Gold Reserve Inc. Announces Retirement of A. Douglas Belanger as President and Director of the Company

Gold Reserve Inc. is an exploration stage company, which is engaged in the business of acquiring, exploring, and developing mining projects. The Company's exploration prospects include Siembra Minera and LMS Gold Project. Siembra Minera holds certain gold, copper, silver, and other strategic mineral rights within Bolivar State comprising approximately 18,950 hectares in an area located in the Km 88 gold mining district of southeast Bolivar State which includes the historical Brisas and Cristinas areas. The mineral rights held by Siembra Minera have a 20-year term with two 10-year extensions. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by the Company. The Company's subsidiaries include Gold Reserve Corporation, GR Mining (Barbados) Inc., GR Procurement (Barbados) Inc., and GR Mining Group (Barbados) Inc.