Gold Reserve Announces Further Extension of Expiration Date of Offer for Remaining 5.50% Senior Subordinated Convertible Notes Due 2022

Gold Reserve

announced today that it is notifying holders of approximately 1.3% of its 5.50% Senior Subordinated Convertible Notes due 2022 (the “Notes”) (representing $1,080,000 in aggregate principal amount) of the further extension of the “Expiration Date” of its offer (“Offer”) to participate in a restructuring transaction that has been agreed to with its four largest Noteholders representing approximately 98.7% of the outstanding Notes. The Company has extended the “Expiration Date” for the Offer to 5:00 p.m., Eastern Time, on November 5, 2012. As of October 26, 2012, Notes in the aggregate amount of $36,000 have been tendered by the holders of the $1,080,000 of outstanding Notes that are not held by the four largest Noteholders. The four largest Noteholders have delivered their Notes to the Agent for the Offer. The terms and conditions of the Offer were set forth in the Tender Offer Statement filed on Schedule TO, and the letter of transmittal and the related offer materials filed as exhibits, which were filed with the Securities and Exchange Commission (“SEC”) on September 18, 2012. The Company is filing amendments to its Schedule TO, letter of transmittal and related offer materials. The Offer, letters of transmittal and related offer documents, as amended, may be obtained free of charge at the SEC's website, www.sec.gov or by directing a request to the Company.