U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON D.C.  20549
                                   FORM 12b-25

                           Notification of Late Filing


     [ ] Form 10-K   [ ] Form 20-F  [ ] Form 11-K  [X] Form 10-Q
     [ ] Form N-SAR

     For Period Ended:  September 30, 1997

     [ ] Transaction Report on Form 10-K
     [ ] Transaction Report on Form 20-F
     [ ] Transaction Report on Form 11-K
     [ ] Transaction Report on Form 10-Q
     [ ] Transaction Report on Form N-SAR
     For the Transition Period Ended:  ____________________________________

     If the notification relates to a portion of the filing checked above,
     identify the item(s) to which the notification relates:_______________

     ______________________________________________________________________

     PART I -- REGISTRANT INFORMATION

     Full Name of Registrant:  GOLD RESERVE CORPORATION

     Former Name if Applicable:

     Address of Principal Executive Office (Street and Number):

     1940 Seafirst Financial Center, Spokane, Washington 99201
     ----------------------------------------------------------------------
     (City, State and Zip Code)

     PART III -- NARRATIVE

     The Company requests extra time to finalize its financial information
     in order to file an accurate Form 10-Q.

     (1) Name and telephone number of person to contact in regard to this
         notification:  Rockne J. Timm         (509)         623-1500
                        ---------------------------------------------------
                        Name                 Area Code     Telephone No.

     (2) Have all other periodic reports required under section 13 or 15(d)
         of the Securities Exchange Act of 1934 or section 30 of the
         Investment Company Act of 1940 during the preceding 12 months or
         for such shorter period that the registrant was required to file
         such report(s) been filed? If the answer is no, identify
         report(s).                                         [X] Yes  [ ] No

     (3) Is it anticipated that any significant change in results of
         operations from the corresponding period for the last fiscal year
         will be reflected by the earnings statements to be included in the
         subject report or portion thereof?                 [ ] Yes  [X] No



     If such an explanation of the anticipated change, both narratively and
     quantitatively, and, if appropriate, state the reasons why a
     reasonable estimate of the results cannot be made.

             Gold Reserve Corporation 
     --------------------------------------------
     (Name of Registrant as specified in charter)

     has caused this notification to be signed on its behalf by the
     undersigned thereunto duly authorized.


     Date:  November 14, 1997             By: /s/ Rockne J. Timm
                                              -----------------------------
                                              Rockne J. Timm