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Gold Reserve issues statement on Shareholder Rights Plan

Tue. February 03, 2009; Posted: 02:00 PM

SPOKANE, WA, Feb. 3, 2009 (Canada NewsWire via COMTEX) -- RMLFF | Quote | Chart | News | PowerRating -- Gold Reserve Inc. (NYSE Alternext: GRZ | Quote | Chart | News | PowerRating) (TSX: GRZ | Quote | Chart | News | PowerRating) today issued the following statement in connection with Rusoro Mining Ltd.'s (TSX-V: RML | Quote | Chart | News | PowerRating) ("Rusoro") announcement that it intends to seek a hearing before the Ontario Securities Commission ("OSC") to cease trade the Gold Reserve Shareholder Rights Plan (the "Rights Plan"). Rusoro made an unsolicited offer on December 15, 2008 (the "Offer") to acquire all of the outstanding shares and equity units of Gold Reserve in consideration for three shares of Rusoro for each Gold Reserve share tendered under the Offer:

<< "In the event that a hearing proceeds before the OSC with respect to the Rights Plan, we also intend to raise with the OSC the various significant and material deficiencies in the Offer documents and in Rusoro's public filings, many of which are set out in our Directors Circular of December 30, 2008 and other public statements. Our shareholders have indicated overwhelmingly that they do not want the Offer to proceed. We are confident that our shareholders will continue to recognize that Rusoro's Offer is opportunistic, financially inadequate and significantly undervalues Gold Reserve's assets and its overall contribution to the proposed combined company. Our Board and management team remain committed to ensuring that our shareholders receive full value for their investment. " >>

Gold Reserve urges its shareholders to REJECT Rusoro's opportunistic Offer and NOT TENDER any Gold Reserve shares into the Rusoro Offer.

If shareholders have already tendered any of their Gold Reserve shares, we urge them to withdraw them immediately. Shareholders who have tendered Gold Reserve shares into the Rusoro Offer and who wish to obtain assistance in withdrawing their Gold Reserve shares are urged to contact their broker or Laurel Hill Advisory Group, the information agent retained by Gold Reserve, at 1-888-295-4655.

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.

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