Gold Reserve Inc. (GDRZF)

[Enterprising Investor]

Gold Reserve Updates on Status of Agreements with Venezuela (6/23/16)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company” or “Gold Reserve”) announces a further extension of the previously announced Memorandum of Understanding (“MOU”) with the Bolivarian Republic of Venezuela to July 15, 2016. The execution of the previously announced settlement and mixed company (joint venture) agreements have been delayed due to recent positive events in Venezuela, such as the formation of the new “Ministry of Ecological Mining Development” and the appointment of a new Minister allowing the government to pursue the development of its mineral resources independent of the energy sector. In addition, the government, as part of the approval process for the mixed company, has recently completed an extensive technical and economic due diligence review of the Brisas-Cristinas business plan proposed by the Company.

The Attorney General of Venezuela, Reinaldo Munoz stated, “We have agreed to extend the MOU to allow additional time to finalize both agreements.”

Doug Belanger, President of Gold Reserve stated, “We believe that all the documentation related to the settlement and mixed company agreements are now substantially completed and that the signing of these agreements should take place in the very near future.”

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

http://www.businesswire.com/news/home/20160623006373/en/Gold-Reserve-Updates-Status-Agreements-Venezuela