Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  MCGUINNESS ROBERT A
 2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2010		 3. Issuer Name and Ticker or Trading Symbol
GOLD RESERVE INC [GRZ]
(Last)
(First)
(Middle)
C/O GOLD RESERVE CORP, 926 W. SPRAGUE AVENUE, SUITE 200		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President Finance and CFO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SPOKANE, WA 99201		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Class A Common Shares 298,132
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options   (1) 09/27/2011 Class A Common Shares 52,000 $ 4.19 D  
Stock Options   (2) 10/03/2011 Class A Common Shares 24,000 $ 4 D  
Stock Options   (3) 10/19/2011 Class A Common Shares 24,000 $ 4.024 D  
Stock Options 11/27/2008 05/27/2010 Class A Common Shares 10,417 $ 4.834 D  
Stock Options 05/27/2009 11/27/2010 Class A Common Shares 10,416 $ 4.834 D  
Stock Options 05/27/2009 05/27/2011 Class A Common Shares 10,416 $ 4.834 D  
Stock Options   (4) 12/05/2013 Class A Common Shares 81,668 $ 0.29 D  
Stock Options 03/18/2010 03/18/2014 Class A Common Shares 45,000 $ 0.73 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MCGUINNESS ROBERT A
C/O GOLD RESERVE CORP
926 W. SPRAGUE AVENUE, SUITE 200
SPOKANE, WA 99201		       Vice President Finance and CFO  

Signatures

Mary E. Smith, Attorney in Fact for Robert A McGuinness 01/06/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Subject to quarterly vesting over a two year period from grant date of September 27, 2006. Options are fully vested.
(2) Subject to quarterly vesting over a two year period from grant date of October 3, 2006. Options are fully vested.
(3) Subject to quarterly vesting over a two year period from grant date of October 19, 2006. Options are fully vested.
(4) One-third vest upon grant date of December 5, 2008 and the remaining vest annually over a two year period.

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