Gold Reserve Inc. (NYSE Alternext: GRZ) (TSX: GRZ) today responded to Rusoro
Mining Ltd.'s ("Rusoro") (TSX-V: RML) extension of its unsolicited offer of
December 15, 2008 (the "Offer") to acquire all of the outstanding shares and
equity units of Gold Reserve in consideration for three shares of Rusoro for
each Gold Reserve share tendered under the Offer.

Doug Belanger, President of Gold Reserve, said, "Rusoro has publicly admitted
that less than 3% of the outstanding shares have been tendered into its Offer.
We believe that Gold Reserve shareholders are sending a clear message to Rusoro
- that the Offer is opportunistic, financially inadequate and significantly
undervalues Gold Reserve's assets and its overall contribution to the combined
company. Our Board and management team remain committed to ensuring that Gold
Reserve shareholders receive full and fair v a lue for their investment. We
appreciate the support we have received and encourage all Gold Reserve
shareholders not to tender their shares into the Offer and, for those who have,
to withdraw them."

Shareholders who have questions or require assistance withdrawing their shares
can contact the Company's information agent, Laurel Hill Advisory Group, at
1-888-295-4655.