UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
McGuinness, Robert A
1940 Seafirst Financial Center
Spokane, WA 99201
USA
2. Issuer Name and Ticker or Trading Symbol
Gold Reserve Corporation
GLDR
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
12/31/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President Finance - CFO
7. Individual or Joint/Group Reporting (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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Stock Options |$5.38 |3/18/|D(1)|37,502 |D |12/29|12/29|Common Stock|37,502 | |0 | | |
| |98 | | | |/95 |/05 | | | | | | |
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Stock Options |$3.75 |3/18/|A |37,502 |A |3/18/|3/18/|Common Stock|37,502 | |37,502 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$13.51 |3/18/|D(1)|4,170 |D |10/2/|10/2/|Common Stock|4,170 | |0 | | |
| |98 | | | |96 |06 | | | | | | |
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Stock Options |$3.75 |3/18/|A |4,170 |A |3/18/|3/18/|Common Stock|4,170 | |4,170 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$7.06 |3/18/|D(1)|32,220 |D |1/18/|1/18/|Common Stock|32,220 | |0 | | |
| |98 | | | |95 |05 | | | | | | |
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Stock Options |$3.75 |3/18/|A |32,220 |A |3/18/|3/18/|Common Stock|32,220 | |32,220 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$7.06 |3/18/|D(1)|8,485 |D |5/22/|5/22/|Common Stock|8,485 | |0 | | |
| |98 | | | |95 |95 | | | | | | |
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Stock Options |$3.75 |3/18/|A |8,485 |A |3/18/|3/18/|Common Stock|8,485 | |8,485 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$5.38 |3/18/|D(1)|12,498 |D |12/29|12/29|Common Stock|12,498 | |0 | | |
| |98 | | | |/95 |/05 | | | | | | |
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Stock Options |$3.75 |3/18/|A |12,498 |A |3/18/|3/18/|Common Stock|12,498 | |12,498 | | |
| |98 | | | |98 |03 | | | | | | |
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Stock Options |$7.56 |3/18/|D(1)|8,500 |D |1/31/|1/31/|Common Stock|8,500 | |0 | | |
| |98 | | | |97 |07 | | | | | | |
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Stock Options |$3.75 |3/18/|A |8,500 |A |3/18/|3/18/|Common Stock|8,500 | |8,500 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$7.56 |3/18/|D(1)|30,000 |D |1/31/|1/31/|Common Stock|30,000 | |0 | | |
| |98 | | | |97 |07 | | | | | | |
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Stock Options |$3.75 |3/18/|A |30,000 |A |3/18/|3/18/|Common Stock|30,000 | |30,000 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$6.00 |3/18/|D(1)|30,000 |D |8/1/9|8/1/0|Common Stock|30,000 | |0 | | |
| |98 | | | |7 |7 | | | | | | |
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Stock Options |$3.75 |3/18/|A |30,000 |A |3/18/|3/18/|Common Stock|30,000 | |30,000 | | |
| |98 | | | |98* |03 | | | | | | |
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Stock Options |$13.51 |3/18/|D(1)|8,330 |D |10/2/|10/2/|Common Stock|8,330 | |0 | | |
| |98 | | | |96 |06 | | | | | | |
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Stock Options |$3.75 |3/18/|A |8,330 |A |318/9|3/18/|Common Stock|8,330 | |8,330 | | |
| |98 | | | |8* |03 | | | | | | |
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Stock Options |$7.56 |3/18/|D(1)|21,500 |D |1/31/|1/31/|Common Stock|21,500 | |0 | | |
| |98 | | | |97 |07 | | | | | | |
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Stock Options |$3.75 |3/18/|A |21,500 |A |3/18/|1/31/|Common Stock|21,500 | |21,500 | | |
| |98 | | | |98* |07 | | | | | | |
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Stock Options |$6.00 |3/18/|D(1)|15,000 |D |8/17/|8/17/|Common Stock|15,000 | |0 | | |
| |98 | | | |94 |04 | | | | | | |
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Stock Options |$3.75 |3/18/|A |15,000 |A |3/18/|3/18/|Common Stock|15,000 | |15,000 | | |
| |98 | | | |98* |03 | | | | | | |
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Explanation of Responses:
(1) Cancellation of options in connection with grant of replacement
options.
* Vesting: Of the amount previously vested, 75% vest immediately, 12.5%
vest in one year, 12.5% vest in two years. The amount unvested before
replacement remain on the same vesting schedule as previously
reported.
