GOLD Reserve Announces Further Management and Board Changes

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NR 24-01

GOLD RESERVE ANNOUNCES FURTHER MANAGEMENT AND BOARD CHANGES

SPOKANE, WASHINGTON, January 5, 2024

Further to its press release of November 27, 2023 announcing the retirement of Rockne J. Timm as Chief

Executive Officer of Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ( Gold Reserve or the Company)

effective February 13, 2024, the Company is pleased to announce further changes that will become

effective upon Mr. Timm’s retirement. James H. Coleman, currently Executive Chairman of Gold Reserve,

will become President and Chairman Emeritus and continue his role as a senior executive of the Company

in that capacity and Robert Cohen, currently a director of Gold Reserve, will be appointed Chairman of the

Board. As previously announced, Mr. Timm will continue to serve as a director and advisor to the Company

following his retirement. The Board of Directors of Gold Reserve believe that these changes will allow it to

effectively manage the transitional issues associated with Mr. Timm’s retirement after his more than 35

years of strong leadership. The Board also continues to actively search for a full-time Chief Executive Officer

to manage the day-to-day affairs of the Company as it continues its work to enhance shareholder value.

This release has been approved by Rockne J. Timm, CEO of the Company.

Further information regarding the Company can be located at www.goldreserveinc.com, www.sec.gov, and

sedarplus.ca.

Gold Reserve Inc. Contact

Jean Charles Potvin

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 Gold Reserve’s and its management’s intentions, hopes, beliefs, expectations or

predictions for the future. 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, including without limitation, the risk that the

Company may not be able to identify and retain a new Chief Executive Officer in a timely manner . 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, see the Company’s Annual

Report on Form 20- F and Management’s Discussion & Analysis for the year ended December 31, 2022

and other reports that have been filed on SEDAR and are available under the Company’s profile at

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www.sedarplus.ca and 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 responsibility for the adequacy or accuracy of this release.