Gold Reserve reports on Rusoro and Endeavour applications seeking permission to appeal interlocutory injunctions

    SPOKANE, WA, Feb. 19 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ)
(TSX: GRZ) today announced that Rusoro Mining Ltd. (TSX-V: RML) ("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.

    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

    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.


    This release contains forward-looking statements that may state Gold
Reserve's or its management's intentions, hopes, beliefs, expectations or
predictions for the future. In this release, 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 to be
materially different from our estimated future results, performance, or
achievements expressed or implied by those forward-looking statements. While
certain statements in this release may be within the meaning of
"forward-looking statements" under Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), the safe harbor provided by Section
21E of the Exchange Act does not apply to any forward-looking statements made
in connection with the offer by Rusoro to acquire Gold Reserve shares,
including the forward-looking statements contained in this release. 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; the outcome of any potential proceedings under the Venezuelan
legal system or before arbitration tribunals as provided in investment
treaties entered into between Venezuela, Canada and other countries to
determine the compensation due to Gold Reserve in the event that Gold Reserve
and the Venezuelan government do not reach an agreement regarding construction
and operation of the Brisas project, or the Brisas project is transferred to
the Venezuelan government and the parties do not reach agreement on
compensation; requests for improper payments; regulatory, political and
economic risks associated with Venezuelan operations (including changes in
previously established laws, legal regimes, rules or processes); the ability
to obtain, maintain or re-acquire the necessary permits or additional funding
for the development of the Brisas project; significant differences or changes
in 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) due to 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; the request by
Rusoro for leave to appeal the interlocutory injunction restraining Rusoro's
offer for Gold Reserve shares; the prices, production levels and supply of and
demand for gold and copper produced or held by Gold Reserve; the potential
volatility of Gold Reserve shares; the price and value of the Gold Reserve
notes; uncertainty as to the future value of Gold Reserve; the prospects for
exploration and development of projects by Gold Reserve; 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 Gold Reserve'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 Gold Reserve or persons acting on its behalf are
expressly qualified in their entirety by this notice. Gold Reserve disclaims
any intent or obligation to update publicly or otherwise revise any
forward-looking statements or the foregoing list of assumptions or factors,
whether as a result of new information, future events or otherwise, subject to
its disclosure obligations under applicable rules promulgated by the U.S.
Securities and Exchange Commission (the "SEC").
    In addition to being subject to a number of assumptions, forward-looking
statements in this release involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to be materially
different from those expressed or implied by such forward-looking statements,
including the risks identified under "Important Note for U.S. Investors
Concerning Resource Calculations" as well as the risks identified in the
filings by Gold Reserve with the SEC and Canadian provincial securities
regulatory authorities, including Gold Reserve's annual information form for
the year ended December 31, 2007, dated March 31, 2008, and Gold Reserve's
Annual Report on Form 40-F for the fiscal year ended December 31, 2007 filed
with the SEC on March 31, 2008.

For further information:

For further information: Gold Reserve Inc., President, A. Douglas
Belanger, (509) 623-1500, Fax: (509) 623-1634,; Dan
Katcher, Steve Frankel, Andi Salas, Joele Frank, Wilkinson Brimmer Katcher,
(212) 355-4449

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