Gold Reserve Inc (C:GRZ)
Shares Issued 57,619,291
Last Close 2/4/2009 $1.27
Thursday February 05 2009 - Takeover Bid

Also Rusoro Mining Ltd (C:RML) Takeover Bid

TSX bulletin 2009-0162

Further to Toronto Stock Exchange bulletin 2009-0042 dated Jan. 9, 2009, the offer by Rusoro Mining Ltd. to purchase all of the issued and outstanding Gold Reserve Equity of Gold Reserve Inc. has been extended pursuant to a notice of variation dated Jan. 19, 2009. The expiry time of the offer has been extended to 5 p.m. (Eastern Time) on Feb. 18, 2009, unless further extended or withdrawn.

Except as set forth in the notice of variation, all other terms and conditions of the offer remain unchanged.

Capitalized terms not otherwise defined are as defined in TSX bulletin 2009-0042.

Trading and settlement rules

The trading and settlement rules described below will apply.

Purchasers may tender the shares purchased providing that such purchases are executed on or before Feb. 18, 2009, and providing that, when applicable, the notice of guaranteed delivery is completed and filed with the depositary on or before the expiry time.

Sellers of the shares must be in a position to deliver such shares in time for the purchaser either to tender the shares on or before the expiry time or to meet the third-day delivery deadline on any notice that may have been filed by the purchaser.

Notice of guaranteed delivery settlement procedure

The notice must be completed and received by the depositary on or prior to the expiry time and the letter of transmittal along with the shares pertaining to the notice must be received in Toronto on or prior to 5 p.m. (Toronto time) on the third TSX trading day after the expiry time.

Trading and settlement rules:

1. All trades on Feb. 17, 2009, will be for regular settlement.
2. All trades on Feb. 18, 2009, will be for special two-day settlement on Feb. 20, 2009. These trades will be entered into the CDS Clearing and Depository Services Inc. system with a settlement date of Feb. 20, 2009.

Investors should contact their broker for information or advice on their investment.