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<P style="MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As filed with the Securities and Exchange Commission on May 13, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration No. 333-</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">________________________________</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 4pt" align=center><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FORM S-8</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">GOLD RESERVE INC.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Yukon Territory, Canada<BR></FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(State or other jurisdiction of</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">incorporation or organization)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">N/A</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(I.R.S. Employer Identification No.)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">926 West Sprague Avenue</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Suite 200 </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Spokane, Washington </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Address of Principal Executive Offices)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">99201</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Zip Code)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="times new roman">GOLD RESERVE INC.&nbsp; 2012 EQUITY INCENTIVE PLAN</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(Full title of the plan)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">agent for service</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rockne J. Timm</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">926 West Sprague Avenue, Suite 200</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Spokane, Washington 99201</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(509) 623-1500</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Name, address and telephone number,</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">including area code)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Copy to:</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jonathan B. Newton</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Baker &amp; McKenzie LLP</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bank of America Center</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">700 Louisiana, Suite 3000</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Houston, Texas 77002</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(713) 427-5000</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 2pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. </FONT></P>

<P style="MARGIN: 2pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accelerated&nbsp;filer</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=wingdings>&#168;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;(Do not check if a smaller reporting company)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Smaller&nbsp;reporting&nbsp;company</FONT></P></TD>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">CALCULATION OF
REGISTRATION FEE</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:2.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to be registered<sup>(1)</sup></font></b></p>
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  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Amount to be registered</font></b></p>
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  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Proposed maximum offering price per share<sup>(2)</sup></font></b></p>
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 <td valign=bottom width=18% style="border-right:solid black 1.0pt;border-top:double black 2pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate offering price</font></b></p>
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 <td valign=bottom width=14% style="border-right:double black 2pt;border-top:double black 2pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Amount of registration fee</font></b></p>
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  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Class A Common Shares,
  no par value (including the associated Share Purchase Rights)<sup>(3)</sup></font></p>
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 <td valign=top width=19% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">7,299,695 Shares</font></p>
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 <td valign=top width=16% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">$3.25795</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">$23,782,041</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid black 1.0pt;border-right:double black 2pt;border-top:solid black 1.0pt;padding:0in 6.95pt 0in 6.95pt;">
  <p align=center style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">$3,243.87</font></p>
  </td>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(1)&#160;&#160; Class A Common Shares, no par
value per share (the &#8220;Class A Common Shares&#8221;), of Gold Reserve Inc. (the
&#8220;Company&#8221;) being registered hereby related to the Gold Reserve Inc. 2012 Equity
Incentive Plan (the &#8220;2012 Plan&#8221;).&#160; Pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement
also covers an indeterminable number of additional Class A Common Shares as may
be offered or issued to prevent dilution as a result of any stock dividend,
stock split, recapitalization, or other similar transaction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(2)&#160;&#160; Estimated solely for the purpose
of calculating the registration fee pursuant to Rule 457(c) and (h) promulgated
under the Securities Act on the basis of the average of the high and low sales
prices of the Class A Common Shares on May 6, 2013, as quoted on the OTCQB
marketplace.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(3)&#160;&#160; Each Class A Common Share
registered hereunder includes an associated right to purchase from the Company
one additional Class A Common Share (the &#8220;Purchase Rights&#8221;) pursuant to the Company&#8217;s
amended and restated shareholder rights plan agreement, dated as of June 11,
2009, as amended on June 27, 2012 (the &#8220;Rights Plan&#8221;).&#160; The Purchase Rights are
not exercisable until the occurrence of events specified in the Rights Plan and
are transferrable solely with the associated Class A Common Shares.&#160; The value
attributable to the Purchase Rights, if any, is reflected in the value of the
associated Class A Common Shares.</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:center;text-indent:-.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">PART I</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
documents containing the information specified in Part&nbsp;I of this
Registration Statement on Form S-8 will</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;">be
sent or given to the participants in the Gold Reserve Inc. 2012 Equity
Incentive Plan (the &#8220;Plan&#8221;) as specified by Rule 428(b)(1) of the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;). &#160;In accordance with the
instructions to Part&nbsp;I of this Registration Statement on Form S-8, such
documents will not be filed with the Securities and Exchange Commission (the
&#8220;Commission&#8221;). These documents and the documents incorporated by reference
pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration Statement on Form
S-8, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">PART II</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 3.&#160;&#160; Incorporation of Documents
by Reference.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
following documents filed by Gold Reserve Inc. (the &#8220;Company&#8221;) with the
Commission are hereby incorporated by reference into this Registration
Statement on Form S-8:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The Company&#8217;s Annual Report on Form 40-F, filed with the
Commission on March 25, 2013;</font></p>

<p style="margin-bottom:3.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The description of the Class A Common Shares registered hereby
contained in the Company&#8217;s Registration Statement on Form S-4 filed with the
Commission on November 27, 1998 (Registration No. 333-68061), including any
amendment or report filed for the purpose of updating such description; and </font></p>

<p style="margin-bottom:10.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">The description of the Purchase Rights registered hereby contained
in the Company&#8217;s Report of Foreign Private Issuer on Form 6-K furnished with the
Commission on May 14, 2009, as amended by the Company&#8217;s Report of Foreign
Private Issuer on Form 6-K furnished to the Commission on June 4, 2012.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">All other documents subsequently filed
by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (except that any portions thereof
which are furnished and not filed shall not be deemed incorporated), and
certain Reports on Form 6-K furnished by the Company (which indicate on their
cover pages that they are incorporated herein by reference), prior to the
filing of a post&#8209;effective amendment to this Registration Statement which
indicates that all securities offered thereunder have been sold or which
deregisters all Class A Common Shares then remaining unsold.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 4.&#160;&#160; Description of Securities.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 5.&#160;&#160; Interest of Named Experts and Counsel.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:1.5pt;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 6.&#160;&#160; Indemnification of Directors and Officers. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The only statutes, charter provisions, bylaws, contracts or other
arrangements under which a director or officer of the Company is insured or
indemnified in any manner against liability which such officer or director may
incur in such capacity is Section 126 of the Yukon Business Corporations Act
(the &#8220;Act&#8221;) and Sections 7.02 through 7.04 of the Company&#8217;s bylaws. Taken
together, the statutory and bylaw provisions generally allow the Company to
indemnify its directors or officers against liability and expenses if the
officer or director seeking indemnity (a) acted honestly and in good faith with
a view to the best interest of the Company, and (b) in the case of a criminal
or administrative action or proceeding that is enforced by a monetary penalty,
the officer or director had reasonable grounds for believing the conduct was
lawful. Such statutory and bylaw provisions also allow officers and directors </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">to seek indemnity if they have (i) fulfilled the
requirements for (a) and (b), (ii) are fairly and reasonably entitled to
indemnity, and (iii) were substantially successful on the merits in the defense
of the action or proceeding. </font></p>
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<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 126 of the Yukon Business Corporations Act</font></b></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 126 of the Act is set forth in its entirety as
follows. All capitalized terms used herein but not otherwise defined shall have
the meanings as set forth in the Act.</font></i></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8220;126.&#160;&#160;&#160;&#160;&#160; (1) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except in respect of an
action by or on behalf of the corporation or body corporate to procure a
judgment in its favor, a corporation may indemnify directors or officers of the
