Mr. Paul Rivett reports

GOLD RESERVE RETURNS TO VENEZUELA

Yesterday, secretary Burgum, U.S. Department of the Interior, and David Copley, special assistant to the president and senior director for global supply chain, National Security Council, the White House, led a U.S. mining delegation in Venezuela, which included representatives of Gold Reserve Ltd. This delegation also met with President Rodriguez and members of her administration for an open and constructive discussion regarding the conditions necessary to enable foreign investment and support the resumption of mining operations in the country.

Paul Rivett, vice-chair of Gold Reserve, said: "We attended these important initial meetings in Venezuela yesterday, and we are very impressed with the progress and support of both the U.S. administration and President Rodriguez's administration. The speed and depth to which the U.S. and Venezuelan administrations are working in partnership together is inspiring, and will no doubt benefit the resiliency of our hemisphere. We strongly believe there is a path emerging toward co-operation and greatness for the people of Venezuela and the United States while creating long-term value for our shareholders."

The company also learned that OFAC has granted a 30-day licence for certain businesses, including Gold Reserve, to negotiate with Venezuela. Gold Reserve intends to utilize this opportunity and is thankful to OFAC for allowing this historic initial opportunity to return to Venezuela with its partners.

About Gold Reserve Ltd.

Gold Reserve is a primarily United States-owned mineral exploration and development company focused on advancing high-quality mineral assets with the objective of creating sustainable long-term value for shareholders. The company is listed on the TSX Venture Exchange and the Bermuda Stock Exchange, and trades in the United States on the OTCQX.

We seek Safe Harbor.