1 Exhibit 21 SUBSIDIARIES OF GR-MONTANA Jurisdiction of Name(s) Under Which Subsidiary Incorporation Company Does Business - ---------------------------------------------- ----------------- -------------------------------------------- Compania Aurifera Brisas del Cuyuni, C.A. Venezuela Compania Aurifera Brisas del Cuyuni, C.A. Gold Reserve de Venezuela, C.A. Venezuela Gold Reserve de Venezuela, C.A. Compania Minera Unicornio, C.A. Venezuela Compania Minera Unicornio, C.A. Great Basin Energies, Inc. Washington Great Basin Energies, Inc. MegaGold Corporation Utah MegaGold Corporation Gold Reserve de Aruba A.V.V. Aruba Gold Reserve de Aruba A.V.V. G.L.D.R.V. Aruba A.V.V. Aruba G.L.D.R.V. Aruba A.V.V. Glandon Company A.V.V. Aruba Glandon Company A.V.V. Stanco Investments A.V.V. Aruba Stanco Investments A.V.V. GoldenLake A.V.V. Aruba GoldenLake A.V.V. Mont Ventoux A.V.V. Aruba Mont Ventoux A.V.V. Gold Reserve Holdings A.V.V. Aruba Gold Reserve Holdings A.V.V. 1