SPOKANE, Wash.(Business Wire)Gold Reserve Inc. (NYSE Alternext:GRZ) (TSX:GRZ) today announced that its Boardof Directors cautions the Companys shareholders to carefully assess thecompilation of select fourth quarter results announced yesterday by RusoroMining Ltd ("Rusoro") (TSX-V:RML.V). The Board notes that a number of Rusoros quarterly filings with the TSX-V overthe last two years have been delinquent and, given the timing of this recentreport, shareholders are urged to wait and read Rusoros audited annualfinancial report to fully understand Rusoros operating and financialperformance for 2008 and its plans for 2009. The Board has a number of concerns regarding Rusoros selective results,including Rusoros report of its "record" performance at Choco 10. The inclusionof high-grade ore from the short-lived Isidora deposit appears to skew theresults attributable to the Choco 10 mine on a standalone basis.
Based on the material concerns originally raised by our financial and technicalexperts as detailed in the Companys Directors Circular, the Board recommendsGold Reserve shareholders consider the following questions so that they canjudge if the reported results are sustainable or transitory. What were the individual tonnes and ore grade processed from Choco 10 andIsidora How much of this production came from stockpiled material from Isidora What was the ore grade compared to the reserve grade, recovery and strip ratioas well as cash operating costs for the Choco 10 mine on a standalone basis Isthe Choco 10 mine able to sustain itself without the high grade ore from Isidorawhich, based on Rusoros August 1, 2008 NI43-101 page 6, is expected to ceaseproduction in 6 to 14 months What was Rusoros share of production from Isidora given Isidora is a 50:50joint venture with the Venezuelan Government Has Rusoro satisfied itsobligations to its partner and are the joint venture formalities complete What will be the impact on cash costs as a result of Rusoros plan to processIncreible 6 material at the Choco 10 mill, displacing higher grade ore fromChoco 10 The reserve grade at Choco 10 is 3.21 g/t Au or approximately 50greater than the Increible 6 resource grade. What is the timetable for Increible 6 Rusoro says the Increible 6 technical,financial and environmental study has been approved by MIBAM and production willcommence in the fourth quarter 2009 yet Increible 6 has no defined reserves,only an indicated resource. In its Directors Circular and Schedule 14D-9, the Gold Reserve Board stronglyrecommends that all Gold Reserve shareholders reject the Rusoro Offer and nottender their shares. Shareholders are encouraged to read the CompanysDirectors Circular and Schedule 14D-9, which are available at or respectively, to carefully consider the reasons for the Boardsrecommendation Gold Reserve Inc. is a Canadian company, which holds the rights to the Brisasgold/copper project and the Choco 5 gold exploration property in Bolivar State,Venezuela. Certain statements included herein may constitute "forward-looking statements"within the meaning of the United States Private Securities Litigation Reform Actof 1995 ("PSLRA"), provided that statements made solely in connection withRusoros offer are not subject to the safe harbor protections provided toforward-looking statements under the PSLRA. Forward-looking statements arenecessarily based upon a number of estimates and assumptions that, whileconsidered reasonable by management at this time, are inherently subject tosignificant business, economic and competitive uncertainties andcontingencies.We caution that such forward-looking statements involve known andunknown risks, uncertainties and other risks that may cause the actual financialresults, performance, or achievements of Gold Reserve Inc.
to be materiallydifferent from our estimated future results, performance, or achievementsexpressed or implied by those forward-looking statements. Numerous factors couldcause actual results to differ materially from those in the forward-lookingstatements, including without limitation, concentration of operations and assetsin Venezuela; corruption and uncertain legal enforcement; requests for improperpayments; regulatory, political and economic risks associated with Venezuelanoperations (including changes in previously established legal regimes, rules orprocesses); the ability to obtain or maintain the necessary permits oradditional funding for the development of the Brisas Project; in the event anykey findings or assumptions previously determined by us or our experts inconjunction with our 2005 bankable feasibility study (as updated or modifiedfrom time to time) significantly differ or change as a result of actual resultsin our expected construction and production at the Brisas Project (includingcapital and operating cost estimates); risk that actual mineral reserves mayvary considerably from estimates presently made; impact of currency, metalprices and metal production volatility; fluctuations in energy prices; changesin proposed development plans (including technology used); our dependence uponthe abilities and continued participation of certain key employees; and risksnormally incident to the operation and development of mining properties. Thislist is not exhaustive of the factors that may affect any of the Company'sforward-looking statements. Investors are cautioned not to put undue reliance onforward-looking statements. All subsequent written and oral forward-lookingstatements attributable to the Company or persons acting on its behalf areexpressly qualified in their entirety by this notice.
The Company disclaims anyintent or obligation to update publicly forward-looking statements herein,whether as a result of new information, future events or otherwise, subject toits disclosure obligations under applicable rules promulgated by the U.S.Securities and Exchange Commission.The Gold Reserve Board strongly recommends that all Gold Reserve shareholdersreject the Rusoro Offer Gold Reserve Inc.PresidentA. Douglas Belanger, 509-623-1500Fax: 509-623-1634 Frank, Wilkinson Brimmer KatcherDan Katcher / Steve Frankel / Andi SalasToll free 888-295-4655 or 212-355-4449 Copyright Business Wire 2009. With the Abu Dhabi race at the Yas Marina concluded, it's that time of year when the Formula 1 season is reviewed, evaluated, and discussed. It's been a major year for F1 with new rule changes, various scandals in the sport from Lewis Hamilton's "lie-gate" in Melbourne to the Renault scandal involving Briatore, Symonds, and Piquet. Also, there was much talk midway through the season of F1 having a major split with all but two of the teams wanting to switch to their own FOTA series which could have resulted in F1, as we know it, dying Here are the "Nearly Men" of this year's championship. From Massa to Fiscihella, these are the guys who just failed to finish in the top ten in the standings for a variety of reasons..