Rusoro Applies for Order to Terminate Gold Reserve Poison Pill

Rusoro Applies for Order to Terminate Gold Reserve Poison Pill

Rusoro Mining Ltd. said today that in connection with its takeover bid for Gold Reserve Inc. it has applied for an order from the Ontario Securities Commission to cease trade Gold Reserve’s shareholders rights plan (more commonly known as a “poison pill”). The OSC is expected to set a hearing date shortly.

Rusoro expects the hearing to be held prior to the expiry of its Bid, and it intends to issue a release announcing the hearing date once it has been set. Rusoro will also issue a press release providing any updates with respect to the poison pill as appropriate following completion of the OSC hearing. Rusoro fully expects that the poison pill will be cease traded and urges Gold Reserve shareholders to tender their shares immediately.

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.

Rusoro has considered, amongst other matters, that Gold Reserve will have had more than two months to consider Rusoro’s offer and to table any alternatives by the Expiry Date. It is time for the poison pill to be removed so that shareholders can respond to Rusoro’s offer.

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