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Gold Reserve Completes Sale of Shares to 401(k) Plan

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SPOKANE, Wash. — Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (the “Firm”) broadcasts that it accomplished a beforehand introduced, non-brokered non-public placement to Rockne Timm, Douglas Belanger and Robert McGuinness, (the “Plan Trustees”), as Trustees for the Gold Reserve Company 401(okay) Financial savings Plan (the “401(okay) Plan”), and James Coleman (the “Personal Placement”).

Pursuant to the Personal Placement the Firm issued 152,662 Class A standard shares (“Shares”) at a value of CAD$1.66 per Share to the Plan Trustees and James Coleman. No fee or finder’s price was paid in reference to the Shares issued pursuant to the Personal Placement.

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This launch comprises “forward-looking statements” inside the that means of relevant U.S. federal securities legal guidelines and “forward-looking data” inside the that means of relevant Canadian provincial and territorial securities legal guidelines and state Gold Reserve’s and its administration’s intentions, hopes, beliefs, expectations or predictions for the longer term. Ahead-looking statements are essentially primarily based upon quite a lot of estimates and assumptions that, whereas thought of cheap by administration right now, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies.

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We warning that such forward-looking statements contain recognized and unknown dangers, uncertainties and different dangers that will trigger the precise outcomes, monetary outcomes, efficiency, or achievements of Gold Reserve to be materially totally different from our estimated outcomes, future outcomes, efficiency, or achievements expressed or implied by these forward-looking statements, together with with out limitation the dangers and uncertainties related to the substantial focus of our operations and belongings in Venezuela; U.S. and Canadian Sanctions towards Venezuela and/or its authorities officers; continued failure by Venezuela to honor its commitments beneath the Settlement Settlement and/or the Award; assortment of the Award and dangers that any future Venezuelan administration will fail to respect the agreements of the prior administration.

This record is just not exhaustive of the components that will have an effect on any of Gold Reserve’s forward-looking statements. For a extra detailed dialogue of the danger components affecting the Firm’s enterprise, see the Firm’s Annual Data Type and Administration’s Dialogue & Evaluation for the yr ended December 31, 2020 which have been filed on SEDAR and can be found beneath the Firm’s profile at and which kind a part of the Firm’s Type 40-F for the yr ended December 31, 2020 which has been filed on EDGAR and can be found beneath the Firm’s profile at

Buyers are cautioned to not put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or individuals appearing on its behalf are expressly certified of their entirety by this discover. Gold Reserve disclaims any intent or obligation to replace publicly or in any other case revise any forward-looking statements or the foregoing record of assumptions or components, whether or not because of new data, future occasions or in any other case, topic to its disclosure obligations beneath relevant guidelines promulgated by the Securities and Alternate Fee and relevant Canadian provincial and territorial securities legal guidelines.

Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

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Gold Reserve Inc.
A. Douglas Belanger, President
999 W. Riverside Ave., Suite 401
Spokane, WA 99201 USA
Tel: (509) 623-1500
Fax: (509) 623-1634

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