Replies to post #143 on Gold Reserve Inc. (GDRZF)

[Enterprising Investor]

Gold Reserve Provides Further Update to Legal Proceedings Related to Collection of Arbitration Award (1/21/16)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (“Gold Reserve” or the “Company”) is pleased to report on legal activities in France, the United States and United Kingdom relating to the collection of its ICSID (Additional Facilities) arbitral award currently approximating US $765 million, including accrued post award interest.

France

Today, the Paris Court of Appeal has rescheduled the arbitral award annulment hearing date for March 10, 2016. Both the Company and Venezuela have agreed to the new revised hearing date. Previously the hearing had been postponed from February 4, 2016 to October 13, 2016.

United States

The U.S. District Court in Washington, DC issued an order on January 20, 2016 confirming that a “reasonable period of time” has passed since the November 20, 2015 judgment confirming the ICSID arbitral award. As a result of the January 20, 2016 order the Company has filed a motion in the US District Court in Washington, DC requesting an additional order allowing the Company to register the judgment in other US District Courts to pursue the attachment of assets.

United Kingdom

In May 2015 the Company filed an application to have the ICSID award recognized and enforced in the United Kingdom. A three-day hearing regarding the application was held January 18th to 20th whereby Venezuela made similar arguments that it has made in other jurisdictions asserting among other things sovereign immunity and other merit issues. The Company is now awaiting the Court’s ruling on these matters.

Doug Belanger, President, stated, “The Company is vigorously pursuing the legal proceedings related to the collection of the arbitral award. We are very pleased the Paris Court of Appeal hearing will now be held March 10, 2016, as well as with the advancement of enforcement and collection efforts in both the United States and United Kingdom.”

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

http://www.businesswire.com/news/financialpost/20160121006442/en/Gold-Reserve-Update-Legal-Proceedings-Related-Collection