Gold Reserve clarifies consideration offered by Amber

An anonymous director reports GOLD RESERVE PROVIDES CLARIFICATION ON CONSIDERATION OFFERED BY AMBER ENERGY IN CONNECTION WITH ITS LOWER BID Gold Reserve Ltd. has issued a clarification regarding the purported consideration offered by Amber Energy to Gold Reserve as part of Amber Energy's bid. In recent days, several shareholders, media reports and research analysts have incorrectly stated that Amber Energy's bid included $500-million in cash payable to Gold Reserve. This is entirely false. Amber Energy's proposal purports to offer recovery of only 15 per cent on $500-million of claim, if the proposal is approved by the court and accepted by the company. Gold Reserve believes it is important to ensure that all stakeholders have accurate information regarding the terms being discussed. Any suggestion that the Amber Energy proposal would result in $500-million of cash consideration to Gold Reserve is misleading and does not reflect the actual terms presented to the company. A complete description of the Delaware sale proceedings can be found on the public access to court electronic records system in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. We seek Safe Harbor.