Gold Reserve Announces Signing of Definitive Restructuring Agreement in Connection with its 5.50% Senior Subordinated Convertible Notes due 2022

Gold Reserve Inc.

announces that further to its news release dated May 17, 2012, it has entered into a definitive agreement generally encompassing the terms described in such news release with the three largest holders of its 5.50% Senior Subordinated Convertible Notes due 2022 in connection with the proposed restructuring of the Notes. The Large Noteholders hold 87.8% of the outstanding Notes.