corporation, former directors or officers of the corporation or persons who act
or acted at the corporation&#8217;s request as directors or officers of a body
corporate of which the corporation is or was a shareholder or creditor, and
their heirs and legal representatives, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by them in respect of any civil, criminal or administrative action or
proceeding to which they are made party because they are or have been directors
or officers of that corporation or body corporate, if:</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they
acted honestly and in good faith with a view to the best interests of the
corporation; and</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  in the
case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, they had reasonable grounds for believing that their conduct
was lawful.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A corporation may with
the approval of the Supreme Court indemnify persons referred to in subsection
(1) in respect of an action by or on behalf of the corporation or body
corporate to procure a judgment in its favor, to which they are made party by
reason of being or having been directors or officers of the corporation or body
corporate, against all costs, charges and expenses reasonably incurred by them
in connection with the action if they fulfill the conditions set out in
paragraphs (1)(a) and (b).</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Despite anything in this
section, persons referred to in subsection (1) are entitled to indemnity from
the corporation in respect of all costs, charges and expenses reasonably incurred
by them in connection with the defense of any civil, criminal or administrative
action or proceeding to which they are made party because they are or have been
directors or officers of the corporation or body corporate, if the person
seeking indemnity:</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; was
substantially successful on the merits in the defense of the action or
proceeding;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; fulfills
the conditions set out in paragraphs (1)(a) and (b); and</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; is
fairly and reasonably entitled to indemnity.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (4) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A corporation may
purchase and maintain insurance for the benefit of any person referred to in
subsection (1) against any liability incurred by them:</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in their
capacity as a director or officer of the corporation, except when the liability
relates to their failure to act honestly and in good faith with a view to the
best interests of the corporation; or</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in their
capacity as a director or officer of another body corporate if they act or
acted in that capacity at the corporation&#8217;s request, except when the liability
relates to their failure to act honestly and in good faith with a view to the
best interests of the body corporate.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A corporation or a
person referred to in subsection (1) may apply to the Supreme Court for an
order approving an indemnity under this section and the Supreme Court may so
order and make any further order it thinks fit.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On an application under
subsection (5), the Supreme Court may order notice to be given to any
interested person and that person is entitled to appear and be heard in person
or by counsel.&#8221;</font></p>


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<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Bylaws of Gold Reserve Inc.</font></b></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Sections 7.02 through 7.04 of the Company&#8217;s bylaws are
set forth in their entirety as follows. All capitalized terms used herein but
not otherwise defined shall have the meanings as set forth in the Company&#8217;s bylaws.
</font></i></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8220;7.02 Limitation of Liability</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Subject to the Act, no director or officer, or former
director or officer, of the Corporation shall be liable for the acts, receipts,
neglects or defaults of any other director or officer or employee, or for the
joining in any receipt or act for conformity, or for any loss or damage or
expense happening to the Corporation through the insufficiency or deficiency of
title to any property acquired by the Corporation or for or on behalf of the
Corporation or for the insufficiency or deficiency of any security in or upon
which any of the money of or belonging to the Corporation shall be placed or
invested, or for any loss or damage arising from the bankruptcy, insolvency or
tortious act of any person, firm or corporation including any person, firm or
corporation with whom or with which any moneys, securities or effects shall be
lodged or deposited, or for any loss, conversion, misapplication or
misappropriation of or any damage resulting from any dealing with any moneys,
securities or other assets of or belonging to the Corporation or for any other
loss, damage or misfortune whatsoever which may happen in the execution of the
duties of his respective office or trust or in relation thereto unless the same
shall happen by or through his failure to exercise the powers and to discharge
the duties of his office honestly and in good faith with a view to the best
interest of the Corporation and to exercise the care, diligence and skill that
a reasonably prudent person would exercise in comparable circumstances. Any
repeal or modification of the foregoing provisions of this paragraph 7.02 shall
not adversely affect any limitation on the personal liability of a director or
officer of the Corporation arising from an act or omission occurring prior to
the time of such repeal or amendment. In addition to the circumstances in which
a director or officer of the Corporation is not personally liable as set forth
in the foregoing provisions of this paragraph 7.02, a director or officer shall
not be liable to the Corporation or its shareholders to such further extent as
permitted by any law hereafter enacted, including, without limitation, any subsequent
amendment to the Act.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">7.03 Indemnity</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Subject to the Act, the Corporation shall indemnify a
director or officer, a former director or officer, and a person who acts or
acted at the Corporation&#8217;s request as a director or officer of a body corporate
of which the Corporation is or was a shareholder or creditor, and his heirs and
legal representatives, against all costs, charges and expenses, including any
amount paid to settle an action or satisfy a judgement, reasonably incurred by
him in respect of any civil, criminal or administrative action or proceeding to
which he is made a party by reason of being or having been a director or
officer of the Corporation or such body corporate, if:</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; he acted honestly and in
good faith with a view to the best interests of the Corporation; and</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of a
criminal or administrative action or proceeding that is enforced by a monetary
penalty, he had reasonable grounds for believing his conduct was lawful.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Corporation shall indemnify the directors and
officers of the Corporation to the fullest extent permitted by law. The
Corporation may indemnify any employee or agent of the Corporation to the
fullest extent permitted by law. In addition to the circumstances in which a
director or officer of the Corporation is indemnified as set forth in the
foregoing provisions of this paragraph 7.03, a director or officer shall be
indemnified by the Corporation to such further extent as permitted by any law
hereafter enacted, including, without limitation, any subsequent amendment to
the Act.</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">7.04 Insurance</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Corporation may, subject to and in accordance with
the Act, purchase and maintain insurance for the benefit of any director or
officer, or former director or officer, of the Corporation as such against any
liability incurred by him. The Corporation may provide such insurance to
directors and officers regardless of whether such directors and officers are
indemnified pursuant to paragraph 7.03 above.&#8221;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





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<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Insurance Policies for Directors and Officers</font></b></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.5pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Company also maintains insurance for the benefit
of its directors and officers against liability in their respective capacities
as directors and officers. The directors and officers are not required to pay
any premium in respect of this insurance. The policy contains various industry
exclusions and no claims have been made thereunder to date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 7.&#160;&#160; Exemption from Registration Claimed.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not
applicable.</font></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 8.&#160;&#160; Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The following are filed as exhibits to this Registration
Statement:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:6.0pt;width:624.000000pt;">
 <tr style="page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=10% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;margin-left:0pt;margin-right:0pt;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Exhibit</font></b><b><u><font face="Times New Roman" style="font-size:10.0pt;"> Number</font></u></b></p>
  </td>
 <td valign=bottom width=90% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Description</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Restated Articles of Incorporation of the Company,
  incorporated by reference to Exhibit 3.1 of the Company&#8217;s Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Bylaws of the Company, incorporated by reference to
  Exhibit 3.2 of the Company&#8217;s Registration Statement on Form S-4 (Registration
  No. 333-68061) filed with the Commission on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Form of Certificate for the Class A Common Shares,
  incorporated by reference to Exhibit 4.4 of the Company&#8217;s Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Gold Reserve Inc. 2012 Equity Incentive Plan,
  incorporated by reference to Exhibit 99.1 (Appendix A) of the Company&#8217;s Report
  of Foreign Private Issuer on Form 6-K furnished to the Commission on June 4,
  2012.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Shareholder Rights Plan Agreement
  (including form of Rights Certificate), incorporated by reference to Exhibit
  99.1 (Appendix C) of the Company's Report of Foreign Private Issuer on Form
  6-K furnished to the Commission on May 14, 2009.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">First Amendment to Amended and Restated Shareholder
  Rights Plan Agreement, incorporated by reference to Exhibit 99.1 (Appendix B)
  of the Company&#8217;s Report of Foreign Private Issuer on Form 6-K furnished to
  the Commission on June 4, 2012.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Form of Notice of Grant of Stock Options and Option
  Agreement under the Gold Reserve Inc.
