Gold Reserve Inc. (GDRZF)

[Enterprising Investor]

Gold Reserve Receives Transfer from Venezuela (10/09/18)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the “Company”) is pleased to provide an update on the transfer of funds from BANDES Bank associated with the Company’s Settlement Agreement with Venezuela.

US $14.9 million has been transferred by BANDES Bank to the Company’s bank account in North America, leaving approximately US$22 million remaining in the Company’s trust account in Venezuela. Venezuela’s monthly payment obligations, pursuant to the Settlement Agreement, are in arrears by approximately US $206.5 million excluding the amount remaining in the Trust Account. The Company and Venezuela continue to work on satisfying the unpaid amounts.

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

https://www.businesswire.com/news/home/20181009006161/en/Gold-Reserve-Receives-Transfer-Venezuela