GOLD Reserve Provides Venezuela Update

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Canaccord Genuity Corp. has been retained by the Company to provide financial advisory and

other services with respect to the bonds.

For 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 Ave., Suite 401

Spokane, W A 99201 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 future payments under the Settlement Agreement,

the disposition of the bonds received by the Company and the development of the Siembra

Minera Project, including social programs to be undertaken in the project area. 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 risks that payments due under the Settlement Agreement

continue to be delayed, the Company may not receive future payments due under such

agreement, the Company may not be able to repatriate payments that are received, the bonds

described above may not be able to be sold in a timely manner at their current market value or

at all, imposition of further sanctions by the U.S., Canada or other jurisdictions that may

negatively impact our ability to freely transfer funds from Venezuela or our ability to do business

in Venezuela and the development of the Siembra Minera project and the activities planned to be

undertaken in connection with the project area may not proceed as anticipated.

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 affecting the Company’s business,

including without limitation the effect of sanctions imposed by the governments of the United

States and Canada against dealings with certain Venezuelan entities and individuals, see the

Company’s Annual Information Form and Management’s Discussion & Analysis for the year

ended December 31, 2017 which 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, 2017 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 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.