Gold Reserve Inc. announced that the Board of Directors has appointed Kenneth I. Juster as a director of the Company. Mr. Juster has over 30 years of experience as a senior business executive, senior law partner with international arbitration and execution of award experience, and senior U.S. Department of State official. Mr. Juster currently is a partner and managing director at the global private equity firm Warburg Pincus, where his work covers a range of issues, including political risk, global policy, and regulatory matters relating to the firm's investment activities and portfolio companies.

Mr. Juster replaces Chris D. Mikkelsen as a member of the Board of Directors. Mr. Mikkelsen has informed the Company of his desire to resign his position concurrent with his retirement from his primary professional business activity. Mr. Mikkelsen has been a director of the Company since 1997 and Chair of the Audit Committee since 1998.

These changes are effective immediately.