Gold Reserve Inc. Submits $1.928 Billion Arbitration Claim

Gold Reserve Inc. (GRZ) announced today it has filed its arbitration claim against the Bolivarian Republic of Venezuela with the World Bank's International Centre for Settlement of Investment Disputes (“ICSID”), in accordance with the provisions of the Canada-Venezuela Bilateral Investment Treaty (“BIT”). Gold Reserve's claim alleges violations of three provisions of the Canada-Venezuela BIT culminating in the effective expropriation of Gold Reserve's sizable investments in the world-class Brisas gold/copper project and the promising Choco 5 gold property. Gold Reserve seeks compensation for all of its losses caused by Venezuela's breaches of the BIT, including the full value of its investments in the Brisas Project and in Choco 5 prior to Venezuela's breaches of the BIT, and other related damage. As of September 24, 2010, Gold Reserve values its damages at a minimum in the amount of $1.928 billion, equivalent to approximately $30 a share.