Mr. Dave Onzay reports

GOLD RESERVE JOYOUSLY ANNOUNCES THE RELEASE OF JOSE IGNACIO MORENO SUAREZ AFTER THREE YEARS OF IMPRISONMENT

Gold Reserve Ltd. is very pleased with the release of Jose Ignacio Moreno Suarez from the Rodeo I prison in Venezuela.

Mr. Moreno Suarez was the company's attorney and legal representative in Venezuela when he was detained as a political prisoner. He was held for over three years while he awaited a criminal trial that never began. His family and the Gold Reserve team never gave up hope for his successful release.

"Jose has shown incredible courage and resilience throughout his prolonged detention," said Paul Rivett, Gold Reserve's vice-chairman. "We are immensely relieved for Jose and his family, who, after three years of unwavering support and uncertainty, are finally reunited. We remain committed to continuing to support Jose and his family as Jose focuses on recovering his health and returning to a life of freedom outside of prison." Mr. Rivett continued, "We are grateful to Jose's advisers and Venezuelan officials whose efforts have contributed to the release of political prisoners in recent months as part of broader efforts toward national reconciliation."

Gold Reserve also recognizes the progress and support of President Trump and the U.S. administration in their efforts to create the stability and confidence necessary to encourage domestic and foreign investment in Venezuela. Such investment has the potential to create employment, develop productive projects and responsibly harness Venezuela's extraordinary natural resource potential for the benefit of the Venezuelan people.

"Gold Reserve has long maintained that it would not resume operations in Venezuela until Jose was released. Now that he is free, we are preparing to return personnel to Venezuela and begin directly participating in the recovery stage as laid out by U.S. Secretary of State Rubio. We want to reconcile the past and participate in the revitalization and growth of the future in the great country of Venezuela," said Mr. Rivett.

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 (symbol GRZ) and the Bermuda Stock Exchange (symbol GRZ.BH), and trades in the United States on the OTCQX (symbol GDRZF).

We seek Safe Harbor.