Gold Reserve Provides Litigation Update

About this update from Gold Reserve Ltd.

[{"type":"text","content":"\n\n\n\nSPOKANE, WA, April 1 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)\nannounced today that Rusoro Mining Ltd. (TSX-V:RML) ("Rusoro") has filed in\nthe Ontario Superior Court of Justice a "Statement of Defence and\nCounterclaim" to an action filed December 16, 2008 by the Company against\nRusoro and Endeavour Financial International Corporation.\n\n\nThe action filed by the Company in December 2008, sought an injunction\nrestraining Rusoro and Endeavour from proceeding with Rusoro's unsolicited\noffer which was granted by the Courts on February 10, 2009, monetary damages\nof Cdn $550 million, and various other items.\n\n\nIn the Statement of Defence and Counterclaim, Rusoro denies the Company's\nclaims and counterclaims against the Company for, among other things, damages\nof Cdn $102.5 million allegedly arising from the Company's successful motion\nfor an interlocutory injunction restraining Rusoro from making a hostile\ntake-over bid for the Company.\n\n\nRusoro further states, "Rusoro has suffered damages as a result of the\ninterlocutory injunction including, but not limited to, the lost opportunity\nto acquire Gold Reserve based on an exchange of three Rusoro shares for each\nshare of Gold Reserve, and the costs associated with the Rusoro Offer, all of\nwhich have been thrown away as a result of the interlocutory injunction and\nfor all of which Gold Reserve is liable" and "Rusoro has also suffered damages\nas a result of Gold Reserve's failure to restore to its previous state the\nland it used to access its Choco 5 property."\n\n\nDoug Belanger, President of Gold Reserve, said, "Regarding the\ninterlocutory injunction, we presented our case and they presented theirs and\nthe Judge ordered the interlocutory injunction. In respect of their claim for\nthe lost opportunity to acquire the Company, it is important to note that less\nthan 3% of our shareholders tendered to their offer."\n\n\nRegarding the above noted claims we will take the appropriate legal\nactions and defend against these matters.\n\n\nGold Reserve Inc. is a Canadian company, which holds the rights to the\nBrisas gold/copper project and the Choco 5 gold exploration property in\nBolivar State, Venezuela.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis release contains forward-looking statements that may state Go...

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