Rusoro Mining is a gold producer and explorer, with a large land position in the prolific Bolivar State mining region in southern Venezuela.
Rusoro's corporate strategy is to become a mid-tier (>500,000 oz Au/yr), low cost gold producer in the near term. The Company operates the Choco 10 mine (formerly operated by Goldfields) and the Isidora Mine which are located the El Callao district in south-eastern Venezuela.
Rusoro completed a Feasibility Study for a significant production expansion at the Choco 10 Mine and Mill in Q4 2011. The Company received very favourable economics in the Feasibility Study with a base case NPV (7) of US$1.26 billion and an IRR of 40% (pre-tax).
The Feasibility Study and ultimately the expansion plans includes the Increible 6 deposit located 6km from the Choco 10. Additionally the Company will continue to advance the San Rafael/El Placer(SREP) project toward future inclusion into the Company's production profile. The Company has recently received a positive pre-Feasibility study for SREP and has completed a 1.5km access ramp to the main mineralized zones of the deposit.
Rusoro has current gold reserves of 5,584,000 oz, M&I gold resources of 10,730,000 oz and inferred resources of 6,805,000 oz.
Rusoro's management are experienced operators in the country with strong governmental relationships, having been named the partner of choice with the formation of VenRus, a "mixed enterprize" company to jointly operate the Isidora Mine and La Camorra mill.