  2012 Equity Incentive Plan*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Austring, Fendrick &amp;
  Fairman*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included on the signature page of
  this Registration Statement)*</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=90%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">_______________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">*
Filed herewith.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 9.&#160;&#160; Undertakings.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned registrant hereby undertakes:</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration
Statement:</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or
the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement.&#160; Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the
&#8220;Calculation of Registration Fee&#8221; table in the effective registration
statement; and</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To remove from registration by
means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.</font></p>

<p style="margin:0in;margin-bottom:10.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#8217;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial </font><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">bona fide</font></i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> offering thereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.&#160; In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act of 1933 and will be
governed by the final adjudication of such issue.
</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">SIGNATURES</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Spokane, State of
Washington, on May 13, 2013.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">GOLD RESERVE INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;/s/ Rockne J. Timm&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ROCKNE J. TIMM</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Chief Executive Officer </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">POWER OF ATTORNEY</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:89%;">Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated. Each person whose signature to this Registration Statement
appears below hereby constitutes and appoints Rockne J. Timm, as his true and
lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all
capacities, in connection with this Registration Statement, including to sign
and file in the name and on behalf of the undersigned as director or officer of
the registrant any and all amendments or supplements (including any and all
stickers and post-effective amendments) with all exhibits thereto, and all
other documents in connection therewith, with the Securities and Exchange
Commission and any applicable securities exchange or securities self regulatory
body, granting said attorneys-in-fact and agents, and any of them, full power
and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or his or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:1.5pt;width:517.500000pt;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Signature</font></u></p>
  </td>
 <td valign=bottom width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Title</font></u></p>
  </td>
 <td valign=bottom width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:2.9pt;text-align:center;"><u><font face="Times New Roman" style="font-size:10.0pt;">Date</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Rockne J. Timm                                            </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">ROCKNE J. TIMM</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer (Principal <br>
  Executive Officer) and Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Robert A. McGuinness                                 </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">ROBERT A. McGUINNESS</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Vice
  President Finance and Chief <br>
  Financial Officer (Principal Financial <br>
  and Accounting Officer)</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=DE style="font-size:10.0pt;">/s/ A. Douglas Belanger                                     </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=DE style="font-size:10.0pt;">A. DOUGLAS BELANGER</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">President
  and Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=FR style="font-size:10.0pt;">/s/ James H. Coleman                                       </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:10.0pt;">JAMES H. COLEMAN</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Non-Executive
  Chairman and Director</font><font color=black face="Times New Roman" style="font-size:10.0pt;"> &nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ James P. Geyer                                              </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">JAMES P. GEYER</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Patrick D. McChesney                                 </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">PATRICK D. McCHESNEY</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=40% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" style="font-size:10.0pt;">/s/ Chris D. Mikkelsen                                       </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">CHRIS D. MIKKELSEN</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
<tr style="height:40.5pt;page-break-inside:avoid;">
  <td valign=top width=40% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><u><font face="Times New Roman" lang=FR style="font-size:10.0pt;">/s/ Jean Charles Potvin                                      </font></u></p>
  <p style="margin:0in;margin-bottom:2.9pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:10.0pt;">JEAN CHARLES POTVIN</font></p>
  </td>
 <td valign=top width=39% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 <td valign=top width=21% style="height:40.5pt;padding:0in 6.0pt 0in 6.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-top:10.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">May
  13, 2013</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





</DIV>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">AUTHORIZED REPRESENTATIVE</font></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Pursuant to the requirements to Section 6(a) of the
Securities Act, the undersigned has signed this Registration Statement solely
in the capacity of the duly authorized representative of the registrant in the
United States on this 13th day of May, 2013. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">GOLD RESERVE INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;/s/ Rockne J. Timm&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Authorized Representative)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; ROCKNE J. TIMM</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief Executive Officer</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





</DIV>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT LIST</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:6.0pt;width:624.000000pt;">
 <tr style="page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=10% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;margin-left:0pt;margin-right:0pt;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Exhibit </font></b><b><u><font face="Times New Roman" style="font-size:10.0pt;">Number&nbsp;</font></u></b></p>
  </td>
 <td valign=bottom width=90% style="padding:0in 6.0pt 0in 6.0pt;">
  <p align=center style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-align:center;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Description</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Restated Articles of Incorporation of the Company,
  incorporated by reference to Exhibit 3.1 of the Company&#8217;s Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Bylaws of the Company, incorporated by reference to
  Exhibit 3.2 of the Company&#8217;s Registration Statement on Form S-4 (Registration
  No. 333-68061) filed with the Commission on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Form of Certificate for the Class A Common Shares,
  incorporated by reference to Exhibit 4.4 of the Company&#8217;s Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Gold Reserve Inc. 2012 Equity Incentive Plan, incorporated
  by reference to Exhibit 99.1 (Appendix A) of the Company&#8217;s Report of Foreign
  Private Issuer on Form 6-K furnished to the Commission on June 4, 2012.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Shareholder Rights Plan
  Agreement (including form of Rights Certificate), incorporated by reference
  to Exhibit 99.1 (Appendix C) of the Company's Report of Foreign Private
  Issuer on Form 6-K furnished to the Commission on May 14, 2009.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">First Amendment to Amended and Restated Shareholder
  Rights Plan Agreement, incorporated by reference to Exhibit 99.1 (Appendix B)
  of the Company&#8217;s Report of Foreign Private Issuer on Form 6-K furnished to
  the Commission on June 4, 2012.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Form of Notice of Grant of Stock Options and Option
  Agreement under the Gold Reserve Inc.
