EXHIBIT 23.1


     CONSENT OF INDEPENDENT ACCOUNTANTS


     We consent to the incorporation by reference in the registration
     statements of Gold Reserve Corporation on Form S-3 (File No. 33-62804)
     and Form S-8 (File No. 33-61113) of our report, which includes an
     explanatory paragraph concerning changes in accounting for long-lived
     assets in 1996 and investments in 1994, dated February 26, 1997, on
     our audits of the consolidated financial statements of Gold Reserve
     Corporation and subsidiaries as of December 31, 1996 and 1995 and for
     the years ended December 31, 1996, 1995 and 1994, which report is
     included in this Annual Report on Form 10-K.



                                   /s/ COOPERS & LYBRAND L.L.P.            


     Spokane, Washington
     March 25, 1997