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pursuant to the Settlement Agreement, of which US$99 million has been transferred to its U.S.

bank account and US$88.5 million remains in the Bandes trust account.

Also as a result of the U.S. sanctions, the US$350 million in face value of debt securities that

were intended to be pledged as collateral for a portion of the Settlement Agreement payments

were not on the exempt list, and are therefore no longer marketable. The Venezuelan government

is working to replace this collateral with something that is both acceptable to Gold Reserve and

permitted under the sanctions.

Doug Belanger stated, “The government of Venezuela has assured the Company that it remains

committed to the Siembra Minera Project and the terms of the Settlement Agreement with Gold

Reserve and we are hopeful that the Company can work within the restrictions of the U. S. and

Canadian sanctions to resolve the current situation.”

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

www.sec.gov and www.sedar.com

Gold Reserve Inc. Contact

A. Douglas Belanger, President

999 W. Riverside Avenue, Suite 401

Spokane, WA 9920I 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 including without limitation statements with

respect to the development of the Siembra Minera project, including the preparation of a PEA for the

project, the transfer of funds held in the Company’s trust account with Bandes and the pledging of

collateral by Venezuela pursuant to the Settlement Agreement . 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 a PEA for the Siembra Minera project will not be completed within the time

frame anticipated, the risk that the development of the Siembra Minera project may not proceed as

anticipated , the risk that the Company may not be able to repatriate funds received under the

Settlement Agreement and the risk that Venezuela may not be able to provide collateral security for

the payments to be made under the Settlement Agreement. This list is not exhaustive of the factors

that may affect any of Gold Reserve’s forward-looking statements. 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.