Company’s Consolidated Statement of Operations for the six months ended June 30, 2018.
GOLD RESERVE TO FILE RESTATED JUNE 30, 2018
FINANCIAL STATEMENTS
SPOKANE, WASHINGTON, November 15, 2018 NR 18-05
Gold Reserve Inc. (TSX.V: GRZ) (OTC QX: GDRZF) (“Gold Reserve” or the “Company”)
announced that in the course of completing its interim consolidated financial statements for the
period ended September 30, 2018, it was determined that there was an estimated $6.6 million
overstatement of income tax expense and understatement of net income reported in the
Company’s Consolidated Statement of Operations for the six months ended June 30, 2018.
The Company originally reported income tax expense of $19.1 million, net income of $57.5
million and earnings per share of $0.58 for the six months ended June 30, 2018 a nd a deferred
tax liability of $9.3 million as of June 30, 2018. B ased on the Company’s analysis, incom e tax
expense, net income, earnings per share and deferred tax liability for the period are expected to
be approximately $ 12.5 million, $64.1 million, $0.64 and $2.8 million, respectively. The
overstatement resulted from an oversight in the allocation of revenue to tax jurisdictions with
differing tax rates.
Management expects to complete its an alysis and file its restated interim consolidated financial
statements for the six months ended June 30, 2018 and related management’s discussion and
analysis on or before November 29, 2018.
Further information regarding the Company can be located at www.g oldreserveinc.com,
www.sec.gov, and www.sedar.com.
Gold Reserve Inc. Contact
A. Douglas Belanger, President
999 W. Riverside Ave., Suite 401
Spokane, WA 99201 USA
Tel. (509) 623-1500
Fax (509) 623-1634
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward- looking statements” within the meaning of applicable U.S.
federal securities laws and “forward- looking information” within the meaning of applicable
Canadian provincial and territorial securities laws and state Gol d Reserve’s and its
management’s intentions, hopes, beliefs, expectations or predictions for the future, including,
without limitation, statements with respect to figures expected to be disclosed in the Company’s
restated interim consolidated financial statements for the period six months ended June 30, 2018
to shareholders. Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time, 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 risks that may cause the actual outcomes, financial results, performance,
or achievements of Gold Reserve to be materially different from our estimated outcomes, future
results, performance, or achievements expressed or implied by those forward-looking statements.
This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward -looking
statements. For a more detailed discussion of the risk factors affecting the Company’s business,
including without limitation the effect of sanctions imposed by the governments of the United
States and Canada against dealings with certain Venezuelan entities and individuals, see the
Company’s Annual Information Form and Management’s Discussion & Analysis for the year
ended December 31, 2017 which have been filed on SEDAR and are available under the
Company’s profile at www.sedar.com and which form part of the Company’s Form 40- F for the
year ended December 31, 2017 which have been filed on EDGAR and are available under the
Company’s profile at www.sec.gov/edgar.
Investors are cautioned not to put undue reliance on forward- looking statements. All subsequent
written and oral forward- looking statements attributable to Gold Reserve or persons acting on
its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any
intent or obligation to update publicly or otherwise revise any forward-looking statements or the
foregoing list of assumptions or factors, whether as a result of new information, future events or
otherwise, subject to its disclosure obligations under applicable rules promulgated by the
Securities and Exchange Commission and applicable Canadian provincial and territorial
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibilit y for the adequacy or accuracy of
this release.