Gold Reserve announces board approval of spin-out transactions

Gold Reserve (GDRZF) announced that its board of directors has approved the previously announced potential spin-out of its new U.S.-domiciled company, American Heralds Mining Corporation. As described in the Company’s prior news release, it is intended that American Heralds will hold Gold Reserve’s mining interests in Venezuela and its Alaskan property. In an effort to transform Gold Reserve into an investment holding company, the Company’s board of directors has also approved a potential spin-out transaction of its existing U.S. subsidiary, Dalinar Energy Corporation, whereby economic rights in the Company’s 2014 arbitration award and corresponding judgments would be transferred to Dalinar and shares of Dalinar would be distributed to the Company’s shareholders. The American Heralds Spin-Out, the Dalinar Spin-Out and all related transactions remain subject to ongoing review by the Company’s advisors. The Spin-Out Transactions are also subject to the receipt of all applicable approvals, including requisite shareholder approvals and regulatory approvals. The Company currently expects to file and mail a proxy and information circular regarding the Spin-Out Transactions prior to the end of the year.