FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

September 10, 2003

GOLD RESERVE INC.

Commission file number 000-30102
Address Of Principal Executive Offices:
926 West Sprague Avenue
Suite 200
Spokane, Washington 99201


Indicate by check mark whether the registrant files or will file annual
reports under cover Form  20-F or Form 40-F.

Form 20-F   X    	Form 40-F



Indicate by check mark whether the registrant by furnishing the information
contained in this  Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.

Yes        			No    X



If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with  Rule 12g3-2(b):



Filed with this Form 6-K is the following, which is incorporated herein by
reference:

99.1 Press Release  September 9, 2003
Gold Reserve Inc. Announces CDN$11.55 Million Private Placement

Certain statements included herein, include those that express managements
expectations or  estimates of our future performance, constitute forward
looking statements within the meaning of  the United States Private
Securities Litigation Reform Act of 1995. Forward looking statements  are
necessarily based upon a number of estimates and assumptions that, while
considered  reasonable by management are inherently subject to significant
business, economic and  competitive uncertainties and contingencies. We
caution that such forward-looking statements  involve known and unknown
risks, uncertainties and other risk factors that may cause the actual
financial results, performance, or achievements of Gold Reserve to be
materially different from  our estimated future results, performance, or
achievements expressed or implied by those  forward looking statements.
These are discussed in greater detail in Gold Reserves 20-F as filed
with the U.S. Securities and Exchange Commission at www.sec.gov and the
Annual Information  Form filed with Canadian provincial securities
commissions at www.sedar.com. Gold Reserve  expressly disclaims any
intention or obligation to update or revise any forward looking
statement whether as a result of new information, events or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly  caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Gold Reserve Inc.


/s/ Robert A. McGuinness
- ---------------------------------------------
ROBERT A. MCGUINNESS
Vice President-Finance, Chief Financial
Officer

DATE: September 10, 2003





EXHIBIT INDEX

99.1 	Press Release  September 9, 2003  Gold Reserve Inc. Announces
CDN$11.55 Million Private Placement



NR 03-10

Gold Reserve Inc. Announces CDN$11.55 Million Private Placement

This news release is intended for distribution in Canada only and is not
intended for distribution  to United States newswire services or
dissemination in the United States.

September 9, 2003  Gold Reserve Inc. ("Gold Reserve" or the "Company") (TSX:
GLR.A) announced today that it has entered into an agreement with a
syndicate of underwriters led by Orion Securities Inc. under which the
underwriters have agreed to buy on a private placement basis 3,300,000 Units
from Gold Reserve and sell to qualified investors at a price of CDN$3.50  per
Unit, representing an aggregate amount of issue of CDN$11,550,000. Each Unit
is exercisable, for no additional consideration, into one Common Share and
one-half of a Common  Share Purchase Warrant of Gold Reserve. Each whole
Common Share Purchase Warrant will entitle its holders to acquire one
Common Share of Gold Reserve at a price of CDN$5.25 per Common Share for
a period of 18 months following the Closing Date of this Offering.

In addition, the Company will grant the Underwriters an option, exercisable
until 24 hours prior to the Closing Date of the Offering, to purchase up to
an additional 1,000,000 Units (CDN$3,500,000) of the Offering at the issue
price.

Closing of the placement is scheduled for September 25, 2003. The closing is
subject to completion of standard documentation and requires that Gold
Reserve shall be a "qualifying issuer" under Multilateral Instrument 45-102
of the Canadian Securities Authorities before the  Closing Date, so that the
issued shares will be subject to a four month hold period.

The net proceeds from the Offering will be used for the development of the
Brisas property in the Bolivar State and for general working capital.

The transaction is subject to the receipt of all necessary regulatory and
stock exchange approvals.

The securities being offered have not, nor will be registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold within the United Sates or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES

Gold Reserve Inc. is a Canadian company developing the Brisas gold copper
project in Southeastern Venezuela. The Company has over US $11 million in
cash and investments and no long-term debt.

FOR FURTHER INFORMATION:
Internet http://www.goldreserveinc.com
A. Douglas Belanger, Executive Vice President
926 W. Sprague Ave., Suite 200 Spokane, WA 99201
USA Tel. (509) 623-1500
Fax (509) 623-1634