkari *</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Consent of
  PricewaterhouseCoopers LLP*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included
  on the signature page of the registration statement)*</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">_______________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">*
Filed herewith.</font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></font></b></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">SIGNATURES</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">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 April 27, 2011</font><font color=#993366 face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">GOLD RESERVE INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;/s/ Rockne J. Timm&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ROCKNE J. TIMM</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Chief Executive Officer and Director</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">POWER OF ATTORNEY</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:89%;">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 style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:89%;">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>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:1.5pt;width:517.500000pt;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Signature</font></u></p>
  </td>
 <td valign=bottom width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Title</font></u></p>
  </td>
 <td valign=bottom width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Date</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Rockne J. Timm&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">ROCKNE J. TIMM</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer (Principal <br>
  Executive Officer) and Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Robert A. McGuinness&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">ROBERT A. McGUINNESS</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Vice
  President Finance and Chief <br>
  Financial Officer (Principal Financial <br>
  and Accounting Officer)</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=DE style="font-size:10.0pt;">/s/ A. Douglas Belanger&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=DE style="font-size:10.0pt;">A. DOUGLAS BELANGER</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">President
  and Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=FR style="font-size:10.0pt;">/s/ James H. Coleman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:10.0pt;">JAMES H. COLEMAN</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Chairman
  of the Board</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ James P. Geyer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">JAMES P. GEYER</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Patrick D. McChesney&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">PATRICK D. McCHESNEY</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Chris D. Mikkelsen&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">CHRIS D. MIKKELSEN</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
<tr style="height:40.5pt;page-break-inside:avoid;">
  <td valign=top width=40% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=FR style="font-size:10.0pt;">/s/ Jean Charles Potvin&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:10.0pt;">JEAN CHARLES POTVIN</font></p>
  </td>
 <td valign=top width=39% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">April
  27, 2011</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></font></b></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT LIST</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:493.950012pt;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=11% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0pt;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Exhibit Number</font></b></p>
  </td>
 <td valign=bottom width=89% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Description</font></u></b></p>
  </td>
 </tr>
</table></div>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:491.549988pt;">
 <tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">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></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">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&#8217;s registration statement on Form S-4 (Registration No. 333-68061)
  filed with the Securities and Exchange Commission on November 27,1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Bylaws
  of the Company (incorporated by reference to Exhibit No. 3.2 to the Proxy
  Statement/Joint Prospectus included as part of the Company&#8217;s registration
  statement on Form S-4 (Registration No.333-68061) filed with the Securities
  and Exchange Commission on November 27, 1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" style="font-size:10.0pt;">Shareholder Rights Plan Agreement (as amended) of the Company
  (including form of Rights Certificate) included as Exhibit 99.1, Appendix C
  of the Company's Form 6-K filed with the Securities and Exchange Commission
  on May 14, 2009</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Form
  of Certificate for the Class A Common Shares (incorporated by reference to
  Exhibit 4.4 to the Company&#8217;s registration statement on Form S-4 (Registration
  No. 333-68061) filed with the Securities and Exchange Commission on November
  27, 1998)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Opinion
  and consent of Austring, Fendrick, Fairman &amp; Parkkari *</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Consent
  of PricewaterhouseCoopers LLP*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included
  on the signature page of the registration statement)*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">_______________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">*
Filed herewith.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></font></b></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT 5.1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></font></b></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-GB style="font-size:18.0pt;letter-spacing:-.2pt;text-transform:uppercase;">AUSTRING, FENDRICK, FAIRMAN</font></b><b><font face="Times New Roman" lang=EN-GB style="font-size:18.0pt;letter-spacing:-.2pt;"> &amp; PARKKARI</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:40.5pt;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-GB style="font-size:12.0pt;line-height:12.0pt;">BARRISTERS &amp; SOLICITORS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:40.5pt;margin-top:0in;"><font face="Times New Roman" lang=EN-GB style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:522.899963pt;">
 <tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" lang=DE style="font-size:8.0pt;line-height:12.0pt;">LORNE N. AUSTRING&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DEBRA L.
