Less than 3% of Gold Reserve shares tendered into Rusoro's hostile bid

PRESS RELEASE:

Gold Reserve Inc. today responded to Rusoro Mining Ltd.'s extension of its unsolicited offer of December 15, 2008 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.

Doug Belanger, President of Gold Reserve, said, "Rusoro has publicly admitted that less than 3% of the outstanding shares have been tendered into its Offer. We believe that Gold Reserve shareholders are sending a clear message to Rusoro - that the Offer is opportunistic, financially inadequate and significantly undervalues Gold Reserve's assets and its overall contribution to the combined company. Our Board and management team remain committed to ensuring that Gold Reserve shareholders receive full and fair value for their investment. We appreciate the support we have received and encourage all Gold Reserve shareholders not to tender their shares into the Offer and, for those who have, to withdraw them."