GOLD Reserve Granted Conditional Writ of Attachment from U.s. Delaware Court Regarding Shares IN Citgo’S Holding Company

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NR 23-01

GOLD RESERVE GRANTED CONDITIONAL WRIT OF ATTACHMENT FROM U.S. DELAWARE

COURT REGARDING SHARES IN CITGO’S HOLDING COMPANY

SPOKANE, WASHINGTON, APRIL 4, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the "Company") is pleased

to announce that it was granted a conditional writ of attachment fieri facias from the U.S. District Court of

Delaware (the Delaware Court) regarding the shares of PDV Holding, Inc. ( PDVH), the indirect parent

company of CITGO Petroleum Corp.

This order furthers the decision of the Delaware Court in January 2023 that Gold Reserve’s request

for an attachment writ be treated the same as that of certain Other Creditors (as detailed in the applicable

court documents of the Delaware Court) of the Bolivarian Republic of Venezuela (the Republic of

Venezuela). On March 23, 2023, the Delaware Court gr anted the Other Creditors conditional writs of

attachment regarding the shares of PDVH on the basis that Petroleos de Venezuela, S.A. (also known as

PDVSA), the holding company of PDVH, is the alter ego of the Republic of Venez uela, and therefore its

property is subject to attachment and execution by judgement creditors of the Republic of Venezuela.

The writ of attachment is condi tional and will not be effective unl ess and until the U. S. Office of

Foreign Assets Control (also known as OFAC) has au thorized transactions in the PDVH shares. On the

March 30, 2023 hearings, the Delaware Court stated that OFAC expected to provide a status report to the

court-appointed Special Master overseeing the potential sale of the PDVH shares. Thereafter, the Special

Master is to file a status report on April 30, 2023, to update the Delaware Court on OFAC’s position.

The Delaware Court directed the Company, and the Ot her Creditors, to file a joint status report

seven days after the Special Master’s status re port, and to include a proposed briefing schedule for

including additional judgements, such as the Company’s, in the existing sales process for the PDVH shares.

The Company and the Other Creditors need to individually attempt to add their judgements to the existing

sales process and abide by the Delaware Court’s terms related to the process.

PDVSA stated that it would oppose the inclusion of any additional judgements in the existing sales

process and appeal the decision of the Delaware Court to grant the Company, and the Other Creditors, the

conditional writs of attachment fieri facias. It is expected that the resolution of such appeal would take

between six to eighteen months, with no assurances as to timing or outcome.

The conditional writ of attachment provides Gold Reserve the opportunity to potentially enforce its

September 2014 arbitral award and corresponding November 2015 U.S. judgement by participating in the

potential sale of the PDVH shares. The amount of Go ld Reserve’s award and judgement is approximately

U.S.$990 million, inclusive of interest. Further information regarding the award and judgement can be found

in the Company’s most recent interim financial statements for the period ended September 30, 2022 and

the Company’s annual information form for the year ended December 31, 2021. These documents can be

found under the Company’s profile on SEDAR at www.sedar.com.

If OFAC authorizes the transactions in the PDVH shares, the Delaware court bailiff will serve the

Company’s writ of attachment fieri facias (and the writs of the Other Creditors), and thereafter the

attachment would be effective.

Rockne J. Timm, CEO stated, “Today’s announcement is a confirmation of our rigorous ongoing

efforts to take steps in various jurisdictions to co llect U.S. $990 million including interest, owed by the

government of Venezuela. Currently, we have judgements in multiple jurisdictions confirming our arbitration

award and we have succeeded in attaching funds in another jurisdiction. Also, the Company remains open,

in compliance with applicable U.S. and Canadian Sanc tions, to resolving these matters outside of our

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various legal cases and potential new arbitration with respect to the collection of amounts owed and the

restoration of Siembra Minera’s mining rights.”

Further information on PDVH and CITGO Petroleum Corp.

PDVH is the indirect parent company of CITGO Petroleum Corp. Based on public disclosure,

CITGO Petroleum Corp. operates three refineries in the U.S, and wholly and/or jointly owns 38 active

terminals, six pipelines and three lubricants blending and packaging plants. CITGO Petroleum Corp. ranks

itself as the fifth-largest independent refiner in the U.S. with approximately 3,300 employees and a

combined crude capacity of approximately 769,000 barrels-per-day (bpd).

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 Reserv e’s and its management’s intentions, hopes, beliefs,

expectations or predictions for the future. Forw ard-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 involv e 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 outco mes, future results, performance, or achievements

expressed or implied by those forward-looking statements, including without limitation, the conditionality of

the writ of attachment fieri facias granted to Gold Reserve, if and when OFAC, and any terms upon which

it, authorizes the issuance and service of such writ or removes the prohibition and sanctions currently in

place that prevent transactions in the PDVH shares, that PDVSA will oppose the inclusion of any additional

judgements in the existing sales process and appeal the Delaware Court’s decision to grant the conditional

writs of attachment fieri facias, including the pot ential time and cost associated with such appeal and

whether PDVSA will be successful, that the Company will be granted such order from the Delaware Court

such that the Company can formally participate in any sales process of the PDVH shares, the timing set for

various reports will not be met, t he ability to otherwise participate in the potential sa les process in

connection with the PDVH shares (and related costs associated therewith), the amount, if any, of proceeds

associated therewith; the competing claims of certain creditors, the Other Creditors and the Company, and

the proceeds from the sale of the PDVH shares ma y not be sufficient to sati sfy the amounts outstanding

under the September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full.

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 a ffecting the Company’s business, see the Company’s

Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2021

and other reports that 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, 2021

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 Regulati on Services Provider (as that term is defined

in policies of the TSX Venture Exc hange) accepts responsib ility for the adequacy or accuracy of this

release.

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