GOLD RESERVE INC. ANNOUNCES NOTIFICATION OF DELISTING FROM NYSE AMEX

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SPOKANE, WA, June 21, 2011 /CNW/ - Gold Reserve Inc. (TSX:GRZ)
(NYSE-Amex:GRZ) has received a written notice dated June 20, 2011, that
the NYSE Amex LLC (the "Exchange") intends to file a delisting
application with the United States Securities and Exchange Commission
(the "SEC") to remove the Company's common shares from being listed on
the Exchange. This determination, which the Company intends to appeal,
was made based on the Exchange staff's position that the Company is not
in current compliance with certain listing standards of the Exchange
set forth in the NYSE Amex Company Guide (the "Company Guide").


Specifically, the Exchange staff has determined that following the
seizure of the Brisas Project by the Government of Venezuela, the
Company has become subject to Section 1002(c) of the Company Guide,
which states that "The Exchange, as a matter of policy, will consider
the suspension of trading in, or removal from listing or unlisted
trading of, any security when, in the opinion of the Exchange the
issuer has sold or otherwise disposed of its principal operating
assets, or has ceased to be an operating company." Further, in the
Exchange staff's opinion, the Company no longer complies with Section
1003(c)(i) of the Company Guide because "since substantially all of the
company's operations from 1992 to 2008 were related to the development
of the Brisas Project, the Company has substantially discontinued the
business that it conducted at the time it was listed or admitted to
trading, in that it has essentially been forced to abandon its only
source of operations." Because of this, the Exchange believes the
Company is no longer an operating company for the purposes of continued
listing on the Exchange.


In accordance with Sections 1203 and 1009(d) of the Company Guide, the
Company has a limited right to appeal the Exchange staff's
determination by requesting an oral hearing or a hearing based on a
written submission before a Listing Qualifications Panel. The Company's
written request for a hearing must be received by the Exchange by June
27, 2011. The Company plans on exercising its right to appeal the
Exchange staff's determination, but there can be no assurance that the
Company's request for continued listing following the appeal will be
granted.


The Company's international arbitration against the Republic of
Venezuela regarding the illegal expropriation of its Venezuelan
properties is proceeding well but there are no material developments
with respect to the case at this time. The Company is also pursuing
possible settlement of the arbitration but no assurances can be given
at this time that it will be successful in reaching a settlement. The
time table remains intact with Gold Reserve required to submit its
reply on July 15, 2011 to Venezuela's counter memorial. The hearing on
the merits is still scheduled for February 6, 2012.


The Company is continuing to pursue the sale of equipment purchased for
the Brisas project. The sale of this equipment will allow us to work
with the Company's note holders on a possible restructuring or
retirement of the notes as well as continue to pursue new opportunities
in the mining industry.


Please visit our website at www.goldreserveinc.com under Investor Relations: SEDAR Filings or SEC Filings.


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:
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 Company Contact A. Douglas Belanger, President 926 W. Sprague Ave., Suite 200 Spokane, WA 99201 USA Tel. (509) 623-1500 Fax (509) 623-1634