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

Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-MKT:GRZ) (the 'Company?)
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.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

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

'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.'

Gold Reserve Inc.

A. Douglas Belanger, President

509-623-1500

509-623-1634
(fax)