Choco 5

The information regarding the Company’s Venezuelan properties contained herein should be considered in context of our October 21, 2009 news release “Gold Reserve Files International Arbitration Against Venezuelan Government.”

The Choco 5 site is located in the historic El Callao mining district in Venezuela, approximately 180 km south of Puerto Ordaz.  The Ministry of Basic Industry and Mines concession (owned by CVG Minerven) is under contract to Gold Reserve. The concession ownership will revert to Gold Reserve upon a production decision. The property is 5,000 hectares or 12,355 acres and measures over 7 km by 7 km. There is excellent infrastructure in the area with a paved road and electrical substation within a few kilometers.

The area is underlain by strongly folded, Lower Proterozoic metamorphosed volcanic rocks of the Guayana Shield greenstone belt.  The El Callao area is host to several large gold deposits including Minerven’s Colombia Mine, Choco 10, directly to the east, and the Mina Isadora. Also, Choco 5 is  located to the east of Choco 6 and north of Choco 9, both explored with limited drilling.

Previous exploration work on Choco 5 includes regional air magnetic geophysical surveys (Map I), geologic mapping (Map II), stream sediment sampling, and soil geochemistry.  Gold Reserve has conducted comprehensive soil geochemistry work over the entire property, detailed ground geophysics, and limited diamond drilling over primary target areas located by previous work.