SPOKANE, WASHINGTON, February 5, 2013

Gold Reserve Inc. (TSX.V:GRZ) (NYSE-MKT:GRZ) (the “Company”) is pleased to provide an update on the status of its ICSID arbitration and the Company’s listing on the NYSE-MKT. The Company’s ICSID arbitration against the Republic of Venezuela remains pending. As previously reported, following the conclusion of oral hearings in February 2012, the Tribunal issued an order in July 2012 requesting further evidentiary submissions from the parties relating to valuation issues. Having received submissions from the parties regarding implementation of the Tribunal’s order, in January 2013 the Tribunal issued additional directions requesting further submission of expert evidence.

The parties have been requested to submit a joint report from their technical experts by April 26, 2013 and submit observations of the parties on the experts’ report by May 24, 2013.

Hopefully we'll see some progress coming out of this. ( by the year 2030. (sorry, Its just sooo long) We'll probably have observations of the observations with a decision to submit more observations.