  2012 Equity Incentive Plan*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Austring, Fendrick &amp;
  Fairman*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP*</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
 <td colspan=2 valign=top width=91% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included on the signature page of
  this Registration Statement)*</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=90%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">_______________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">*
Filed herewith.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>









<a name="_bclFooter10"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT 4.5</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">_____________________________________________________________________________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:5.4pt;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:8.5pt;letter-spacing:.05pt;">&#160;&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="bookman old style" lang=EN-US style="font-size:12.5pt;letter-spacing:-1.0pt;line-height:90%;">Notice
of Grant of Stock Options&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=tahoma,sans-serif lang=EN-US style="font-size:8.5pt;letter-spacing:.05pt;line-height:90%;">GOLD RESERVE INC.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="bookman old style" lang=EN-US style="font-size:12.5pt;letter-spacing:-.9pt;line-height:90%;">and
Option Agreement</font></b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.7pt;line-height:90%;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 113:
81-0266636</font></p>

<p style="margin:0in;margin-bottom:19.8pt;"><b><font face="bookman old style" lang=EN-US style="font-size:12.5pt;letter-spacing:-.9pt;line-height:113%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.9pt;line-height:113%;">2012&nbsp;</font><b><font face="bookman old style" lang=EN-US style="font-size:12.5pt;letter-spacing:-.9pt;line-height:113%;"> </font></b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;line-height:113%;">Equity Incentive Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;line-height:114%;">___________________________________________________________________________________________________</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;"><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.4pt;">[Grantee]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:.3pt;">Option
Number: &#160;&#160; [&#9679;]</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;"><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.3pt;">[Address]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">Plan:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;">2012&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:12.6pt;margin-left:.1in;margin-right:0in;margin-top:0in;"><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-1.5pt;">ID:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;">[&#9679;]&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;line-height:114%;">___________________________________________________________________________________________________</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:3.0pt;margin-top:0in;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.5pt;">Effective
</font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;] (the &#8220;Grant Date&#8221;)</font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.5pt;">,
you have been granted a Non-Qualified Stock Option (an &#8220;Option&#8221;) to purchase up
to </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]&nbsp;</font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.5pt;"> Class A Common Shares (the
&#8220;Shares&#8221;) of </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.3pt;">Gold Reserve Inc. (the &#8220;Company&#8221;), at an exercise price
of $[&#9679;] per Share, pursuant to the Gold Reserve Inc. 2012 Equity
Incentive Plan (the &#8220;Plan&#8221;).&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:3.0pt;margin-top:0in;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.3pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:3.0pt;margin-top:0in;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.3pt;">The
total option price of the Shares granted, if the Option is exercised in full,
is $[&#9679;]. Subject to your continued service with the Company and the terms
and conditions of this Notice and the Plan, </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.45pt;">Options in each period
will become fully vested on the date(s) shown in the table below.&#160; This Option may
be exercised only during the period beginning on the Grant Date and ending on
the expiration date set forth in the table below, or as otherwise set forth
under the terms of the Plan.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:2.9pt;margin-top:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.45pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:4.3pt;margin-left:1.05in;margin-right:1.3in;margin-top:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:1.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:472.500000pt;">
 <tr style="height:16.3pt;">
  <td width=33% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">Shares</font></p>
  </td>
 <td width=20% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.4pt;">Vest
  Type</font></p>
  </td>
 <td width=17% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.4pt;">Full
  Vest</font></p>
  </td>
 <td width=30% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.5pt;">Expiration</font></p>
  </td>
 </tr>
<tr style="height:16.3pt;">
  <td width=33% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=20% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;">On Vest Date</font></p>
  </td>
 <td width=17% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=30% style="height:16.3pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=20% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;">On Vest Date</font></p>
  </td>
 <td width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 </tr>
<tr style="height:13.6pt;">
  <td width=33% style="height:13.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=20% style="height:13.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;">On Vest Date</font></p>
  </td>
 <td width=17% style="height:13.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 <td width=30% style="height:13.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><font face=arial,sans-serif style="font-size:9.5pt;letter-spacing:-.3pt;">[&#9679;]</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=arial,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;line-height:114%;">___________________________________________________________________________________________________</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.45pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.45pt;">By your signature
below, you (and on behalf of your guardian and legal representatives) hereby
accept the Option granted pursuant to this Notice and acknowledge receipt of a
copy of the Plan, </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.5pt;">a copy of </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.4pt;">which is attached hereto and made a
part of this Notice, as well as its related Prospectus</font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.45pt;">.
You further acknowledge and agree that (i) the Options </font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.5pt;">granted
pursuant to this Notice are governed by the terms and conditions of the Plan</font><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;letter-spacing:-.4pt;">,
which is made a part of this Notice, (ii) all the decisions and determinations
of the Company&#8217;s Board of Directors (or Compensation Committee thereof) and its
interpretation and construction of the provisions of the Plan and this Notice
will be final, conclusive, and binding on you, and (iii) you have reviewed this
Notice and the Plan in their entirety, have had an opportunity to obtain the
advice of counsel prior to executing this Notice, and fully understand all
provisions of this Notice and the Plan.&#160; In addition, by your acceptance of
this Option grant and in partial consideration of such grant, you hereby ratify
and reaffirm the terms and conditions of any prior Notice of Grant of Stock
Options and Option Agreement provided to you by the Company (collectively, the
&#8220;Prior Option&#8221;), and you further consent, agree and acknowledge that (a) the
Prior Option, including the terms and conditions related to the option price,
vesting, exercise, term, and termination, will be governed by and subject to
the terms of the Plan and not any other prior plan of the Company, except as
expressly provided otherwise under the terms of the Plan, and in any event the
terms of the Plan in this regard shall control over any Prior Option, (b) the
Board of Directors (or Compensation Committee thereof) may modify, amend,
suspend, or terminate the Plan, this Option and the Prior Option in any
respect, provided that no such amendment, modification, or termination of the
Plan or any such Option shall, without your consent, in an adverse manner alter
or impair your rights or obligations under the Plan or this Option.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;">&nbsp;</font></p>








<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;">Gold Reserve Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ___________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">Name:&#160;&#160;&#160;&#160;&#160; ___________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160; ___________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">Date:&#160;&#160;&#160;&#160;&#160;&#160; ___________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Participant:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Name]</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT 5.1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-variant:small-caps;"><b><font face="Times New Roman" lang=EN-GB style="font-size:18.0pt;letter-spacing:-.2pt;">AUSTRING,
FENDRICK &amp; FAIRMAN</font></b></font><b><font face="Times New Roman" lang=EN-GB style="font-size:18.0pt;letter-spacing:-.2pt;"> &nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:40.5pt;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-GB style="font-size:12.0pt;line-height:12.0pt;">BARRISTERS &amp; SOLICITORS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:40.5pt;margin-top:0in;"><font face="Times New Roman" lang=EN-GB style="font-size:12.0pt;line-height:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:668.000000pt;">
 <tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">LORNE N. AUSTRING             DEBRA L. FENDRICK</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">3081 Third Avenue</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">H. SHAYNE FAIRMAN</font><font face="Times New Roman" lang=EN-GB style="font-size:8.0pt;letter-spacing:-.1pt;line-height:12.0pt;">             </font><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">GREGORY A. FEKETE</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">Whitehorse, Yukon</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">ANNA J. PUGH                          MIKE A.
