An anonymous director reports

GOLD RESERVE PROVIDES UPDATE IN CITGO SALE PROCESS: GOLD RESERVE FILES STATEMENT IN SUPPORT OF STAY PENDING APPEAL

Yesterday, Gold Reserve Ltd. filed a statement in support of a stay pending appeal with the U.S. Court of Appeals for the Third Circuit in connection with the continuing litigation arising from the proposed judicial sale of PDVH shares.

Gold Reserve's filing supports a pending motion to stay the recent order issued by the U.S. District Court for the District of Delaware approving the sale of the PDVH shares to Elliott/Amber Energy, pending appellate review. Gold Reserve argues that the sale process was procedurally and substantively defective and that a stay is necessary to preserve the status quo while the Third Circuit considers the merits of the pending appeals.

A motion for stay pending appeal has been filed by the Venezuela parties (the opposition government of the Bolivarian Republic of Venezuela, Petroleos de Venezuela SA, PDV Holding Inc. and Citgo Petroleum Corp.). Various parties have filed responses opposing the Venezuela parties' motion to stay, including the following: (1) Crystallex International Corp.; (2) Red Tree Investments LLC; (3) ConocoPhillips Appellees; (4) ACL1 Investments Ltd., ACL2 Investments Ltd. and LDO (Cayman) XVIII Ltd.; and (5) OI European Group BV.

A complete description of the Delaware sale proceedings can be found on the public access to court electronic records system in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.

We seek Safe Harbor.