Market Overview

Gold Reserve Provides Venezuela Update

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Gold Reserve Inc. (TSX.V: GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the
"Company") is pleased to provide an update on the payments related to
the previously announced Settlement Agreement with Venezuela
("Settlement Agreement").

Under the terms of the Settlement Agreement Venezuela agreed to pay Gold
Reserve a total of approximately US $1.032 billion, comprised of
approximately US $792 million in satisfaction of the arbitral ICSID
Award granted in favor of the Company and US $240 million for the sale
of the Company's technical mining data related to the Siembra Minera
Project. The Company received today Venezuelan government bonds with an
estimated current market value of approximately US$88.5 million as
payment towards the December 2017 and January and February 2018 monthly
installments due under the Settlement Agreement. As a result of this
payment the Company has received an aggregate of US $276 million
(including payments made to the Company's trust account with Bandes Bank
in Venezuela). Venezuela remains 5 months in arrears (at US $29.5
million per month) on its obligations under the Settlement Agreement.
The Company and Venezuela are continuing discussions to facilitate the
payment of the arrears and future payments.

In addition, approximately US $8 million previously tendered by the
Venezuelan government was transferred recently from the Company's trust
account in Venezuela to its bank account in North America, leaving
approximately US$37 million remaining in the trust account.

Senior Management of Gold Reserve has been in Caracas working with
Venezuelan officials on matters related to the development of the large
scale Siembra Minera Project. In addition, the Company is also advancing
various social works programs in the project area relating to the
rehabilitation of medical, educational, and recreational facilities
along with engineering work related to landfills, sewage collection,
water distribution systems and related treatment plants to facilitate
the transition of the area to accommodate a nearby major mining
operation. The Company is currently transporting a large sample of the
surface saprolite material to the United States for metallurgical
testing which will aid in the final engineering design of the Early
Works Project.

Doug Belanger, President, stated, "We are very pleased with the receipt
of bonds which confirms our partner's commitment to meet its obligations
and advance one of the largest undeveloped gold-copper projects in the
world, despite their economic challenges. We look forward to continue
working with Venezuela towards that goal."

Canaccord Genuity Corp. has been retained by the Company to provide
financial advisory and other services with respect to the bonds.

For further information regarding the Company can be located at www.goldreserveinc.com,
www.sec.gov,
and www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning
of applicable U.S. federal securities laws and "forward-looking
information" within the meaning of applicable Canadian provincial and
territorial securities laws and state Gold Reserve's and its
management's intentions, hopes, beliefs, expectations or predictions for
the future including without limitation statements with respect to
future payments under the Settlement Agreement, the disposition of the
bonds received by the Company and the development of the Siembra Minera
Project, including social programs to be undertaken in the project area.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.

We caution that such forward-looking statements involve known and
unknown risks, uncertainties and other risks that may cause the actual
outcomes, financial results, performance, or achievements of Gold
Reserve to be materially different from our estimated outcomes, future
results, performance, or achievements expressed or implied by those
forward-looking statements, including without limitation the risks that
payments due under the Settlement Agreement continue to be delayed, the
Company may not receive future payments due under such agreement, the
Company may not be able to repatriate payments that are received, the
bonds described above may not be able to be sold in a timely manner at
their current market value or at all, imposition of further sanctions by
the U.S., Canada or other jurisdictions that may negatively impact our
ability to freely transfer funds from Venezuela or our ability to do
business in Venezuela and the development of the Siembra Minera project
and the activities planned to be undertaken in connection with the
project area may not proceed as anticipated.

This list is not exhaustive of the factors that may affect any of
Gold Reserve's forward-looking statements. For a more detailed
discussion of the risk factors affecting the Company's business,
including without limitation the effect of sanctions imposed by the
governments of the United States and Canada against dealings with
certain Venezuelan entities and individuals, see the Company's Annual
Information Form and Management's Discussion & Analysis for the year
ended December 31, 2017 which have been filed on SEDAR and are available
under the Company's profile at
www.sedar.com
and which form part of the Company's Form 40-F for the year ended
December 31, 2017 which have been filed on EDGAR and are available under
the Company's profile at
www.sec.gov/edgar.

Investors are cautioned not to put undue reliance on forward-looking
statements. All subsequent written and oral forward-looking statements
attributable to Gold Reserve or persons acting on its behalf are
expressly qualified in their entirety by this notice. Gold Reserve
disclaims any intent or obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of
assumptions or factors, whether as a result of new information, future
events or otherwise, subject to its disclosure obligations under
applicable rules promulgated by the Securities and Exchange Commission
and applicable Canadian provincial and territorial securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

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