  REYNOLDS               </font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">Y1A 4Z7</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">BHREAGH D. DABBS</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:4.5pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;"> </font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">PHONE: (867) 668-4405</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:9.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">FAX: (867) 668-3710</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=57% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:9.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:22.7pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">E-MAIL: gf</font><font face="Times New Roman" style="font-size:9.0pt;line-height:12.0pt;">@lawyukon.com&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;"><font face="Times New Roman" style="font-size:12.0pt;line-height:12.0pt;">OUR FILE
  NO:</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:40.5pt;"><font face="Times New Roman" style="font-size:12.0pt;line-height:12.0pt;">014910-31</font></p>
  </td>
 <td valign=top width=43% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:4.5pt;text-align:right;"><font face="Times New Roman" style="font-size:8.0pt;line-height:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=19%>&nbsp;</td>
 <td width=38%>&nbsp;</td>
 <td width=43%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">May
7, 2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">United
States Securities and Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Washington,
DC </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">20549
USA</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Gold
Reserve Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">926
West Sprague Avenue, Suite 200</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Spokane,
Washington</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">99201
USA</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Dear
Sirs/Mesdames:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Re:&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Gold Reserve Inc. 2012 Equity Incentive Plan</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-GB style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">We
are Yukon counsel to Gold Reserve Inc., a corporation incorporated under the
laws of the Yukon Territory (the &quot;Company&quot;). The Company adopted an
Equity Incentive Plan in June 2012 (the &quot;Equity Plan&quot;). The Equity
Plan permits the grant of stock options, stock appreciation rights and
restricted stock for the employees, directors and consultants of the Company
and its subsidiaries. The total number of Class A Common Shares, no par value,
subject to issuance under the Plan, whether in the form of restricted stock,
options, or stock appreciation rights, or any combination thereof, is 10% of
the Corporation's outstanding shares, from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">The
Class A Common Shares include the Class A Common Share Purchase Rights
attaching to such shares pursuant to that certain Amended and Restated
Shareholder Rights Plan Agreement, dated as of June 11, 2009, as amended by the
First Amendment to Amended and Restated Shareholder Rights Plan Agreement dated
June 27, 2012 between the Company and Computershare Trust Company of Canada
(the &quot;Rights Agreement&quot;), which shall be issued pursuant to the
Equity Plan, and will also include such additional Class A Common Shares as may
become issuable pursuant to the anti-dilution provisions of the Equity Plan
(such shares are collectively referred to as the &#8220;Securities&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">The
maximum number of Class A Common Shares authorized and available for issuance
under the Equity Plan is 7,299,695 shares, which represents 10% of the
Company's common shares outstanding.</font></p>





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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">In
rendering this opinion we have examined such corporate records, documents and
instruments of the Company and such certificates of public officials, have
received such representations from officers of the Company, and have reviewed
such questions of law as in our judgment are necessary, relevant or appropriate
to enable us to render the opinion expressed below. In such examination, we
have assumed the genuineness of all signatures, the authenticity of all
corporate records, documents and instruments submitted to us as originals, the
conformity to original documents of all documents submitted to us as conformed,
certified or photostatic copies thereof, and the authenticity of the originals
of such conformed, certified or photostatic copies.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Based
upon such examination and review and upon representations made to us by
officers of the Company, we are of the opinion that upon issuance and delivery
of the Securities in accordance with the terms and conditions of the Equity
Plan and, as appropriate, the Rights Agreement, and upon receipt by the Company
of the full consideration for the Securities as determined pursuant to the
Equity Plan and, as appropriate, the Rights Agreement, the Securities will be
validly issued, fully paid and non-assessable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">This
opinion is solely for your benefit and is not to be relied upon or reviewed by
any other party without our prior written consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Yours
truly,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">s/
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Austring, Fendrick &amp; Fairman</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">Consent of Counsel</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">We
hereby consent to the use of our opinion dated May 7, 2013 as an exhibit, and
consent to the use of our name in this Registration Statement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">s/&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160; Austring, Fendrick &amp; Fairman</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whitehorse, Yukon</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; May 7, 2013</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT 23.1</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Consent
of Independent Auditor </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">We hereby consent to the incorporation
by reference in this registration statement on Form S-8 of Gold Reserve Inc.
(&#8220;GRZ&#8221;) of our report dated March 21, 2013 relating to the financial statements
and effectiveness of internal control over financial reporting of GRZ, which
appears in GRZ&#8217;s annual report on Form 40-F for the year ended December 31,
2012.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">s/&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PricewaterhouseCoopers LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="times new roman bold" lang=EN-US style="font-size:10.0pt;">Chartered
Accountants</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Vancouver, British Columbia</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; May 13, 2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>



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goldreserveforms-8.htm - Generated by SEC Publisher for SEC Filing
As filed with the Securities and Exchange Commission on May 13, 2013                              Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
GOLD RESERVE INC.
(Exact name of registrant as specified in its charter)
Yukon Territory, Canada
(State or other jurisdiction of
incorporation or organization)
N/A
(I.R.S. Employer Identification No.)
926 West Sprague Avenue
Suite 200
Spokane, Washington
(Address of Principal Executive Offices)
99201
(Zip Code)
GOLD RESERVE INC.  2012 EQUITY INCENTIVE PLAN
(Full title of the plan)
agent for service
:
Rockne J. Timm
926 West Sprague Avenue, Suite 200
Spokane, Washington 99201
(509) 623-1500
(Name, address and telephone number,
including area code)
Copy to:
Jonathan B. Newton
Baker & McKenzie LLP
Bank of America Center
700 Louisiana, Suite 3000
Houston, Texas 77002
(713) 427-5000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
x
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
Smaller reporting company
¨
1
CALCULATION OF
REGISTRATION FEE
Title of each class of securities to be registered
(1)
Amount to be registered
Proposed maximum offering price per share
(2)
Proposed maximum aggregate offering price
Amount of registration fee
Class A Common Shares,
  no par value (including the associated Share Purchase Rights)
(3)
7,299,695 Shares
$3.25795
$23,782,041
$3,243.87
(1)   Class A Common Shares, no par
value per share (the "Class A Common Shares"), of Gold Reserve Inc. (the
"Company") being registered hereby related to the Gold Reserve Inc. 2012 Equity
Incentive Plan (the "2012 Plan").  Pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the "Securities Act"), this Registration Statement
also covers an indeterminable number of additional Class A Common Shares as may
be offered or issued to prevent dilution as a result of any stock dividend,
stock split, recapitalization, or other similar transaction.
(2)   Estimated solely for the purpose
of calculating the registration fee pursuant to Rule 457(c) and (h) promulgated
under the Securities Act on the basis of the average of the high and low sales
prices of the Class A Common Shares on May 6, 2013, as quoted on the OTCQB
marketplace.
(3)   Each Class A Common Share
registered hereunder includes an associated right to purchase from the Company
one additional Class A Common Share (the "Purchase Rights") pursuant to the Company's
amended and restated shareholder rights plan agreement, dated as of June 11,
2009, as amended on June 27, 2012 (the "Rights Plan").  The Purchase Rights are
not exercisable until the occurrence of events specified in the Rights Plan and
are transferrable solely with the associated Class A Common Shares.  The value
attributable to the Purchase Rights, if any, is reflected in the value of the
associated Class A Common Shares.
2
PART I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
The
documents containing the information specified in Part I of this
Registration Statement on Form S-8 will
be
sent or given to the participants in the Gold Reserve Inc. 2012 Equity
Incentive Plan (the "Plan") as specified by Rule 428(b)(1) of the Securities
Act of 1933, as amended (the "Securities Act").  In accordance with the
instructions to Part I of this Registration Statement on Form S-8, such
documents will not be filed with the Securities and Exchange Commission (the
"Commission"). These documents and the documents incorporated by reference
pursuant to Item 3 of Part II of this Registration Statement on Form
S-8, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3.   Incorporation of Documents
by Reference.
