Mr. A. Douglas Belanger of Gold Reserve reports

GOLD RESERVE INC. MAKES ANNUAL OPTION PAYMENT TO SOLTORO LTD. FOR THE LA TORTUGA COPPER GOLD PROJECT

Gold Reserve Inc. has paid Soltoro Ltd. a scheduled option payment of $125,000 (U.S.). Gold Reserve has the right to earn an undivided 51-per-cent interest in the La Tortuga property located in Jalisco state, Mexico.

La Tortuga, a copper and gold prospect, is an 11,562-hectare property being investigated for its base and precious metal potential with occurrences of copper and gold mineralization over 49 square kilometres. Potential deposit types include iron-oxide-copper-gold deposits (IOCG), copper porphyries, and epithermal gold and/or base metal veining. Previous work includes 151 line kilometres of induced polarization, 20 drill holes (both diamond core and reverse circulation), mapping and sampling (approximately 1,000 soil, rock chip and stream sediment samples), and a ground magnetic survey.

Gold Reserve's 2013 exploration program, which includes airborne geophysics and drilling, is well under way. Ground based mapping, sampling, geochemical studies and geophysical analyses have been conducted on the property and these activities, along with about 22 kilometres of road upgrading, support a 7,000- to 12,000-metre drill program planned for 2013. This program tests four known mineralized targets (Las Garrochas, Caballo vein, Quartz Breccia vein and Oro East) along projected trends of mineralized structures identified by past surface exploration and drilling activities. The airborne magnetic study will be used to determine extensions or additional targets to be followed up by ground magnetics and/or gravity surveys. Additional drilling could also be initiated on any new targets generated by this and other exploration work this year. The company has also commenced the environmental baseline studies required for exploration permitting, as well as future development and has also begun social program works. Contact has been initiated with the local community and baseline work started for social impact studies, which forms the basis of a comprehensive social impact and mitigation plan for any future development.

We seek Safe Harbor.