Gold Reserve Commences Legal Action Against Endeavour and Rusoro

Gold Reserve Commences Legal Action Against Endeavour and Rusoro

Gold Reserve Inc. announces that it has filed today an action in the Ontario Superior Court of Justice against Endeavour Financial International Corporation and Rusoro Mining Ltd. seeking an injunction restraining Rusoro and Endeavour from proceeding with the unsolicited offer, significant monetary damages, and various other items.

On Friday, December 12, 2008, the Board of Directors received a non-binding proposal from Rusoro and received calls from representatives of Rusoro’s legal counsel and its financial advisor, Endeavour regarding the proposal. On Sunday, December 14, 2008, Gold Reserve sent letters to each of Rusoro and Endeavour regarding improper access to, and use of, Gold Reserve’s proprietary and confidential information. Endeavour also provides advisory services to Gold Reserve and has in depth knowledge of confidential and proprietary information about Gold Reserve. Gold Reserve has not received a response to these letters, but received an email from Endeavour on Monday December 15th, purporting to terminate Endeavour’s financial advisory agreement with Gold Reserve.

On Monday December 15th, 2008 Rusoro commenced an unsolicited 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 or equity unit.

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. For the Company’s periodic TSX (SEDAR) or SEC (Edgar) filings please visit our website at under the Investor Relations section.

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