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Gold Reserve Updates Shareholders

Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-MKT:GRZ) (the “Company”) is pleased to provide an update on management’s activities related to arbitration and settlement discussions, debt restructuring, exchange listings, litigation settlement, exploration activities and its financial overview for the third quarter of 2012.

The Company has continued to make significant progress over the past year. Management is currently assembling its response to a July 25, 2012 procedural order by the Tribunal requesting further evidence related to quantum issues in the Brisas Arbitration while we remain committed in our efforts to reach an amicable settlement with Venezuela that could include a monetary agreement and/or project participation. In addition to our efforts related to the arbitration, we obtained a working interest in the La Tortuga project, concluded a restructuring of our outstanding convertible notes, settled pending litigation related to a breach of fiduciary responsibility during the course of a 2008 unsolicited takeover bid and redoubled efforts to sell the remaining assets previously purchased for the Brisas Project.

The Company reported for the third quarter ended September 30, 2012, a net loss of $1.7 million or $0.03 per share compared to a loss of $5.1 million, or $0.09 per share in the same quarter of 2011. Cash and cash equivalents and investments totaled approximately $14.9 million as of September 30, 2012.

Mr. A. Douglas Belanger, President, stated, “We are optimistic that there are very few steps remaining in the arbitration process, however the timing of an arbitration case such as ours is always a significant variable. In regards to our recent debt restructuring, our stakeholders should be pleased that we made every effort to limit shareholder dilution, to extent possible, minimize future outlays for interest payments, better rationalize the capital structure of the Company, creating positive equity while providing greater certainty going forward. The litigation settlement likewise provides greater certainty in the future and the acquisition of a working interest in the La Tortuga project gives the Company a platform for future growth and opportunities.”

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