Gold Reserve Injunction Motion to Be Heard by the Ontario Superior Court of Justice on February 4, 2009

Gold Reserve Inc. (GRZ) today announced that a Judge of the Ontario Superior Court of Justice has fixed Wednesday, February 4, 2009 as the hearing date for Gold Reserve's injunction motion. The Injunction seeks, among other things: (a) to restrain Rusoro Mining Ltd. (RML) from proceeding with Rusoro's
unsolicited offer of December 15, 2008 (the "Offer") to acquire all of the outstanding shares and equity units of Gold Reserve; and (b) to compel Endeavour Financial International Corporation to return to Gold Reserve confidential information relating to Gold Reserve's business.

In Rusoro's press release dated Monday, January 5, 2009, Rusoro acknowledged that it had accessed Gold Reserve's Choco 5 property. Gold Reserve did not authorize such access. Gold Reserve still has not been provided the confidential information regarding Choco 5 that Rusoro obtained without permission.

In its Directors' Circular and Schedule 14D-9, the Gold Reserve Board unanimously 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 or on the Company's website at www.goldreserveinc.com, and to carefully consider the reasons for the Board's unanimous recommendation to reject the Rusoro Offer.