Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or the "Company") -

Rusoro has mailed its offer and circular prepared in connection with its offer to purchase (the "Offer") all of the outstanding Class A common shares and equity units of Gold Reserve Inc. ("Gold Reserve") to Gold Reserve shareholders. Rusoro announced the Offer on December 15, 2008. Under the Offer, Gold Reserve shareholders and equity unitholders are entitled to receive three Rusoro common shares for each Gold Reserve share or equity unit that is validly deposited under the Offer. As of December 12, 2008 (the last trading day before the Offer was announced), the Offer represented a value of C$1.08 per Gold Reserve share, a premium of 140% on closing prices and 209% on the 30-day volume weighted average prices, using Rusoro's and Gold Reserve's share prices for the relevant trading days on the TSX Venture Exchange and Toronto Stock Exchange, respectively.

On December 18, 2008, Rusoro filed an amended offer and circular which includes updated unaudited pro forma financial information for Rusoro as at and for the nine-month period ended September 30, 2008 and for the fiscal year ended December 31, 2007. In light of the amended filing, Rusoro will not object if the directors of Gold Reserve file their circular in response to the Offer no later than January 2, 2009.

The Offer will be open for acceptance until 12:00 midnight Eastern time, at the end of January 21, 2009, unless the offer is extended or withdrawn by Rusoro.

ON BEHALF OF THE BOARD

Andre Agapov, Chief Executive Officer

ANY QUESTIONS OR REQUESTS FOR ASSISTANCE MAY BE DIRECTED TO THE COMPANY'S INFORMATION AGENT:

Georgeson

North American Toll Free Number: 1-888-605-7615

Banks and Brokers call collect: 1-212-806-6859