GOLD Reserve Provides September Venezuela Update

GOL

SPOKAN

Gold Rese

provide an

gold/copp

Venezuela

saprolite g

Prelimina

late Octob

the mine s

the projec

as well as

and Puert

On site m

coming m

August. O

fast tracki

The Comp

proposals

million (U

2016. Rev

The Comp

US$29.5 m

Agreemen

Doug Bel

Project an

completed

settlement

Further in

and www

Gold Res

A. Dougla

999 W. R

Spokane,

Tel. (509)

Fax (509)

LD RESE

NE, WASHI

erve Inc. (TSX

n update on c

per/silver proj

a) located in s

gold plant and

ary Economic

ber. In additio

site with the l

ct. New office

initial facilit

o Ordaz, as w

malaria abatem

months. Severa

Once issued, th

ing of the earl

pany’s annua

were passed.

US$0.55 per s

venues were U

pany also ann

million from

nt between th

anger, Presid

nd look forwa

d. The Compa

t and we are v

nformation reg

.sedar.com.

serve Inc. Co

as Belanger, P

Riverside Aven

WA 9920I U

) 623-1500

) 623-1634

ERVE PRO

INGTON, Se

X.V: GRZ) (O

current and on

ect (owned 4

southeastern V

d the primary

Assessment

on, Siembra M

local and indi

es in Caracas

ies at the proj

well as at the p

ment and treatm

al permitting

hese permits

ly works sapr

l meeting of s

. The Compan

share) versus

US$99.0 milli

nounces that i

the Bolivaria

e Company a

dent, stated, “W

ard to its prese

any has receiv

very optimist

garding the C

ontact

President

nue, Suite 40

USA

OVIDES S

eptember 14

OTCQX: GD

ngoing activit

45% by the Co

Venezuela. E

y gold/copper/

(“PEA”) in ac

Minera has he

igenous comm

and Puerto O

ject site. Siem

project site ne

ment program

applications w

will allow for

rolite mill.

shareholders w

ny has also re

a US$4.6 mil

ion versus no

it has received

an Republic of

and Venezuela

We are please

entation to the

ved now over

ic about our n

Company can

1

SEPTEMB

4, 2017

DRZF) (“Gold

ties in Venezu

ompany and 5

Engineering ac

/silver plant a

ccordance wi

eld a number o

munities and s

Ordaz are expe

mbra Minera e

ear Las Clarit

ms are continu

were submitte

r early works

was held on A

eported secon

llion loss (US

o revenues in t

d the schedule

f Venezuela (

a.

ed with the pr

e financial co

r US$128 mil

new partnersh

be located at

BER VEN

d Reserve” or

uela with resp

55% by the B

ctivities focus

are continuing

ith National In

of recent mee

small miners

ected to be es

expects to hos

tas in Bolivar

uing and are e

ed to various

s related to the

August 29, 20

nd quarter 201

S$0.06 per sha

the same peri

ed September

(“Venezuela”

rogress to dat

ommunity wh

llion from Ve

hip on the pro

www.goldres

NEZUELA

the “Compan

pect to the Sie

Bolivarian Rep

sed both on th

g with the com

nstrument 43

etings in the lo

who have rea

stablished in t

st project mee

State, in the

expected to be

government

e primary pro

017 and all m

17 after tax pr

are) for the fi

iod of 2016.

r installment p

”) pursuant to

te on the Siem

hen the 43-101

enezuela as pa

oject.”

serveinc.com

NR-

A UPDATE

ny”) is please

embra Minera

public of

he early work

mpletion of a

-101 expected

ocal area and

acted positive

the coming w

etings in Cara

coming week

e intensified i

agencies in

oject as well a

management

rofit of US$56

rst six month

payment of

the Settlemen

mbra Minera

1 PEA is

art of the

m, www.sec.go

17-13

E

ed to

a

ks

d in

d at

ely to

weeks,

acas

ks.

in the

as the

6.3

hs of

nt

ov,

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 . 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 Brisas Cristinas

project will not be completed within the time frames anticipated and the risk that the development of the Siembra

Minera project may not proceed as anticipated.

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.