Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (“Gold Reserve” or the “Company”) today reported that the government of the Bolivarian Republic of Venezuela has informed the Company that the payment of US$300 million that was due December 15, 2016 under the terms of the previously announced amended settlement agreement with the government is expected to be deposited in the Company’s bank accounts in the next few days. The Company will provide more information as it becomes available.