Gold Reserve reports Rusoro and Endeavour permission to appeal injunction denied

    SPOKANE, WA, April 7 /CNW/ - Gold Reserve Inc. (TSX:GRZ - NYSE-Amex:  GRZ)
announced today that the Ontario Superior Court of Justice denied Rusoro
Mining Ltd. (TSX-V:RML) ("Rusoro") and Endeavour Financial International
Corporation ("Endeavour") permission to appeal the order the Court made on
February 10, 2009. The original order granted an injunction precluding Rusoro
and Endeavour from proceeding with Rusoro's hostile take over bid for the
    The action filed by the Company in December 2008, sought an injunction
restraining Rusoro and Endeavour from proceeding with Rusoro's unsolicited
offer. At trial, the Company will also be seeking monetary damages of Cdn $550
million and various other items.
    On April 2, 2009 the Ontario Superior Court of Justice heard motions by
Rusoro and Endeavour for permission to appeal the interlocutory injunction. On
April 6, 2009, in its denial of the permission to appeal, the Court stated,
"The motions judge was very much alive to all the issues raised by the moving
parties and, in conducting his analysis, he carefully analyzed the facts, then
applied well-established principles of law. In granting this discretionary
remedy, he made no error that would result in my doubting the correctness of
his order."
    A. Douglas Belanger, President of Gold Reserve stated, "The judge who
heard the appeal, noted a number of compelling reasons for the denial of the
leave to appeal. The strength of the Court's response will guide the execution
of our claim against Rusoro and Endeavour in the future."
    The ruling will be posted on our Website at
    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
    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 enjoined hostile takeover bid (the "Offer") by Rusoro to
acquire the shares of Gold Reserve, 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; requests for improper payments; competition with companies
that are not subject to or do not follow Canadian and U.S. laws and
regulations; 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 Barbados 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;
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; the
result or outcome of the trial regarding the Offer; 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); the method and manner of our determination of reserves, 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 prices, production levels and supply of and demand
for gold and copper produced or held by Gold Reserve; the potential volatility
of Gold Reserve's Class A common shares; the price and value of Gold Reserve's
notes, including any conversion of notes into Gold Reserve's Class A common
shares; 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, 2008, dated March 31, 2009, and Gold Reserve's
Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed
with the SEC on March 31, 2009.

For further information:

For further information: Internet -; Investor
Information: Rubenstein Investor Relations, Tim Clemensen, (212) 843-9337,; Company Contact: A. Douglas Belanger, President,
926 W. Sprague Ave., Suite 200, Spokane, WA, 99201 USA, Tel. (509) 623-1500,
Fax (509) 623-1634

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