Mr. Paul Rivett reports

GOLD RESERVE WELCOMES VENEZUELA'S PROPOSED NEW MINING LAW

Gold Reserve Ltd. has welcomed the initial approval of Venezuela's proposed new Draft Mining Law by the National Assembly. The Draft Mining Law must undergo a second discussion before it can be enacted and published in the Official Gazette, but approval in first discussion represents an important step in the legislative process.

The Draft Mining Law is intended to modernize Venezuela's mining regime and encourage both national and foreign investment. Key provisions of the Draft Mining Law include:

• A return to a concession model allowing private national and foreign companies to hold mining concessions;
• Real property rights for exploration and exploitation with an initial term of 30 years, extendable for a total of up to 60 years;
• Access to international arbitration for dispute resolution;
• A competitive royalty structure, including a flat 4-per-cent royalty for gold, silver, platinum, diamonds and other minerals; and
• Express authorization to sell minerals both inside Venezuela and internationally.

The company has conducted a detailed review of the Draft Mining Law and has confidentially submitted proposed comments to the relevant authorities for consideration during the legislative process.

"We thank Venezuela for putting forward a progressive new mining law, and we appreciate the willingness to receive comments on this draft legislation," said Paul Rivett, vice-chair of Gold Reserve. "Constructive consultation will help to ensure that the final legislation supports the long-term development of Venezuela's mineral resources."

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.

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