Gold Reserve Inc., owner of the Brisas copper and gold mine in Venezuela, refused a hostile buyout offer from Rusoro Mining Ltd. valued at about C$90.9 million ($86.8 million)Rusoro proposed a 2-for-1 stock deal, Spokane, Washington- based Gold Reserve said in a statement. The offer is ``inadequate'' and doesn't fully recognize the company's reserves of 10.2 billion ounces of gold and 1.4 billion pounds of copper, Gold Reserve President Doug Belanger said in the statement.

    Rusoro on July 10 won government approval to buy Hecla Mining Co.'s operations in Venezuela, including the Isidora gold mine, and to form a joint venture with the state to develop the gold projects.

    Gold Reserve rose 10 cents, or 6.8 percent, to C$1.58 at 3:59 p.m. in Toronto Stock Exchange trading. The shares have fallen 70 percent this year. Rusoro, which has dropped 50 percent this year, was unchanged at 80 cents.