Gold Reserve has received a written notice dated January 3, 2013, that the staff of the NYSE MKT intends to file a delisting application with the U.S. SEC to remove the company's common shares from being listed on the Exchange. The company intends to appeal the Exchange staff's decision. The Exchange staff's position is that the company did not sufficiently comply with the terms of its plan announced October 31, 2011, that was implemented to allow the company time to regain compliance with the Exchange's continued listing standards by December 20. As a result, the Exchange staff believes the company no longer complies with the Exchange's continued listing standards because, following the seizure of the Las Brisas mine by the Venezuelan government in 2008, the company ceased to be an "operating company". The company expects to appeal the Exchange staff's decision by January 10, and will request an oral hearing before a committee of the Exchange to be held at a later date. There can be no assurances that the company's request for continued listing will be granted. During the appeal period the company's shares will continue to be listed for trading on the Exchange and will continue to trade on the TSX Venture Exchange.