Gold Reserve Announces Board Approval of Spin-Out Transactions

PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) is pleased to announce that its board of directors has approved the previously announced potential spin-out (the “American Heralds Spin-Out”) of its new U.S.-domiciled company, American Heralds Mining Corporation (“American Heralds”). As described in the Company's prior news release, it is intended that American Heralds will hold Gold Reserve's mining interests in Ve.