RUSORO MINING LTD.

                                        Suite 2164 ? 1055 Dunsmuir Street, Four Bentall Centre

                                                                              Vancouver, BC V7X 1B1

                                            Tel:  604-632-4044    Fax:  604-632-4045 Toll Free 1 800-668-0091

                                                   Website: www.rusoro.com                email: info@rusoro.com

                RUSORO APPLIES FOR ORDER TO TERMINATE
                               GOLD RESERVE POISON PILL

February 2, 2009                                                                            Trading Symbol (TSX-V): RML

Vancouver, Canada -- Rusoro Mining Ltd. (TSX-V:RML) (?Rusoro? or the ?Company?) announced

today that in connection with its takeover bid (the ?Bid?) for Gold Reserve Inc. (?Gold Reserve?) it

has applied for an order from the Ontario Securities Commission (?OSC?) 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 (the ?Expiry Date?).

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.

About Rusoro

Rusoro is a junior gold producer with a large land position in the prolific Bolivar State region of Venezuela.

The Company operates the Choco 10 and Isidora mines, processing the ore through the Choco 10 mill facility

near the town of El Callao. The Company produced over 100,000 ounces of gold in 2008.

ON BEHALF OF THE BOARD

?George Salamis?

President

                                                                     *   *   *   *   *   *   *   *

ANY QUESTIONS OR REQUESTS FOR ASSISTANCE MAY BE DIRECTED TO THE COMPANY?S INFORMATION AGENT:

                             North American Toll Free Number:  1- 888-605-7615

                                Banks and Brokers call collect: 1-212-806-6859

                              The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statement

This press release, the Take-Over Bid and Circular, including the schedules attached therein, the Notice of Variation, the

pro forma consolidated financial statements of the Company, and some of the material incorporated by reference into

the Circular, contain certain forward-looking information and forward-looking statements, as defined in applicable securities

laws (collectively referred to as ''forward-looking statements''). Forward-looking statements include possible events, statements

with respect to possible events, the proposed transaction, related litigation, the business, operations and financial performance

and condition of each of Rusoro and Gold Reserve and the proposed combined company, the future price of gold, the estimation

of mineral reserves and resources, the realization of mineral reserve and resource estimates, the timing and amount of estimated

future production, costs of production, expected capital expenditures, costs and timing of the development of new deposits,

 success of exploration, development and mining activities, permitting time lines, currency fluctuations, requirements for additional

capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes

or claims, and limitations on insurance coverage. The words ''plans,'' ''expects,'' ''is expected,'' ''scheduled,'' ''estimates,'' ''forecasts,''

''intends,'' ''anticipates,'' or ''believes,'' or variations of such words and phrases or statements that certain actions, events or results

''may,'' ''could,'' ''would,'' ''might,'' or ''will be taken,'' ''occur'' and similar expressions identify forward looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable

by Rusoro as at the date of such statements, are inherently subject to significant business, economic, social, political and competitive

 uncertainties and contingencies and other factors that could cause actual results or events to differ materially from those projected

in the forward-looking statements. The estimates and assumptions of Rusoro contained or incorporated by reference in the Circular

which may prove to be incorrect, include, but are not limited to, (1) that Rusoro will be successful in acquiring 100% of the

outstanding Gold Reserve Equity, (2) that all required third party regulatory and governmental approvals to the Take-Over Bid

will be obtained and all other conditions to completion of the transactions will be satisfied or waived, (3) there being no significant

disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or

otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with Rusoro's current

expectations; (5) permitting and development proceeding on a basis consistent with Rusoro's current expectations; (6) the exchange

 rate between the Canadian dollar, the Venezuelan Bolivar and the U.S. dollar being approximately consistent with current levels;

(7) certain price assumptions for gold; (8) prices for and availability of natural gas, fuel oil, electricity, parts and equipment and other

key supplies remaining consistent with current levels; (9) production forecasts meeting expectations; (10) the accuracy of Rusoro's

current mineral reserve and mineral resource estimates; and (11) labour and materials costs increasing on a basis consistent with

Rusoro's current expectations.

Known and unknown factors could cause actual results or events to differ materially from those projected in the forward-looking

 statements. Such factors include, but are not limited to, risks related to litigation; fluctuations in the currency markets; fluctuations

in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); changes in interest rates;

disruption to the credit markets and delays in obtaining financing; inflationary pressures; risks arising from holding derivative

instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation,

 taxation, controls, regulations and political or economic developments in Canada, Venezuela or other countries in which Rusoro

does or may carry on business; business opportunities that may be presented to, or pursued by Rusoro, Rusoro's ability to

successfully integrate acquisitions; operating or technical difficulties in connection with mining or development activities;

actual results of exploration activities; the possibility of cost overruns or unanticipated expenses; employee relations; the

speculative nature of gold exploration and development, including the risks of obtaining and renewing necessary licenses and

permits; the impact of Venezuelan law on Rusoro's operations; diminishing quantities or grades of reserves; adverse changes in

our credit rating; contests over title to properties, particularly title to undeveloped properties; and the occurrence of natural

disasters, hostilities, acts of war or terrorism. In addition, there are risks and hazards associated with the business of gold

exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations,

pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance,

to cover these risks). The following factors, amongst others, related to the business combination of Rusoro and Gold Reserve could

cause actual results to differ materially from forward-looking statements, including those contained in the Circular: the Rusoro

shares issued in connection with the Take-Over Bid may have a market value lower than expected; the business of Rusoro and Gold

Reserve may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; and

the expected combination benefits from the combination of Rusoro and Gold Reserve may not be fully realized or not realized

within the expected time frame. All of the forward-looking statements made in the Circular are qualified by these cautionary statements

and those made in the Circular itself. These factors are not intended to represent a complete list of the factors that could affect

Rusoro and the combination of Rusoro and Gold Reserve. Additional factors are noted elsewhere in the Circular and in the

documents incorporated by reference therein. Although Rusoro has attempted to identify important factors that could cause actual

results or events to differ materially from those described in forward-looking statements, there may be other factors that could cause

results or events not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,

undue reliance should not be placed on forward-looking statements. Rusoro undertakes no 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 or future events or otherwise, except as may be required in connection with a material change in the information disclosed

in the Circular or as otherwise required by law.

MORE INFORMATION AND WHERE TO FIND IT:

This press release does not constitute an offer to buy or an invitation to sell, any of the securities of Rusoro or Gold Reserve.

Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange

Commission (the ?SEC?) and an offer to purchase and circular filed with Canadian securities regulatory authorities. Rusoro

has filed with the SEC a Registration Statement on Form F-10, a Tender Offer Statement on Schedule TO and other documents

and information, and has mailed an Offer and Circular and Notice of Variation (each of which are filed as an exhibit to the

Registration Statement and Tender Offer Statement) to Gold Reserve shareholders and equity unitholders (collectively, the

?Equityholders?) concerning the Offer and the proposed combination of Rusoro and Gold Reserve. GOLD RESERVE

EQUITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE TENDER OFFER STATEMENT,

OFFER AND CIRCULAR, NOTICE OF VARIATION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE

FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and Gold Reserve Equityholders

may obtain the documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Rusoro are

available free of charge from Rusoro. You should direct requests for documents to the Corporate Secretary, Rusoro Mining Ltd.,

Suite 2164, 1055 Dunsmuir Street, Vancouver, British Columbia V7X 1B1, telephone (604) 632-4044.