The
following documents filed by Gold Reserve Inc. (the "Company") with the
Commission are hereby incorporated by reference into this Registration
Statement on Form S-8:
·
The Company's Annual Report on Form 40-F, filed with the
Commission on March 25, 2013;
·
The description of the Class A Common Shares registered hereby
contained in the Company's Registration Statement on Form S-4 filed with the
Commission on November 27, 1998 (Registration No. 333-68061), including any
amendment or report filed for the purpose of updating such description; and
·
The description of the Purchase Rights registered hereby contained
in the Company's Report of Foreign Private Issuer on Form 6-K furnished with the
Commission on May 14, 2009, as amended by the Company's Report of Foreign
Private Issuer on Form 6-K furnished to the Commission on June 4, 2012.
All other documents subsequently filed
by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (except that any portions thereof
which are furnished and not filed shall not be deemed incorporated), and
certain Reports on Form 6-K furnished by the Company (which indicate on their
cover pages that they are incorporated herein by reference), prior to the
filing of a post‑effective amendment to this Registration Statement which
indicates that all securities offered thereunder have been sold or which
deregisters all Class A Common Shares then remaining unsold.
Item 4.   Description of Securities.
Not applicable.
Item 5.   Interest of Named Experts and Counsel.
Not applicable.
Item 6.   Indemnification of Directors and Officers.
The only statutes, charter provisions, bylaws, contracts or other
arrangements under which a director or officer of the Company is insured or
indemnified in any manner against liability which such officer or director may
incur in such capacity is Section 126 of the Yukon Business Corporations Act
(the "Act") and Sections 7.02 through 7.04 of the Company's bylaws. Taken
together, the statutory and bylaw provisions generally allow the Company to
indemnify its directors or officers against liability and expenses if the
officer or director seeking indemnity (a) acted honestly and in good faith with
a view to the best interest of the Company, and (b) in the case of a criminal
or administrative action or proceeding that is enforced by a monetary penalty,
the officer or director had reasonable grounds for believing the conduct was
lawful. Such statutory and bylaw provisions also allow officers and directors
to seek indemnity if they have (i) fulfilled the
requirements for (a) and (b), (ii) are fairly and reasonably entitled to
indemnity, and (iii) were substantially successful on the merits in the defense
of the action or proceeding.
3
Section 126 of the Yukon Business Corporations Act
Section 126 of the Act is set forth in its entirety as
follows. All capitalized terms used herein but not otherwise defined shall have
the meanings as set forth in the Act.
"126.      (1)           Except in respect of an
action by or on behalf of the corporation or body corporate to procure a
judgment in its favor, a corporation may indemnify directors or officers of the
corporation, former directors or officers of the corporation or persons who act
or acted at the corporation's request as directors or officers of a body
corporate of which the corporation is or was a shareholder or creditor, and
their heirs and legal representatives, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by them in respect of any civil, criminal or administrative action or
proceeding to which they are made party because they are or have been directors
or officers of that corporation or body corporate, if:
(a)           they
acted honestly and in good faith with a view to the best interests of the
corporation; and
(b)            in the
case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, they had reasonable grounds for believing that their conduct
was lawful.
(2)           A corporation may with
the approval of the Supreme Court indemnify persons referred to in subsection
(1) in respect of an action by or on behalf of the corporation or body
corporate to procure a judgment in its favor, to which they are made party by
reason of being or having been directors or officers of the corporation or body
corporate, against all costs, charges and expenses reasonably incurred by them
in connection with the action if they fulfill the conditions set out in
paragraphs (1)(a) and (b).
(3)           Despite anything in this
section, persons referred to in subsection (1) are entitled to indemnity from
the corporation in respect of all costs, charges and expenses reasonably incurred
by them in connection with the defense of any civil, criminal or administrative
action or proceeding to which they are made party because they are or have been
directors or officers of the corporation or body corporate, if the person
seeking indemnity:
(a)           was
substantially successful on the merits in the defense of the action or
proceeding;
(b)           fulfills
the conditions set out in paragraphs (1)(a) and (b); and
(c)           is
fairly and reasonably entitled to indemnity.
(4)           A corporation may
purchase and maintain insurance for the benefit of any person referred to in
subsection (1) against any liability incurred by them:
(a)           in their
capacity as a director or officer of the corporation, except when the liability
relates to their failure to act honestly and in good faith with a view to the
best interests of the corporation; or
(b)          in their
capacity as a director or officer of another body corporate if they act or
acted in that capacity at the corporation's request, except when the liability
relates to their failure to act honestly and in good faith with a view to the
best interests of the body corporate.
(5)           A corporation or a
person referred to in subsection (1) may apply to the Supreme Court for an
order approving an indemnity under this section and the Supreme Court may so
order and make any further order it thinks fit.
(6)           On an application under
subsection (5), the Supreme Court may order notice to be given to any
interested person and that person is entitled to appear and be heard in person
or by counsel."
4
Bylaws of Gold Reserve Inc.
Sections 7.02 through 7.04 of the Company's bylaws are
set forth in their entirety as follows. All capitalized terms used herein but
not otherwise defined shall have the meanings as set forth in the Company's bylaws.
"7.02 Limitation of Liability
Subject to the Act, no director or officer, or former
director or officer, of the Corporation shall be liable for the acts, receipts,
neglects or defaults of any other director or officer or employee, or for the
joining in any receipt or act for conformity, or for any loss or damage or
expense happening to the Corporation through the insufficiency or deficiency of
title to any property acquired by the Corporation or for or on behalf of the
Corporation or for the insufficiency or deficiency of any security in or upon
which any of the money of or belonging to the Corporation shall be placed or
invested, or for any loss or damage arising from the bankruptcy, insolvency or
tortious act of any person, firm or corporation including any person, firm or
corporation with whom or with which any moneys, securities or effects shall be
lodged or deposited, or for any loss, conversion, misapplication or
misappropriation of or any damage resulting from any dealing with any moneys,
securities or other assets of or belonging to the Corporation or for any other
loss, damage or misfortune whatsoever which may happen in the execution of the
duties of his respective office or trust or in relation thereto unless the same
shall happen by or through his failure to exercise the powers and to discharge
the duties of his office honestly and in good faith with a view to the best
interest of the Corporation and to exercise the care, diligence and skill that
a reasonably prudent person would exercise in comparable circumstances. Any
repeal or modification of the foregoing provisions of this paragraph 7.02 shall
not adversely affect any limitation on the personal liability of a director or
officer of the Corporation arising from an act or omission occurring prior to
the time of such repeal or amendment. In addition to the circumstances in which
a director or officer of the Corporation is not personally liable as set forth
in the foregoing provisions of this paragraph 7.02, a director or officer shall
not be liable to the Corporation or its shareholders to such further extent as
permitted by any law hereafter enacted, including, without limitation, any subsequent
amendment to the Act.
7.03 Indemnity
Subject to the Act, the Corporation shall indemnify a
director or officer, a former director or officer, and a person who acts or
acted at the Corporation's request as a director or officer of a body corporate
of which the Corporation is or was a shareholder or creditor, and his heirs and
legal representatives, against all costs, charges and expenses, including any
amount paid to settle an action or satisfy a judgement, reasonably incurred by
him in respect of any civil, criminal or administrative action or proceeding to
which he is made a party by reason of being or having been a director or
officer of the Corporation or such body corporate, if:
(a)           he acted honestly and in
good faith with a view to the best interests of the Corporation; and
(b)           in the case of a
criminal or administrative action or proceeding that is enforced by a monetary
penalty, he had reasonable grounds for believing his conduct was lawful.
