Gold Reserve Commences Legal Action Against Endeavour and Rusoro

    SPOKANE, WA, Dec. 16 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)
announces that it has filed today an action in the Ontario Superior Court of
Justice against Endeavour Financial International Corporation ("Endeavour")
and Rusoro Mining Ltd. ("Rusoro") (TSX-V:RML.V) 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 www.goldreserveinc.com under the
Investor Relations section.

    Certain statements included herein may constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. We caution
that such forward-looking statements involve known and unknown risks,
uncertainties and other risks that may cause the actual financial results,
performance, or achievements of Gold Reserve Inc. to be materially different
from our estimated future results, performance, or achievements expressed or
implied by those forward-looking statements. Numerous factors could cause
actual results to differ materially from those in the forward-looking
statements, including without limitation, concentration of operations and
assets in Venezuela; corruption and uncertain legal enforcement; requests for
improper payments; regulatory, political and economic risks associated with
Venezuelan operations (including changes in previously established legal
regimes, rules or processes); the ability to obtain or maintain the necessary
permits or additional funding for the development of the Brisas Project; in
the event any key findings or assumptions previously determined by us or our
experts in conjunction with our 2005 bankable feasibility study (as updated or
modified from time to time) significantly differ or change as a result of
actual results in our expected construction and production at the Brisas
Project (including capital and operating cost estimates); risk that actual
mineral reserves may vary considerably from estimates presently made; impact
of currency, metal prices and metal production volatility; fluctuations in
energy prices; changes in proposed development plans (including technology
used); our dependence upon the abilities and continued participation of
certain key employees; and risks normally incident to the operation and
development of mining properties. This list is not exhaustive of the factors
that may affect any of the Company's forward-looking statements. Investors are
cautioned not to put undue reliance on forward-looking statements. All
subsequent written and oral forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by this notice. The Company disclaims any intent or obligation to
update publicly these forward-looking statements, whether as a result of new
information, future events or otherwise.

For further information: Internet - www.goldreserveinc.com; Investor
Information: Rubenstein Investor Relations, Tim Clemensen, [phone],
[e-mail]; Company Contact: A. Douglas Belanger, President,
926 W. Sprague Ave., Suite 200, Spokane, WA, 99201, USA, Tel. [phone],
Fax [phone]