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Rusoro Mining News


 May 22, 2008
Rusoro Mining Releases Drilling Update

 Vancouver, Canada - Rusoro Mining Ltd., is pleased to report previously unreleased drill results for all outstanding holes from 2007 and additional results from the first quarter of 2008.

The current status of the Company's exploration programs is as follows;
  • The Company's projects saw 315,374 m of drilling in total in 2007, predominately at the Choco 10, Increible 6 and SREP deposits, which have now all been compiled.
  • 2007 drilling at the SREP deposits will be included in an updated 43-101 resource estimation due in Q2 2008.
  • A significant exploration program for 2008 (up to 300,000m) is ongoing and is focused on the Choco 10, Increible 6, SREP and Valle Hondo projects to follow up on the excellent results received from 2007.
  • Significant gold discoveries made at the Valle Hondo, Increible 14 and Yuruan projects.
  • A snapshot of highlights of 2007/Q1 2008 results for all projects which have not been previously released include:

Drill Hole

Type

Project

Zone

Au g/t

m

from

to

CH07-1083

ddh

Choco

Coacia

14.10

17.0

94.0

111.0

CH07-945

ddh

Choco

VBK

10.78

9.5

238.5

248.0

IRS-189

RC

Inc6

Culebra

9.34

37.0

31.0

68.0

IRS-273

RC

Inc6

Culebra

8.44

21.0

65.0

86.0

IRS-225

RC

Inc6

Elisa

5.20

55.0

72.0

127.0

IC-07-400

ddh

Inc6

Elisa

3.49

78.0

448.0

526.0

ED-07-666

ddh

SREP

E3

71.25

3.0

541.0

544.0

ED-07-655

ddh

SREP

E3

59.80

3.0

405.0

408.0

ED-07-555

ddh

SREP

D

48.84

4.0

318.0

322.0

RVH89-08-36

RC

Valle Hondo

Arenales

30.74

5.0

67.0

72.0

14-08-09

ddh

Inc14

Mathew

10.21

5.0

26.0

31.0

DY-07-32

ddh

Yuruan

MariaPara

10.55

4.0

59.0

63.0



The Q1 2008 drilling programs focused on the Choco 10, Increible 6, SREP, Valle Hondo, Increible 14 and Yuruan Projects. 18,167m were completed at the Choco Project while drilling on the other Projects totalled 46,252m.

CHOCO
During 2007 and Q1 2008, drilling on the Choco 10 Mine Project in the El Callao District was distributed in five general areas; resource and reserve drilling at or near the Choco Mine, grade control drilling at the Choco Mine, exploration drilling of regional targets, condemnation drilling for waste dumps and tailing facilities, and geotechnical drilling required for a bankable feasibility study.

Highlights of the mineralized intercepts include;

Drill Hole

Type

Zone

Au g/t

m

from

to

CH07-1083

ddh

Coacia

14.10

17.0

94.0

111.0

CH07-945

ddh

VBK

10.78

9.5

238.5

248.0

CH07-833

ddh

Rosika

5.75

15.5

125.0

140.5

CH07-1083

ddh

Coacia

7.89

10.7

83.3

94.0

CH07-861

ddh

VBK

6.45

11.8

546.5

558.3

CH07-1083

ddh

Coacia

6.60

8.3

115.8

124.1

CH07-1030

RC

Pisolita

6.56

8.0

85.0

93.0

CH07-833

ddh

Rosika

8.78

5.3

112.0

117.3

CH07-861

ddh

VBK

3.71

9.7

570.0

579.6

CH07-922

ddh

VBK

6.43

4.9

303.3

308.2

CH07-945

ddh

VBK

2.87

10.6

576.8

587.4

CH07-945

ddh

VBK

12.96

2.0

204.0

206.0

CH07-945

ddh

VBK

3.70

6.0

283.9

289.9

CH07-1031

RC

Pisolita

6.60

3.0

51.0

54.0

CH07-945

ddh

VBK

4.21

4.5

563.2

567.7

CH07-1127

RC

Rosika

1.88

10.0

58.0

68.0

CH07-1033

RC

Pisolita

6.24

3.0

22.0

25.0

CH07-1039

RC

Pisolita

8.57

2.0

44.0

46.0

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


The current 43-101 compliant Au ounces at Choco are 1.66 Moz Au proven and probable reserves (15.4 Mt grading 3.4 g/t), 4.45M oz Au M&I (56.1M t @ 2.46 g/t)) and 2.87M oz Au (40.8M t @ 2.20 g/t) inferred.