The Corporation shall indemnify the directors and
officers of the Corporation to the fullest extent permitted by law. The
Corporation may indemnify any employee or agent of the Corporation to the
fullest extent permitted by law. In addition to the circumstances in which a
director or officer of the Corporation is indemnified as set forth in the
foregoing provisions of this paragraph 7.03, a director or officer shall be
indemnified by the Corporation to such further extent as permitted by any law
hereafter enacted, including, without limitation, any subsequent amendment to
the Act.
7.04 Insurance
The Corporation may, subject to and in accordance with
the Act, purchase and maintain insurance for the benefit of any director or
officer, or former director or officer, of the Corporation as such against any
liability incurred by him. The Corporation may provide such insurance to
directors and officers regardless of whether such directors and officers are
indemnified pursuant to paragraph 7.03 above."
5
Insurance Policies for Directors and Officers
The Company also maintains insurance for the benefit
of its directors and officers against liability in their respective capacities
as directors and officers. The directors and officers are not required to pay
any premium in respect of this insurance. The policy contains various industry
exclusions and no claims have been made thereunder to date.
Item 7.   Exemption from Registration Claimed.
Not
applicable.
Item 8.   Exhibits.
The following are filed as exhibits to this Registration
Statement:
Exhibit
Number
Description
3.1
Restated Articles of Incorporation of the Company,
  incorporated by reference to Exhibit 3.1 of the Company's Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.
3.2
Bylaws of the Company, incorporated by reference to
  Exhibit 3.2 of the Company's Registration Statement on Form S-4 (Registration
  No. 333-68061) filed with the Commission on November 27, 1998.
4.1
Form of Certificate for the Class A Common Shares,
  incorporated by reference to Exhibit 4.4 of the Company's Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.
4.2
Gold Reserve Inc. 2012 Equity Incentive Plan,
  incorporated by reference to Exhibit 99.1 (Appendix A) of the Company's Report
  of Foreign Private Issuer on Form 6-K furnished to the Commission on June 4,
  2012.
4.3
Amended and Restated Shareholder Rights Plan Agreement
  (including form of Rights Certificate), incorporated by reference to Exhibit
  99.1 (Appendix C) of the Company's Report of Foreign Private Issuer on Form
  6-K furnished to the Commission on May 14, 2009.
4.4
First Amendment to Amended and Restated Shareholder
  Rights Plan Agreement, incorporated by reference to Exhibit 99.1 (Appendix B)
  of the Company's Report of Foreign Private Issuer on Form 6-K furnished to
  the Commission on June 4, 2012.
4.5
Form of Notice of Grant of Stock Options and Option
  Agreement under the Gold Reserve Inc.
  2012 Equity Incentive Plan*
5.1
Opinion and Consent of Austring, Fendrick &
  Fairman*
23.1
Consent of PricewaterhouseCoopers LLP*
24.1
Power of Attorney (included on the signature page of
  this Registration Statement)*
_______________
*
Filed herewith.
Item 9.   Undertakings.
(a)           The
undersigned registrant hereby undertakes:
(1)           To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration
Statement:
6
(i)            To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)           To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or
the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement.  Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration
statement; and
(iii)          To include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement;
(2)           That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;
(3)           To remove from registration by
means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
(b)           The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(c)           Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act of 1933 and will be
governed by the final adjudication of such issue.
7
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Spokane, State of
Washington, on May 13, 2013.
GOLD RESERVE INC.
By:
/s/ Rockne J. Timm
ROCKNE J. TIMM
Chief Executive Officer
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated. Each person whose signature to this Registration Statement
appears below hereby constitutes and appoints Rockne J. Timm, as his true and
lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all
capacities, in connection with this Registration Statement, including to sign
and file in the name and on behalf of the undersigned as director or officer of
the registrant any and all amendments or supplements (including any and all
stickers and post-effective amendments) with all exhibits thereto, and all
other documents in connection therewith, with the Securities and Exchange
Commission and any applicable securities exchange or securities self regulatory
body, granting said attorneys-in-fact and agents, and any of them, full power
and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or his or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Signature
Title
Date
/s/ Rockne J. Timm
ROCKNE J. TIMM
Chief
  Executive Officer (Principal
Executive Officer) and Director
May
  13, 2013
/s/ Robert A. McGuinness
ROBERT A. McGUINNESS
Vice
  President Finance and Chief
Financial Officer (Principal Financial
and Accounting Officer)
May
  13, 2013
/s/ A. Douglas Belanger
A. DOUGLAS BELANGER
President
  and Director
May
  13, 2013
/s/ James H. Coleman
JAMES H. COLEMAN
Non-Executive
  Chairman and Director
May
  13, 2013
/s/ James P. Geyer
JAMES P. GEYER
Director
May
  13, 2013
/s/ Patrick D. McChesney
PATRICK D. McCHESNEY
Director
May
  13, 2013
/s/ Chris D. Mikkelsen
CHRIS D. MIKKELSEN
Director
May
  13, 2013
/s/ Jean Charles Potvin
JEAN CHARLES POTVIN
Director
May
  13, 2013
8
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements to Section 6(a) of the
Securities Act, the undersigned has signed this Registration Statement solely
in the capacity of the duly authorized representative of the registrant in the
United States on this 13th day of May, 2013.
GOLD RESERVE INC.
By:
/s/ Rockne J. Timm
(Authorized Representative)
ROCKNE J. TIMM
Chief Executive Officer
9
EXHIBIT LIST
Exhibit
Number
Description
3.1
Restated Articles of Incorporation of the Company,
  incorporated by reference to Exhibit 3.1 of the Company's Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.
3.2
Bylaws of the Company, incorporated by reference to
  Exhibit 3.2 of the Company's Registration Statement on Form S-4 (Registration
  No. 333-68061) filed with the Commission on November 27, 1998.
4.1
Form of Certificate for the Class A Common Shares,
  incorporated by reference to Exhibit 4.4 of the Company's Registration
  Statement on Form S-4 (Registration No. 333-68061) filed with the Commission
  on November 27, 1998.
4.2
Gold Reserve Inc. 2012 Equity Incentive Plan, incorporated
  by reference to Exhibit 99.1 (Appendix A) of the Company's Report of Foreign
  Private Issuer on Form 6-K furnished to the Commission on June 4, 2012.
4.3
Amended and Restated Shareholder Rights Plan
  Agreement (including form of Rights Certificate), incorporated by reference
  to Exhibit 99.1 (Appendix C) of the Company's Report of Foreign Private
  Issuer on Form 6-K furnished to the Commission on May 14, 2009.
4.4
First Amendment to Amended and Restated Shareholder
  Rights Plan Agreement, incorporated by reference to Exhibit 99.1 (Appendix B)
  of the Company's Report of Foreign Private Issuer on Form 6-K furnished to
  the Commission on June 4, 2012.
4.5
Form of Notice of Grant of Stock Options and Option
  Agreement under the Gold Reserve Inc.
  2012 Equity Incentive Plan*
5.1
Opinion and Consent of Austring, Fendrick &
  Fairman*
23.1
Consent of PricewaterhouseCoopers LLP*
24.1
Power of Attorney (included on the signature page of
  this Registration Statement)*
_______________
*
Filed herewith.
