GOLD Reserve Provides Update ON Annual Meeting Matters

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August 29

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James C o

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9, 2017 (the “

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SERVE PRO

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s largest sha r

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ection of dire c

“Meeting”).

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junction with

will be withdr

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such shareho

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ns Pat McC h

sound advice

d wish him all

he record date

s or advise s

mately 26.2 %

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certain conv e

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gust 23, 2017

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ased to anno u

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such agreem

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r 7,331,701 C

e Record Date

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DATE ON AN

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Reserve Inc.

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even director

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Belanger, Ja m

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rd by the end

put forward

director will r

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eting (the “Re

control or d

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Class A Shar e

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al 2,910,109

tures and St e

al 3,168,223 C

NNUAL ME

(TSX.V: G R

e Company h a

ywolf Capital

Steelhead a n

ver which th e

nnual meeting

vote all of t h

nominees: M

d) and five me

mes P. Geye r

me of Patrick D

for re-election

nd Greywolf t

iew potential

of 2017. Onc

to the Board

resign at that

, “We woul d

the many ye a

missed and w

ecord Date”),

direction ov e

ass A Share s

(“Steelhead N

es (represent i

ain funds it m

Class A sha r

eelhead, on b

Class A Sha r

EETING MA

RZ) (OTCQ X

as reached s e

Management

nd Greywolf ,

ey exercise c

g of shareho l

he Class A S h

Mr. Robert A.

embers of the

r, James H. C

D. McChesne

n to the Board

that following

candidates, m

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to be appoin

time.

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ars as an off i

we express ou

, Greywolf, o

er 23,544,14 7

s as at the R

Navigator”) a

ing approxi m

manages or a d

res upon the

behalf of St e

res upon the

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ATTERS

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eparate agreem

t LP (“Greyw

, respectivel y

ontrol or dir e

lders to be h e

hares over w h

Cohen (a nom

e incumbent B

Coleman an d

ey, a director

d.

g the Meeti n

mutually agre

e agreeable to

nted as a direc

o acknowled g

icer and a di r

ur sincere than

on behalf of c

7 Class A S

Record Dat e

and another c

mately 8.2% o

dvises, or ex e

conversion o

eelhead Nav i

conversion o

17-12

"Gold

ments

wolf”),

y, will

ection

eld on

hich it

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of the

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client,

of the

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igator,

of the

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principal amount of certain convertible debentures. As a result of such conversions, Greywolf currently

exercises control or direction over a total of 26, 454,256 Class A Shares (27.1%) and Steelhead currently

exercises control or direction over a total of 10,499,924 Class A Shares (10.8%).

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, Suite 401

Spokane, W A 9920 I 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” with in 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 limita tion statements with respect to

Greywolf’s and Steelhead’s agreements to vote th e Class A Shares over which they have control and

direction over for the aforementioned nominees and any future changes to the Board. Forward-looking

statements are necessarily based upon number of estimates and assu mptions that, while considered

reasonable by management at this time, are inh erently 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, financ ial results, performance, or achievements of Gold

Reserve to be materially different from our estim ated outcomes, future results, performance, or

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

actual voting results at the Company’s upcoming Meeting and the ability of Steelhead and Greywolf to

agree on a successor member of the Board.

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 disclai ms any intent or obligation to

update publicly or otherwise revise any forward-look ing 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.