Court File and Parties

Divisional Court File No.: 065/09 and 066/09 Court File No.: CV-08-7904-00 CL Date: 2009-05-04 Superior Court of Justice - Ontario

Re: Gold Reserve Inc. v. Rusoro Mining Ltd. & Endeavour Financial International Corporation

Before: Justice Denise Bellamy

Counsel: Robert S. Harrison, Berkley D. Sells and Shelley Babin, for the Plaintiff/Respondent R. Seumas, M. Woods and Bryn Gray, for the Defendant/Moving Party Rusoro Mining Ltd. Eliot N. Kolers and Alexander D. Rose, for the Defendant/Moving Party Endeavour Financial International Corporation

Costs Endorsement

Bellamy J.

[1] On April 6, 2009, I denied an appeal of a decision of Cumming J. dated February 10, 2009 and reported at 2009 ONSC 4855, [2009] O.J. No. 533 (Sup. Ct. J.), in which he granted an interlocutory injunction to Gold Reserve Inc. At that time, I indicated that if the parties were unable to agree on the issue of costs, they could make brief written submissions.

[2] The plaintiff seeks costs on a partial indemnity basis of $41,674.00, together with $2,088.20 for GST and $1,539.20 for disbursements, (total of $45,391.40) and $300 for the preparation of the costs outline. Both defendants say that a fair and reasonable amount of costs in the circumstances would be $25,000 inclusive of disbursements and GST.

[3] While this was not a routine brief motion for leave to appeal and the matters in issue were of considerable importance to each of the three parties, much of the work done had already been prepared for the two-day injunction motion hearing before Cumming J. which had been heard only a couple months before the motion for leave to appeal, and for which costs had been awarded of $75,000.00.

[4] Taking into account the principles enunciated in rule 57.01(1), the fair and reasonable amount of costs for this half-day motion is $25,000, plus $2,088.20 for GST and $1,539.20 for disbursements, for a total of $28,627.40, payable forthwith by the defendants, jointly and severally.

Bellamy J.

Date: May 4, 2009