GOLD Reserve Announces Stock Option Grants

NR-22-03

GOLD RESERVE ANNOUNCES STOCK OPTION GRANTS

SPOKANE, WASHINGTON, October 4, 2022

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) today announced that its Board of

Directors granted 165,000 stock options to employees. Dave Onzay, CFO received a grant of

100,000. These stock options are exercisable at US $0.99 and have a 10- year term and have

been issued pursuant to the Company's 2012 Equity Incentive Plan (as amended, the " Option

Plan").

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

www.sec.gov/edgar, 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

“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 t he adequacy or accuracy of

this release.”