Gold Reserve Reports on Rusoro and Endeavour Applications Seeking Permission to Appeal Interlocutory Injunctions

Thursday February 19, 2009, 8:48 am EST

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ - News) today announced that Rusoro Mining Ltd. (TSX-V: RML - News) (“Rusoro”) and Endeavour International Financial Corporation (“Endeavour”) have both served a motion with the Ontario Superior Court of Justice seeking permission to appeal to the Divisional Court the February 10, 2009 order that was granted against them. Rusoro and Endeavour are only able to appeal the interlocutory injunction order if the Superior Court grants their motions for permission to appeal. The motions are scheduled to be heard in Toronto on April 2, 2009. Gold Reserve will oppose the motions.

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SymbolPriceChange GRZ 0.63 +0.06

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The appeal has been sought in respect of the following:

• the interlocutory injunction restraining 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, and
• the interlocutory injunction restraining Endeavour from having any involvement with a hostile takeover bid for Gold Reserve until the conclusion and disposition at trial of the action commenced by Gold Reserve.

If the motions for permission to appeal are granted, then a hearing on the appeal would be held at a later time by the Divisional Court.

Following the issuance of the interlocutory injunctions, Rusoro withdrew its hostile takeover bid for Gold Reserve class “A” common shares and equity units on February 10, 2009.

The legal action commenced December 16, 2008 by Gold Reserve is ongoing.

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.