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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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
                      

1. Name and Address of Reporting Person *

MCGUINNESS ROBERT A

2. Date of Event Requiring Statement (MM/DD/YYYY)
1/1/2010 

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 /

(Street)

SPOKANE, WA 99201       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


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   298132   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		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) 9/27/2011   Class A Common Shares   52000   $4.19   D    
Stock Options     (2) 10/3/2011   Class A Common Shares   24000   $4   D    
Stock Options     (3) 10/19/2011   Class A Common Shares   24000   $4.024   D    
Stock Options   11/27/2008   5/27/2010   Class A Common Shares   10417   $4.834   D    
Stock Options   5/27/2009   11/27/2010   Class A Common Shares   10416   $4.834   D    
Stock Options   5/27/2009   5/27/2011   Class A Common Shares   10416   $4.834   D    
Stock Options     (4) 12/5/2013   Class A Common Shares   81668   $0.29   D    
Stock Options   3/18/2010   3/18/2014   Class A Common Shares   45000   $0.73   D    

Explanation of Responses:
( 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.

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 1/6/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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