VANCOUVER, BRITISH COLUMBIA -- 02/09/09 -- Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or the "Company") confirmed that the Ontario Securities Commission (the "OSC") has set a hearing date to consider cease trading Gold Reserve Inc.'s shareholders rights plan pursuant to an application made by Rusoro in connection with its takeover bid for Gold Reserve Inc. ("Gold Reserve"). The hearing before the OSC will take place Thursday, February 12, 2009 at 10:00 am Eastern Time.

Rusoro has made an application to the OSC requesting that the OSC issue a permanent order pursuant to section 127 of the Ontario Securities Act that trading cease in respect of any securities issued, or to be issued, under or in connection with Gold Reserve's shareholders rights plan (more commonly known as a "poison pill"), including trading in respect of the rights issued under the plan and any common shares of Gold Reserve to be issued upon the exercise of the rights. An order "cease trading" the poison pill would effectively waive the application of the pill to Rusoro's offer and would allow Rusoro to take up shares pursuant to the Offer without triggering the pill. Rusoro will issue a press release providing any updates with respect to the poison pill as appropriate following completion of the OSC hearing.

Rusoro has offered to acquire all of the outstanding Class A common shares and equity units of Gold Reserve on the basis of three Rusoro shares for each Gold Reserve share or equity unit. The offer deadline is 5:00 p.m. (Eastern time) on February 18, 2009.