10
EXHIBIT 4.5
_____________________________________________________________________________________________
Notice
of Grant of Stock Options
GOLD RESERVE INC.
and
Option Agreement
113:
81-0266636
2012
Equity Incentive Plan
___________________________________________________________________________________________________
[Grantee]
Option
Number:    [●]
[Address]
Plan:
2012
ID:
[●]
___________________________________________________________________________________________________
Effective
[●] (the "Grant Date")
,
you have been granted a Non-Qualified Stock Option (an "Option") to purchase up
to
[●]
Class A Common Shares (the
"Shares") of
Gold Reserve Inc. (the "Company"), at an exercise price
of $[●] per Share, pursuant to the Gold Reserve Inc. 2012 Equity
Incentive Plan (the "Plan").
The
total option price of the Shares granted, if the Option is exercised in full,
is $[●]. Subject to your continued service with the Company and the terms
and conditions of this Notice and the Plan,
Options in each period
will become fully vested on the date(s) shown in the table below.  This Option may
be exercised only during the period beginning on the Grant Date and ending on
the expiration date set forth in the table below, or as otherwise set forth
under the terms of the Plan.
Shares
Vest
  Type
Full
  Vest
Expiration
[●]
On Vest Date
[●]
[●]
[●]
On Vest Date
[●]
[●]
[●]
On Vest Date
[●]
[●]
___________________________________________________________________________________________________
By your signature
below, you (and on behalf of your guardian and legal representatives) hereby
accept the Option granted pursuant to this Notice and acknowledge receipt of a
copy of the Plan,
a copy of
which is attached hereto and made a
part of this Notice, as well as its related Prospectus
.
You further acknowledge and agree that (i) the Options
granted
pursuant to this Notice are governed by the terms and conditions of the Plan
,
which is made a part of this Notice, (ii) all the decisions and determinations
of the Company's Board of Directors (or Compensation Committee thereof) and its
interpretation and construction of the provisions of the Plan and this Notice
will be final, conclusive, and binding on you, and (iii) you have reviewed this
Notice and the Plan in their entirety, have had an opportunity to obtain the
advice of counsel prior to executing this Notice, and fully understand all
provisions of this Notice and the Plan.  In addition, by your acceptance of
this Option grant and in partial consideration of such grant, you hereby ratify
and reaffirm the terms and conditions of any prior Notice of Grant of Stock
Options and Option Agreement provided to you by the Company (collectively, the
"Prior Option"), and you further consent, agree and acknowledge that (a) the
Prior Option, including the terms and conditions related to the option price,
vesting, exercise, term, and termination, will be governed by and subject to
the terms of the Plan and not any other prior plan of the Company, except as
expressly provided otherwise under the terms of the Plan, and in any event the
terms of the Plan in this regard shall control over any Prior Option, (b) the
Board of Directors (or Compensation Committee thereof) may modify, amend,
suspend, or terminate the Plan, this Option and the Prior Option in any
respect, provided that no such amendment, modification, or termination of the
Plan or any such Option shall, without your consent, in an adverse manner alter
or impair your rights or obligations under the Plan or this Option.
Gold Reserve Inc.
By:          ___________________________
Name:      ___________________________
Title:        ___________________________
Date:       ___________________________
Participant:
_________________________
[Name]
_________________________
Date
EXHIBIT 5.1
AUSTRING,
FENDRICK & FAIRMAN
BARRISTERS & SOLICITORS
LORNE N. AUSTRING             DEBRA L. FENDRICK
3081 Third Avenue
H. SHAYNE FAIRMAN
GREGORY A. FEKETE
Whitehorse, Yukon
ANNA J. PUGH                          MIKE A.
  REYNOLDS
Y1A 4Z7
BHREAGH D. DABBS
PHONE: (867) 668-4405
FAX: (867) 668-3710
E-MAIL: gf
@lawyukon.com
OUR FILE
  NO:
014910-31
May
7, 2013
United
States Securities and Exchange Commission
Washington,
DC
20549
USA
Gold
Reserve Inc.
926
West Sprague Avenue, Suite 200
Spokane,
Washington
99201
USA
Dear
Sirs/Mesdames:
Re:
Gold Reserve Inc. 2012 Equity Incentive Plan
We
are Yukon counsel to Gold Reserve Inc., a corporation incorporated under the
laws of the Yukon Territory (the "Company"). The Company adopted an
Equity Incentive Plan in June 2012 (the "Equity Plan"). The Equity
Plan permits the grant of stock options, stock appreciation rights and
restricted stock for the employees, directors and consultants of the Company
and its subsidiaries. The total number of Class A Common Shares, no par value,
subject to issuance under the Plan, whether in the form of restricted stock,
options, or stock appreciation rights, or any combination thereof, is 10% of
the Corporation's outstanding shares, from time to time.
The
Class A Common Shares include the Class A Common Share Purchase Rights
attaching to such shares pursuant to that certain Amended and Restated
Shareholder Rights Plan Agreement, dated as of June 11, 2009, as amended by the
First Amendment to Amended and Restated Shareholder Rights Plan Agreement dated
June 27, 2012 between the Company and Computershare Trust Company of Canada
(the "Rights Agreement"), which shall be issued pursuant to the
Equity Plan, and will also include such additional Class A Common Shares as may
become issuable pursuant to the anti-dilution provisions of the Equity Plan
(such shares are collectively referred to as the "Securities").
The
maximum number of Class A Common Shares authorized and available for issuance
under the Equity Plan is 7,299,695 shares, which represents 10% of the
Company's common shares outstanding.
In
rendering this opinion we have examined such corporate records, documents and
instruments of the Company and such certificates of public officials, have
received such representations from officers of the Company, and have reviewed
such questions of law as in our judgment are necessary, relevant or appropriate
to enable us to render the opinion expressed below. In such examination, we
have assumed the genuineness of all signatures, the authenticity of all
corporate records, documents and instruments submitted to us as originals, the
conformity to original documents of all documents submitted to us as conformed,
certified or photostatic copies thereof, and the authenticity of the originals
of such conformed, certified or photostatic copies.
Based
upon such examination and review and upon representations made to us by
officers of the Company, we are of the opinion that upon issuance and delivery
of the Securities in accordance with the terms and conditions of the Equity
Plan and, as appropriate, the Rights Agreement, and upon receipt by the Company
of the full consideration for the Securities as determined pursuant to the
Equity Plan and, as appropriate, the Rights Agreement, the Securities will be
validly issued, fully paid and non-assessable.
This
opinion is solely for your benefit and is not to be relied upon or reviewed by
any other party without our prior written consent.
Yours
truly,
s/
         Austring, Fendrick & Fairman
Consent of Counsel
We
hereby consent to the use of our opinion dated May 7, 2013 as an exhibit, and
consent to the use of our name in this Registration Statement.
s/ 
        Austring, Fendrick & Fairman
Whitehorse, Yukon
May 7, 2013
EXHIBIT 23.1
Consent
of Independent Auditor
We hereby consent to the incorporation
by reference in this registration statement on Form S-8 of Gold Reserve Inc.
("GRZ") of our report dated March 21, 2013 relating to the financial statements
and effectiveness of internal control over financial reporting of GRZ, which
appears in GRZ's annual report on Form 40-F for the year ended December 31,
2012.
s/ 
           PricewaterhouseCoopers LLP
Chartered
Accountants
Vancouver, British Columbia
May 13, 2013