Gold Reserve Successfully Overcomes Rusoro Mining Ltd.’s Motion to Dismiss in Court of Chancery Proceedings

PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced today that it has successfully overcome a Motion to Dismiss brought by the defendant, Rusoro Mining Ltd. (“Rusoro”), in their proceedings in the Court of Chancery.

The dispute arises from a consortium agreement entered into by Gold Reserve and Rusoro in connection with their joint bid for the judicial sale of shares of PDVH pending before the U.S. District Court for the District of Delaware (the “Dalinar Bid”). The consortium agreement established the parties’ respective obligations to coordinate and support the Dalinar Bid.

In the ruling delivered today, the Court dismissed five of Gold Reserve’s six claims but permitted the Company’s breach of contract claim to proceed. In particular, the Court found that Gold Reserve had sufficiently alleged that Rusoro may have breached its contractual obligation of confidentiality, as well as its obligation to use commercially reasonable efforts to support the Dalinar Bid.

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The Court’s decision confirms that Gold Reserve’s breach of contract claim has been sufficiently pleaded. The proceedings will now advance to the next stage, where the Court will consider the merits of the claim.

“We are pleased with the Court’s decision today. Although certain of our claims were dismissed, this decision allows us to move forward with our core contractual claim concerning Rusoro’s obligations under the consortium agreement. We look forward to continuing the proceedings,” said Paul Rivett, Vice Chair of Gold Reserve.

A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.

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