were filed on December 5 2008 on theCompany's SEDAR profile

Rusoro believes this shows areluctance to proceed with the Brisas Project or any other opportunity inVenezuela. - Rusoro does not believe that the Gold Reserve management team hasestablished a constructive working relationship with the relevantVenezuelan authorities. In this regard, Rusoro notes that the GoldReserve management team has not been able to obtain a single meeting,despite repeated requests, with the Minister of MIBAM through 2008 Thisfact was sworn in an affidavit provided by A. Douglas Belanger, Presidentof Gold Reserve, in connection with the injunction mentioned above andincluded in a letter from Gold Reserve to the Minister of MIBAM datedNovember 7, 2008 which was filed as Exhibit "V" to that affidavit. Rusoro believes that suing the Venezuelan government for monetarydamages in connection with natural resources physically located inVenezuela is a failing proposition, a long-term detriment to the GoldReserve share price, and highly unlikely to create any near or mediumterm value for Gold Reserve shareholders.- Legal and arbitral disputes are often challenging, complicated anddrawn-out processes with no certainty of success on the merits, andpotentially even less success in exacting payment from sovereign entities.- Throughout any legal actions and arbitration proceedings against theVenezuelan government, the Gold Reserve management team will still haveto pay interest and, in certain circumstances, the principal inconnection with its US$103.5 million worth of GRZ Notes.

Gold Reservecurrently has no gold production nor any near term prospects for goldproduction. As a result, Rusoro believes that the Gold Reserve managementteam has no reasonable basis to raise additional financing and willtherefore have to continually draw on its cash balances to service thedebt represented by the GRZ Notes. Rusoro understands that the GRZNoteholders may force Gold Reserve to redeem the GRZ Notes on June 15,2012.- On January 14, 2009, certain news outlets attributed VenezuelanPresident Hugo Chavez with remarks that the Venezuelan government plansto jointly develop the Las Cristinas deposit and the Brisas deposit.These news outlets also reported that President Chavez referred to theformation of Venrus C.A., described as a joint venture between Rusoro andthe Venezuelan government, to develop and exploit these projects. Asdisclosed in the Company's Offer and Circular dated December 15, 2008,filed with Canadian securities regulatory authorities and included aspart of its Registration Statement on F-10 and Tender Offer statement onSchedule TO filed with the SEC in the United States, Rusoro has formed amixed enterprise joint venture with the Venezuelan government inconnection with the Isidora gold mining assets acquired by Rusoro fromHecla Mining Company. The terms of this joint venture, which has beennamed "Minera Venrus, C.A.", were filed on December 5, 2008 on theCompany's SEDAR profile. Rusoro cautions that no agreement regarding thedevelopment or joint development of the Cristinas or Brisas depositscurrently exists between Rusoro and the Venezuelan government and thereis no guarantee that any such agreement will be entered into.

As of the close of business on January 19, 2009, 1,615,433 Gold Reserveshares and 420 Gold Reserve equity units have been tendered to the Offer.Rusoro believes this reflects the market uncertainty related to the Offerresulting from the litigation and Tender conditions discussed above. GoldReserve Equityholders may tender to the Offer at any time prior to thenew Offer expiry time of 5:00 pm (Eastern time) on February 18, 2009.About Rusoro MiningRusoro Mining is a junior gold producer with a large land position in theprolific Bolivar State region of Venezuela. The Company operates theChoco 10 and Isidora mines, processing the ore through the Choco 10 millfacility near the town of El Callao. The Company produced over 100,000ounces of gold in 2008 and is on schedule to have two additional mines(Increible 6 and SREP) in production by Q4 2009 and Q1 2010 respectively.ON BEHALF OF THE BOARDGeorge Salamis, PresidentANY QUESTIONS OR REQUESTS FOR ASSISTANCE MAY BE DIRECTED TO THE COMPANY'SINFORMATION AGENT:GeorgesonNorth American Toll Free Number: 1-888-605-7615Banks and Brokers call collect: 1-212-806-6859Cautionary Note Regarding Forward-Looking StatementsThis press release, the Take-Over Bid and Circular, including theschedules attached therein, the pro forma consolidated financialstatements of the Company, and some of the material incorporated byreference into the Circular, contain certain forward-looking informationand forward-looking statements, as defined in applicable securities laws(collectively referred to as "forward-looking statements").Forward-looking statements include possible events, statements withrespect to possible events, the proposed transaction, related litigation,the business, operations and financial performance and condition of eachof Rusoro and Gold Reserve and the proposed combined company, the futureprice of gold, the estimation of mineral reserves and resources, therealization of mineral reserve and resource estimates, the timing andamount of estimated future production, costs of production, expectedcapital expenditures, costs and timing of the development of newdeposits, success of exploration, development and mining activities,permitting time lines, currency fluctuations, requirements for additionalcapital, government regulation of mining operations, environmental risks,unanticipated reclamation expenses, title disputes or claims, andlimitations on insurance coverage. The words "plans", "expects", "isexpected", "scheduled", "estimates", "forecasts", "intends","anticipates", or "believes", or variations of such words and phrases orstatements that certain actions, events or results "may", "could","would", "might", or "will be taken", "occur" and similar expressionsidentify forward looking statements.Forward-looking statements are necessarily based upon a number ofestimates and assumptions that, while considered reasonable by Rusoro asat the date of such statements, are inherently subject to significantbusiness, economic, social, political and competitive uncertainties andcontingencies and other factors that could cause actual results or eventsto differ materially from those projected in the forward-lookingstatements. dollar being approximately consistentwith current levels; (7) certain price assumptions for gold; (8) pricesfor and availability of natural gas, fuel oil, electricity, parts andequipment and other key supplies remaining consistent with currentlevels; (9) production forecasts meeting expectations; (10) the accuracyof Rusoro's current mineral reserve and mineral resource estimates; and(11) labour and materials costs increasing on a basis consistent withRusoro's current expectations.Known and unknown factors could cause actual results or events to differmaterially from those projected in the forward-looking statements.