Gold Reserve shareholder objects to extension of warrants

By Lisa Kerner

Charlotte, N.C., Feb. 15 - Gold Reserve Inc. shareholders led by Strongbow Capital, Ltd. will vote against any proposal to extend the life of the company's 2,680,500 warrants, which expired on Nov. 6.

According to a schedule 13D filed with the Securities and Exchange Commission, Strongbow and additional reporting persons believe the value of the company's common stock is "significantly higher" than the proposed new exercise price of $5.55 for the warrants.

Strongbow, Strongbow Capital Management Ltd., Kappa Alpha Ltd., Sky Hill Ltd. and Raymond A.D. French own 2,153,575 shares of Gold Reserve, or 5.5% of its outstanding shares. They do not own any warrants.

The Spokane, Wash., mining company's stock (Amex: GRZ) closed at $5.35 on Feb. 14.

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