SPOKANE, WA, Jan. 15 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ)
today announced that its Board of Directors cautions the Company's shareholders
to carefully assess the compilation of select fourth quarter results announced
yesterday by Rusoro Mining Ltd. ("Rusoro") (TSX-V: RML.V).

The Board notes that a number of Rusoro's quarterly filings with the TSX-V over
the last two years have been delinquent and, given the timing of this recent
report, shareholders are urged to wait and read Rusoro's audited annual
financial report to fully understand Rusoro's operating and financial
performance for 2008 and its plans for 2009.

The Board has a number of concerns regarding Rusoro's selective results,
including Rusoro's report of its "record" performance at Choco 10. The
inclusion of high-grade ore from the short-lived Isidora deposit appears to
skew the results attributable to the Choco 10 mine on a standalone basis.

Based on the material concerns originally raised by our financial and technical
experts as detailed in the Company's Directors' Circular, the Board recommends
Gold Reserve shareholders consider the following questions so that they can
judge if the reported results are sustainable or transitory.

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- What were the individual tonnes and ore grade processed from Choco 10
and Isidora? How much of this production came from stockpiled
material from Isidora?

- What was the ore grade compared to the reserve grade, recovery and
strip ratio as well as cash operating costs for the Choco 10 mine on
a standalone basis? Is the Choco 10 mine able to sustain itself
without the high grade ore from Isidora which, based on Rusoro's
August 1, 2008 NI43-101 page 6, is expected to cease production in 6
to 14 months?

- What was Rusoro's share of production from Isidora given Isidora is a
50:50 joint venture with the Venezuelan Government? Has Rusoro
satisfied its obligations to its partner and are the joint venture
formalities complete?

- What will be the impact on cash costs as a result of Rusoro's plan to
process Increible 6 material at the Choco 10 mill, displacing higher
grade ore from Choco 10? The reserve grade at Choco 10 is 3.21 g/t Au
or approximately 50% greater than the Increible 6 resource grade.

- What is the timetable for Increible 6? Rusoro says the Increible 6
technical, financial and environmental study has been approved by
MIBAM and production will commence in the fourth quarter 2009 yet
Increible 6 has no defined reserves, only an indicated resource. When
will the "scoping study" be available?

- What was the impact of the reported "record" performance on Rusoro's
overall financial position? What was the total "positive cash flow"
for the quarter and what's Rusoro's current cash position and its
liquidity outlook for 2009?

- The report did not address the price of gold sales. Are gold sales
still being made at a significant discount to the international spot
price (26% discount for the nine months ended September 30, 2008)?

>>

Detailed operating results by deposit including such information as disclosed
on page 3 of Rusoro's September 30, 2008 Management's Discussion and Analysis
is or should be available to Rusoro management and made available to Gold
Reserve shareholders.

In its Directors' Circular and Schedule 14D-9, the Gold Reserve Board strongly
recommends that all Gold Reserve shareholders reject the Rusoro Offer and not
tender their shares. Shareholders are encouraged to read the Company's
Directors' Circular and Schedule 14D-9, which are available at www.sedar.com or
www.sec.gov respectively, to carefully consider the reasons for the Board's
recommendation.

Gold Reserve Inc. is a Canadian company, which holds the rights to the Brisas
gold/copper project and the Choco 5 gold exploration property in Bolivar State,
Venezuela.