Canadian Warrants

Warrant Symbol - GRZ.WT
Number  Trading - 2,640,500
Expiration Date - Nov. 6, 2006
Cusip - 38068N 11 6

Warrants called to trade news:



Gold Reserve to list 2,640,500 warrants on Nov. 4

2004-11-02 19:23 ET - Warrants Called to Trade
TSX bulletin 2004-1244
A total of 2,640,500 common share purchase warrants of Gold Reserve Inc. will be
listed and posted for trading at the open on Nov. 4, 2004, under the following trading
information:

Symbol:  GRZ.WT
Cusip No.:  38068N 11 6
Designated market-maker:  A. George, Orion Securities Inc.
Other markets:  None

The warrants are being issued in connection with a recently completed prospectus
offering of units by Gold Reserve, each unit consisting of one common share and
one-half of a warrant. Each whole warrant entitles the holder to purchase one
additional common share of Gold Reserve at a price of $6.50 at any time on or
before 4:30 p.m. (Toronto time) on Nov. 6, 2006. Details of the prospectus offering
are contained elsewhere in today's Toronto Stock Exchange bulletins.

The warrants will be governed by the terms of a warrant indenture between Gold
Reserve and Computershare Trust Co. of Canada, as warrant agent. The warrant
indenture will provide for appropriate adjustments to the warrants in the event of
stock dividends, subdivisions, consolidations and other forms of capital

reorganization. Please see elsewhere in today's bulletins for information regarding
the additional listing of common shares.