Gold Reserve Provides Update on CITGO Sale Process

PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces several developments in the pending legal proceedings in which the Company, through its wholly-owned subsidiary, Dalinar Energy Corporation (“Dalinar Energy”), has been recommended by the Special Master to purchase the shares of PDV Holding, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. The Special Master’s Final Recommendation of the