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Gold Reserve Announces Listing Review By Toronto Stock Exchange

Gold Reserve Inc. (TSX: GRZ) (NYSE-Amex: GRZ) (the “Company”) announces that the Toronto Stock Exchange (“TSX”) is reviewing the Company’s Common Shares with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. This review of our compliance with the TSX’s continued listing standards is a direct result of the expropriation of the Brisas Project by the government of Venezuela.

In September 2011 the Company received a letter from the Compliance & Disclosure Department (“Compliance Department”) of the TSX requesting that the Company provide information regarding its current operating activities as part of a fact gathering process related to meeting the TSX’s continuous listing requirements. The letter stated that if the TSX determines that the Company has discontinued a substantial portion of its business, the Company will be required to meet the original listing requirements (“OLR”) of the TSX. If the Company fails to provide an acceptable plan to the TSX of how it intends to meet the OLR in the short term, the TXS will initiate a delisting review. On October 4, 2011 the Company provided its response and a plan to the TSX regarding the Company’s efforts to maintain compliance and continue its listing on the TSX.

On November 11, 2011 the Company received a letter from the Compliance Department advising the Company that the Company’s plans are not sufficiently advanced to approve compliance with TSX’s continued listing requirements. As a result, the TSX is reviewing the eligibility for continued listing on TSX of the common shares of the Company pursuant to Part VII of The TSX Company Manual, under the Expedited Review Process as described in Section 707(b) of the TSX Company Manual. The Continued Listing Committee of the TSX scheduled a meeting on November 21, 2011 to consider whether or not to suspend trading in and delist the common shares of the Company. The Company expects to make a submission regarding this matter prior to the meeting.

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