Gold Reserve granted interlocutory injunction restraining Rusoro take-over bid

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SPOKANE, WA, Feb. 10 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ) announced today that the Ontario Superior Court of Justice has granted an interlocutory injunction restraining Rusoro Mining Ltd. (TSX-V: RML) ("Rusoro") from proceeding with any hostile takeover bid to acquire the shares of Gold Reserve until the conclusion and disposition at trial of the action commenced by Gold Reserve.


The injunction was granted by the Court following a motion by Gold Reserve on the basis that Rusoro had access to or benefited from the use of Gold Reserve's confidential information as a result of Rusoro's relationship with Endeavour Financial International Corporation (TSX: EDV) ("Endeavour").


The Court also issued an interlocutory injunction restraining Endeavour from having any involvement with a hostile takeover bid for Gold Reserve. The Court further required that Rusoro, Endeavour and their agents return to Gold Reserve both all the confidential information of Gold Reserve and also anything produced from that confidential information.


Doug Belanger, President of Gold Reserve, said, "We are very pleased with the Court's ruling and believe it is entirely appropriate in the circumstances. We remain committed to ensuring that our shareholders receive full value for their investment."


As previously announced on December 30, 2008, the Gold Reserve Board unanimously voted to reject Rusoro's hostile Offer and recommended that shareholders reject the Offer.


Gold Reserve shareholders who have already tendered shares to the Rusoro Offer do not need to take any action. Rusoro is obligated to return the shares to Gold Reserve shareholders. Shareholders who have questions can contact the Company's information agent, Laurel Hill Advisory Group, at 1-888-295-4655.





Gold Reserve Inc. is a Canadian company, which holds the rights to the Brisas gold/copper project and the Choco 5 gold exploration property in Bolivar State, Venezuela.





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