Gold Reserve Rejects Rusoro Mining Offer

Gold Reserve Inc. said Tuesday that its Board of Directors has unanimously voted to reject Rusoro Mining Ltd.'s unsolicited offer of December 15 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. The Gold Reserve board has also recommended its shareholders not to tender their shares into the Rusoro offer. Based on the closing price for the Rusoro Shares on the TSXV on December 29, the last trading day before the date of the board's recommendation, the implied offer price of the Rusoro offer was C$1.86 per Gold Reserve Class A share.