  FENDRICK</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">3081 Third Avenue</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">H. SHAYNE FAIRMAN</font><font face="Times New Roman" lang=EN-GB style="font-size:8.0pt;letter-spacing:-.1pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; KEITH D. PARKKARI </font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">Whitehorse, Yukon</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">GREGORY A. FEKETE&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ANNA J. PUGH</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">Y1A 4Z7</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">STEPHANIE M. SCHORR&#160;&#160;&#160;&#160;&#160;&#160;&#160; MIKE A. REYNOLDS</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=56% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">KYLE J. CARRUTHERS&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; TESS LAWRENCE</font></p>
  </td>
 <td valign=top width=44% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">PHONE: (867)
  668-4405</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">FAX: (867) 668-3710</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:8.0pt;line-height:12.0pt;">E-MAIL:&#160;
  gf@lawyukon.com</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">Our File No:&#160;&#160;&#160;&#160;&#160;&#160;&#160; 014910-31</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">April 20, 2011</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">United States Securities and
Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">Washington, DC </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">20549 USA</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">Gold Reserve Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">926 West Sprague Avenue, Suite
200</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">Spokane, Washington</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">99201 USA</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">Dear Sirs/Mesdames:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Re:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Gold Reserve Inc. Equity
Incentive Plan</font></u></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">We are Yukon
counsel to Gold Inc., a corporation incorporated under the laws of the Yukon
Territory (the &quot;Company&quot;). The Company adopted an Equity lncentive
Plan in 1997, which was amended and restated as of January 29, 2006 (the
&quot;Equity Plan&quot;). The Equity Plan was further amended and restated on
November 12, 2008, with an effective date of January 1,</font><font face=Arial lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2008. The Equity Plan permits the grant of stock options, stock
appreciation rights and restricted stock for the employees, directors and
consultants of the Company and its subsidiaries. The total number of shares
subject to issuance under the Plan, whether in the form of restricted stock,
options, or stock appreciation rights, or any combination thereof, is 10% of
the Corporation's outstanding shares, from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Company
proposes to increase the number of shares authorized for issuance under the
Equity Plan by 1,232,226 Class A Common shares, no par value per share. The
shares will include 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 &quot;Rights Agreement&quot;), which shall be issued
pursuant to the Equity Plan, and will also include such additional Class A
Common Shares as may become issuable pursuant to the anti-dilution provisions
of the Equity Plan (such shares are collectively referred to as the
&quot;Securities&quot;).</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">AUSTRING,
FENDRICK, FAIRMAN </font><font face=Arial lang=EN-US style="font-size:9.0pt;">&amp; </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">PARKKARI</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Page
2 of 2</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The increase
to the number of shares authorized for issuance under the Equity Plan by 1,232,226
shares will result in the maximum number of shares available for issuance of 5,945,009
shares, which represents 10% of the Company's common shares outstanding.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 records,
documents and instruments submitted to us as originals, the conformity to
original 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 style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This opinion
is solely for your benefit and is not to be relied upon or reviewed by any
other party without our prior written consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Yours truly,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Courier lang=EN-US style="font-size:10.0pt;">s/ &#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Austring, Fendrick, Fairman &amp;
Parkkari</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Consent of Counsel</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">We
hereby consent to the use of our opinion dated April 20, 2011 as an exhibit, and
consent to the use of our name in this Registration Statement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s/&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; Austring,
Fendrick, Fairman &amp; Parkkari</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whitehorse, Yukon</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; April 20, 2011</font></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;EXHIBIT 23.1</font></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Consent of Independent Accountants</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">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
22, 2011 relating to the consolidated financial statements of Gold Reserve
Inc., which appears in Gold Reserve Inc.&#8217;s Annual Report on Form 10-K for the
year ended December 31, 2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">s/&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PricewaterhouseCoopers LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vancouver, B.C., Canada</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; April 27, 2011</font></p>

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s8eip42811.htm - Generated by SEC Publisher for SEC Filing
As filed with the Securities and Exchange Commission on April 28, 2011              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
(State or other jurisdiction of
incorporation or organization)
N/A
(I.R.S. Employer Identification No.)
926 West Sprague Avenue
Suite 200
Spokane, Washington
(Address of principal executive offices)
99201
(Zip Code)
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 □
Non-accelerated filer □  (Do not check if a smaller reporting company)  Smaller reporting company [x]
CALCULATION OF REGISTRATION FEE
Title of each class of
securities to be registered (1)
Amount to be registered
Proposed maximum offering price per share (2)
Proposed maximum aggregate offering price (2)
Amount of registration fee
Class A Common Shares, no par value
1,232,226 Shares
$1.69
$2,082,462
$241.77
Class A Common Share Purchase Rights
1,232,226 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 April 27, 2011, as reported on the NYSE Amex.
(3)           In accordance with Rule 457(g), no additional registration fee is required in respect of the Class A Common Share Purchase Rights.
Incorporation by Reference
The issuance of the additional 1,232,226
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 Plan was reaffirmed by Shareholders June 11, 2009.  Pursuant to
Instruction E of Form S-8, the contents of the following Registration
Statements on Form S-8 are incorporated herein by reference:
the Company, as filed with the
     Securities and Exchange Commission: (a) Registration Statement on Form S-8
     (Registration No. 333-162587); (b) Registration Statement on Form S-8
     (Registration No. 333-152882), as amended; (c) Registration Statement on
     Form S-8 (Registration No. 333-151589), as amended; (d) Registration
     Statement on Form S-8 (Registration No. 333-145769), as amended; (e)
     Registration Statement on Form S-8 (Registration No. 333-139463), as
     amended; (f) Registration Statement on Form S-8 (Registration No.
     333-138128), as amended; (g) Registration Statement on Form S-8 (Registration
     No.333-135756), as amended; (h) Registration Statement on Form S-8
     (Registration No. 333-133421), as amended; (i) Registration Statement on
     Form S-8 (Registration No. 333-127336), as amended; (j) Registration
     Statement on Form S-8 (Registration No. 333-119037), as amended; (k)
     Registration Statement on Form S-8 (Registration No. 333-110927),as amended;
     and (l) Registration Statement on Form S-8  (Registration No. 333-56495),
     as amended; and
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).
