Gold Reserve Notes Issuance of OFAC General License 51 Related to Venezuelan-Origin Gold

Gold Reserve Ltd. (“Gold Reserve” or the “Company”) (TSX-V: GRZ, BSX: GRZ.BH, OTCQX: GDRZF) today noted the issuance by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) of General License 51 (“GL 51”), which authorizes certain transactions involving Venezuelan-origin gold under specified conditions.

GL 51 authorizes transactions that are ordinarily incident and necessary to the exportation, sale, supply, storage, purchase, delivery, or transportation of Venezuelan-origin gold for importation into the U.S., the refining of such gold in the U.S., and the resale or exportation of such gold from the U.S., provided that such activities are conducted by an established U.S. entity. The license includes customary compliance requirements, including the use of designated accounts for payments and proceeds and remains subject to all applicable U.S. sanctions regulations and reporting obligations.

Gold Reserve is reviewing the terms of GL 51 and will continue to monitor regulatory developments relating to U.S. sanctions and potential frameworks that could support responsible and compliant engagement in the Venezuelan mining sector.

About Gold Reserve

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).

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. 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. They are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to a return to operations in Venezuela by the Company.