Gold Reserve Announces Listing Review by Toronto Stock Exchange

Gold Reserve Inc. (TSX: GRZ) (NYSE-Amex: GRZ) (the 'Company?) announces
that the Toronto Stock Exchange ('TSX?) is reviewing the Company′s
Common Shares with respect to meeting the requirements for continued
listing pursuant to the Expedited Review Process. This review of our
compliance with the TSX′s continued listing standards is a direct result
of the expropriation of the Brisas Project by the government of
Venezuela.

In September 2011 the Company received a letter from the Compliance &
Disclosure Department ('Compliance Department?) of the TSX requesting
that the Company provide information regarding its current operating
activities as part of a fact gathering process related to meeting the
TSX′s continuous listing requirements. The letter stated that if the TSX
determines that the Company has discontinued a substantial portion of
its business, the Company will be required to meet the original listing
requirements ('OLR?) of the TSX. If the Company fails to provide an
acceptable plan to the TSX of how it intends to meet the OLR in the
short term, the TXS will initiate a delisting review. On October 4, 2011
the Company provided its response and a plan to the TSX regarding the
Company′s efforts to maintain compliance and continue its listing on the
TSX.

On November 11, 2011 the Company received a letter from the Compliance
Department advising the Company that the Company′s plans are not
sufficiently advanced to approve compliance with TSX′s continued listing
requirements. As a result, the TSX is reviewing the eligibility for
continued listing on TSX of the common shares of the Company pursuant to
Part VII of The TSX Company Manual, under the Expedited Review Process
as described in Section 707(b) of the TSX Company Manual. The Continued
Listing Committee of the TSX scheduled a meeting on November 21, 2011 to
consider whether or not to suspend trading in and delist the common
shares of the Company. The Company expects to make a submission
regarding this matter prior to the meeting.

There can be no assurance that the Company will be able to achieve
compliance within the required time frame, and if the Company is not
able to achieve compliance, the Company will remain subject to delisting
procedures as set forth in the Company Manual and may in fact be
delisted. Management is also evaluating alternative listing options such
as the TSX Venture Exchange or NEX.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that state Gold
Reserve's or its management's intentions, hopes, beliefs, expectations
or predictions for the future. In this release, forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management at this
time, are inherently subject to significant business, economic and
competitive uncertainties and contingencies.

We caution that such forward-looking statements involve known and
unknown risks, uncertainties and other risks that may cause the actual
outcomes, financial results, performance, or achievements of Gold
Reserve to be materially different from our estimated outcomes, future
results, performance, or achievements expressed or implied by those
forward-looking statements.

Numerous factors could cause actual results to differ materially from
those in the forward-looking statements, including without limitation:
our ability to satisfy the requirements of the plan of compliance
accepted by the staff of the NYSE Amex or to satisfy the continued
listing requirements of the TSX or other ongoing listing standards; the
outcome of our arbitration under the Additional Facility Rules of the
International Centre for Settlement of Investment Disputes of the World
Bank, in Washington D.C. to determine compensation claimed by us
resulting from our claims against the Venezuelan government and its
agents and agencies; corruption and uncertain legal enforcement;
political and social instability; requests for improper payments;
competition with companies that are not subject to or do not follow
Canadian and U.S. laws and regulations; regulatory, political and
economic risks associated with Venezuela including changes in laws and
legal regimes; the result or outcome of the litigation regarding the
enjoined hostile takeover bid for us; impact of currency, metal prices
and metal production volatility; our dependence upon the abilities and
continued participation of certain key employees; the value of our 5.50%
senior subordinated convertible notes due on June 15, 2022 and potential
volatility of our Class A common shares (also referred to herein as
'Common Shares'), including potential dilution as a result of the
conversion of the convertible notes into our common shares by either us
or the holder; the prospects for exploration and development of
alternative projects by us; the potential delisting of our Common Shares
and uncertainty regarding any appeal thereof; and risks normally
incident to the exploration, development and operation of mining
properties.

This list is not exhaustive of the factors that may affect any of
Gold Reserve's forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to Gold Reserve
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Gold Reserve disclaims any intent or obligation
to update publicly or otherwise revise any forward-looking statements or
the foregoing list of assumptions or factors, whether as a result of new
information, future events or otherwise, subject to its disclosure
obligations under applicable rules promulgated by the SEC.

In addition to being subject to a number of assumptions,
forward-looking statements in this release involve known and unknown
risks, uncertainties and other factors that may cause actual results and
developments to be materially different from those expressed or implied
by such forward-looking statements, including those factors outlined in
the 'Cautionary Statement Regarding Forward-Looking Statements' and
'Risks Factors' contained in Gold Reserve's filings with the Canadian
provincial securities regulatory authorities and U.S. Securities and
Exchange Commission, including Gold Reserve's Annual Information Form
and Annual Report on Form 10-K for the year ended December 31, 2010,
filed with the Canadian provincial securities regulatory authorities and
U.S. Securities and Exchange Commission, respectively.

FOR FURTHER INFORMATION:

Internet ? www.goldreserveinc.com

Gold Reserve Inc.

A. Douglas Belanger, President

Tel.
509-623-1500

Fax 509-623-1634