Gold Reserve Joyously Announces the Release of José Ignacio Moreno Suárez After Three Years of Imprisonment

PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) is very pleased to announce the release of José Ignacio Moreno Suárez from the Rodeo I prison in Venezuela.

José 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. José’s family and the Gold Reserve team never gave up hope for his successful release.

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

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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 José 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 Paul Rivett, Gold Reserve Vice Chairman.

Gold Reserve is a primarily US-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 (TSX-V: GRZ), the Bermuda Stock Exchange (BSX: GRZ.BH), and trades in the United States on the OTCQX (OTCQX: GDRZF).

For further information regarding Gold Reserve Ltd., visit www.goldreserve.bm .

Dave Onzay Email: [email protected] Phone: +1 (441) 295-4653