Item 3.   Incorporation of Documents
by Reference.
The
following items are incorporated herein by reference:
·
The Company's Annual Report on Form 10-K, filed March 23, 2011,
as amended;
·
All other reports filed pursuant to Section 13(a) or 15(d) of the
Securities and Exchange Act of 1934, as amended, since the end of the fiscal
year covered by the Company's Annual Report on Form 10-K filed March 23, 2010,
as amended;
·
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 Form 6-K (Exhibit 99.1, Appendix C)
dated May 14, 2009.
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.
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 99.1, Appendix C of the Company's Form 6-K filed with the
  Securities and Exchange Commission on May 14, 2009)
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 and consent of
  Austring, Fendrick, Fairman & Parkkari *
23.1
Consent of
  PricewaterhouseCoopers LLP*
24.1
Power of Attorney (included
  on the signature page of the registration statement)*
_______________
*
Filed herewith.
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 April 27, 2011
.
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
ROCKNE J. TIMM
Chief
  Executive Officer (Principal
Executive Officer) and Director
April
  27, 2011
/s/ Robert A. McGuinness
ROBERT A. McGUINNESS
Vice
  President Finance and Chief
Financial Officer (Principal Financial
and Accounting Officer)
April
  27, 2011
/s/ A. Douglas Belanger
A. DOUGLAS BELANGER
President
  and Director
April
  27, 2011
/s/ James H. Coleman
JAMES H. COLEMAN
Chairman
  of the Board
April
  27, 2011
/s/ James P. Geyer
JAMES P. GEYER
Director
April
  27, 2011
/s/ Patrick D. McChesney
PATRICK D. McCHESNEY
Director
April
  27, 2011
/s/ Chris D. Mikkelsen
CHRIS D. MIKKELSEN
Director
April
  27, 2011
/s/ Jean Charles Potvin
JEAN CHARLES POTVIN
Director
April
  27, 2011
EXHIBIT LIST
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) included as Exhibit 99.1, Appendix C
  of the Company's Form 6-K filed with the Securities and Exchange Commission
  on May 14, 2009
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
  and consent of Austring, Fendrick, Fairman & Parkkari *
23.1
Consent
  of PricewaterhouseCoopers LLP*
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
3081 Third Avenue
H. SHAYNE FAIRMAN
KEITH D. PARKKARI
Whitehorse, Yukon
GREGORY A. FEKETE            ANNA J. PUGH
Y1A 4Z7
STEPHANIE M. SCHORR        MIKE A. REYNOLDS
KYLE J. CARRUTHERS           TESS LAWRENCE
PHONE: (867)
  668-4405
FAX: (867) 668-3710
E-MAIL: 
  gf@lawyukon.com
Our File No:        014910-31
April 20, 2011
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:
Gold Reserve Inc. Equity
Incentive Plan
We are Yukon
counsel to Gold Inc., a corporation incorporated under the laws of the Yukon
Territory (the "Company"). The Company adopted an Equity lncentive
Plan in 1997, which was amended and restated as of January 29, 2006 (the
"Equity Plan"). The Equity Plan was further amended and restated on
November 12, 2008, with an effective date of January 1,
2008. The Equity Plan permits the grant of stock options, stock
appreciation rights and restricted stock for the employees, directors and
consultants of the Company and its subsidiaries. The total number of shares
subject to issuance under the Plan, whether in the form of restricted stock,
options, or stock appreciation rights, or any combination thereof, is 10% of
the Corporation's outstanding shares, from time to time.
The Company
proposes to increase the number of shares authorized for issuance under the
Equity Plan by 1,232,226 Class A Common shares, no par value per share. The
shares will include 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 Equity Plan, and will also include such additional Class A
Common Shares as may become issuable pursuant to the anti-dilution provisions
of the Equity Plan (such shares are collectively referred to as the
"Securities").
AUSTRING,
FENDRICK, FAIRMAN
&
PARKKARI
Page
2 of 2
The increase
to the number of shares authorized for issuance under the Equity Plan by 1,232,226
shares will result in the maximum number of shares available for issuance of 5,945,009
shares, which represents 10% of the Company's common shares outstanding.
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 records,
documents and instruments submitted to us as originals, the conformity to
original 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 opinion
is solely for your benefit and is not to be relied upon or reviewed by any
other party without our prior written consent.
Yours truly,
s/
Austring, Fendrick, Fairman &
Parkkari
Consent of Counsel
We
hereby consent to the use of our opinion dated April 20, 2011 as an exhibit, and
consent to the use of our name in this Registration Statement.
s/          Austring,
Fendrick, Fairman & Parkkari
Whitehorse, Yukon
April 20, 2011
EXHIBIT 23.1
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
22, 2011 relating to the consolidated financial statements of Gold Reserve
Inc., which appears in Gold Reserve Inc.'s Annual Report on Form 10-K for the
year ended December 31, 2010.
s/ 
           PricewaterhouseCoopers LLP
Vancouver, B.C., Canada
April 27, 2011