Mr. Douglas Belanger reports

GOLD RESERVE RECEIVES FIRST PAYMENT FROM VENEZUELA

Gold Reserve Inc. has entered into a further amendment to the settlement agreement previously entered into with the Bolivarian Republic of Venezuela.

Under the terms of the amended settlement agreement, Venezuela will pay Gold Reserve a total of approximately $1,032-million (U.S.) as result of negotiations of the parties to satisfy the arbitral award granted in favour of the company by the International Centre for Settlement Investment Disputes, including the price agreed for the mining data related to the Brisas property.

Venezuela has paid Gold Reserve an initial instalment of $40-million (U.S.) and will pay the balance of the amount owing in instalments over approximately the next two years. The amended settlement agreement contemplates that Venezuela's obligations thereunder will be partially collateralized with Venezuelan sovereign debt.

This is an important milestone for not only Gold Reserve but for Venezuela. The company would like to acknowledge the considerable efforts of its team and its Venezuela counterparts, who have worked extremely hard to bring this to a successful conclusion.

The company and its Venezuela counterparts also ratify their commitment to move forward toward the future development and creation of the joint venture named Empresa Mixta Ecosocialista Siembra Minera SA and continue to strengthen the Venezuelan productive economy through development of gold, copper and silver projects.

We seek Safe Harbor.