Gold Reserve Inc. updates shareholders on arbitration and NYSE-MKT listing

SPOKANE, WA, Feb. 5, 2013 /CNW/ - 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.

The Company has been informed by the NYSE-MKT that an "appeal hearing" with an independent panel relating to the continued listing of the Company's shares will be held on February 28, 2013 (see the Company's November 29, 2012 News Release (NR-12-16)).

Regarding the continued listing of the Company's shares on the NYSE-MKT, management of the Company believes that the Company currently meets the continued listing standards as well as the initial listing standards under Initial Listing Standard 4 (Section 103(d) of the Company Guide), except for the $3.00 share price requirement (which price was $2.99 at market close on February 4, 2013, and $3.37 was the average closing price for 2012).

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