GOLD Reserve Reports ON Results of Annual General Meeting of Shareholders

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GOLD RESERVE REPORTS ON RESULTS OF ANNUAL GENERAL MEETING OF

SHAREHOLDERS

SPOKANE, WASHINGTON, November 16, 2023 NR-23-05

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve” or the “ Company”) announced

that, at the annual general meeting of shareholders held November 15th, 2023 (the “Meeting”), James H.

Coleman, Rockne J. Timm, Yves M. Gagnon, Robert A. Cohen, James Michael Johnston, James Tunkey

and David Knight were elected to the Board of Directors of Gold Reserve to hold office until the next

annual meeting or until their successors are duly elected or appointed.

David Knight was not on the slate of directors recommended by management of the Company in the

management information circular in connection with the Meeting. Shareholder motions were made at the

Meeting to: (a) increase the number of directors to be elect ed from 6 to 7, and (b) nominate for election

David Knight as a director of the Company, both of which were approved by shareholders present or

represented by proxy at the Meeting.

Mr. Knight is a retired lawyer with 40 years’ experience in the areas of securities and mining law. Prior to

his retirement in 2021, Mr. Knight acted as a legal advisor to the Company and currently acts as a consultant.

PricewaterhouseCoopers LLP were also appointed as auditors of the Company and the audited financial

statements of the Company for the year ended December 31, 2022 were duly received.

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 fut ure. 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 and

uncertainties associated with the U.S. and Canadian sanctions against Venezuela and/or its government

officials, risks associated with the continued failure by Venezuela to honor its commitments under the

Settlement Agreement and/or the Award; risks associated with the collection of the Award and substantial

concentration of our operations and assets in Venezuela and risks that any future Venezuelan

administration will fail to respect the agreements of the prior administration. 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, see the Company’s Annual Information

Form and Management’s Discussion & Analysis for the year ended December 31, 2022 which have been

filed on SEDAR+ and are available under the Company’s profile at https://www.sedarplus.ca and which

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form part of the Company’s Form 40- F for the year ended December 31, 2022 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 dis closure 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.

This release has been approved by Rockne J. Timm, CEO of the Company.

For additional information please contact:

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