Gold Reserve Inc. Shareholder Updates

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SPOKANE, Wash. (Business Wire) -- Gold Reserve Inc. (TSX:GRZ)(NYSE-Amex:GRZ) (the "Company") is announcing
the following updates to shareholders on the status of its NYSE Amex
continued listing and its ICSID international arbitration against the
Republic of Venezuela:




NYSE Amex Continued Listing




On October 27, 2011, the Company received notice from the staff (the
"Staff") of the NYSE Amex LLC (the "Exchange") that the Staff had
accepted the Company's plan to regain compliance with the Exchange's
listing standards (the "Plan") by a targeted completion date of December
20, 2012. The Staff's acceptance of the Plan marks the completion of the
first step in the Company's process towards compliance with the
Exchange's listing standards.




The Staff reiterated that the Company is not in compliance with Sections
1002(c) and 1003(c)(i) of the NYSE Amex Company Guide (the "Company
Guide") and, with the Exchange's acceptance of the Plan, the Company's
listing is being continued pursuant to an extension. The Plan provides
for an 18 month schedule (starting from the initial date of notice of
non-compliance, June 20, 2011) whereby the Company expects to obtain a
working interest in one or more acceptable mineral exploration
properties. The Company will continue to provide the Exchange staff with
updates relative to the initiatives detailed in the Plan, including the
specific milestones to be met by July 31, 2012, and December 20, 2012.




ICSID Arbitration




The Company's international arbitration against the Republic of
Venezuela regarding the expropriation of its Venezuelan investments
remains pending - with the oral hearing scheduled to take place February
6-17, 2012. In accordance with the procedural calendar in the case, the
Company filed its Reply on July 29, 2011, updating its claim to $2.1
billion to account for interest accrued since its earlier filing. In
response to a request from Venezuela, the Tribunal agreed to amend the
procedural calendar to permit Venezuela to file its Rejoinder on
December 5, 2011. The Rejoinder is the last filing to be made prior to
the oral hearing.




Doug Belanger, President, stated, "We are pleased with the acceptance of
our plan by NYSE - Amex and with the progress of the arbitration to
date. The Company continues to pursue an amicable settlement of this
matter, but no assurance can be given at this time that we will be
successful in reaching a settlement."




Please visit our website at www.goldreserveinc.com
under Investor Relations: SEDAR Filings or SEC Filings.




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