A series of updated resource estimates will be completed during 2008 on a deposit by deposit basis which includes several near mine gold zones. Two main goals exist for this resource and reserve process;
a) resource and reserve conversion at Choco to support oxide strategy for 2-3 years
b) resource and reserve conversion to support expanded production capacity (3-4 yrs out) and Bankable Feasibility Study (BFS)

INCREIBLE 6
Drilling continued to test all of the principal zones on the Increible 6 Gold Project during the recently completed Phase II program (to December 2007) which totalled approximately 112,000 metres with an additional 19,909 metres in Q1 2008. An update to the initial 43-101 compliant resource estimate (July 2006) was completed in September of 2007 by independent consultants Micon International Ltd. Highlights for results received after the drilling cut off for the Sept. 2007 resource estimate include;

Drill Hole

type

Zone

Au g/t

m

from

to

IRS-189

RC

Culebra

9.34

37.0

31

68

IRS-225

RC

Elisa

5.20

55.0

72

127

IC-07-400

ddh

Elisa

3.49

78.0

448

526

IRS-226

RC

Elisa

9.68

22.0

106

128

IC-07-425

ddh

Elisa

6.99

29.0

536

565

IC-07-460

Ddh

Elisa

3.09

62.0

460

522

IRS-273

RC

Culebra

8.44

21.0

65

86

IRS-221

RC

Elisa

7.93

20.0

68

88

IC-07-447

ddh

Elisa

4.01

39.0

374

413

IRS-212

RC

Culebra

2.67

57.0

19

76

IC-07-372

ddh

Elisa

1.49

96.0

434

530

IRS-223

RC

Elisa

5.90

23.0

85

108

IRS-286

RC

Culebra

1.77

68.0

40

108

IRS-278

RC

Culebra

3.27

36.0

83

119

IC-07-380

ddh

Elisa

3.64

32.0

410

442

IC-07-425

ddh

Elisa

3.06

38.0

482

520

IC-07-428

ddh

Elisa

5.26

19.0

432

451

IC-07-425

ddh

Elisa

2.77

34.0

370

404

IRS-275

RC

Culebra

2.94

31.0

86

117

IRS-280

RC

Culebra

2.98

30.0

78

108

IC-07-372

ddh

Elisa

2.45

35.3

485.7

521

IRS-267

RC

Culebra

2.10

41.0

155

196

IC-07-466

ddh

Elisa

6.70

12.0

481

493

IRS-280

RC

Culebra

6.17

13.0

49

62

IC-07-428

ddh

Elisa

3.75

21.0

307

328

IC-07-428

ddh

Elisa

3.22

24.0

388

412

IRS-214

RC

Culebra

1.46

51.0

84

135

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


The 43-101 compliant resources at Increible 6 are 1.59M oz Au indicated (23.45Mt @ 2.11 g/t) and inferred 1.10M oz Au (17.53Mt @ 1.95 g/t). Rusoro has completed an additional 80,000 metres since the Sept. '07 report which will be included in an updated resource estimate which is expected to be completed in Q3 2008.

The updated resource estimates will be incorporated into;
a) the oxide (near-term production) strategy at Choco 10 Mine.
b) providing additional support for the feasibility study at Choco 10.

Initial reserve estimates will be completed in 2008 by PMG staff and the oxide portion of Increible 6 included into the Choco Mine Oxide Strategy for near term exploitation.

SREP (San Rafael/El Placer)
Drilling at the SREP deposits during 2007 (phase III) totalled 82,612.9 metres. The drilling was directed at expanding the current resource and upgrading Inferred to Measured and Indicated. Principal targets included open ended portions existing ore bodies both down dip and along strike, as well as several additional anomalies and newly identified zones.

Drilling along the main SREP trend in 2007 was not only successful in expanding several of the known ore bodies, but also resulted in the discovery of additional mineralized zones most notably ZonaX, (which was first encountered in a technical drill holes completed for the Alvarez Ramp), the southern Trend and the eastern portion of the Camorra trend. Highlights include;

Drill Hole

Type

Au g/t

width (m)

From

To

ED-06-541

ddh

23.89

1.0

158.0

159.0

ED-06-544

ddh

12.37

3.0

165.0

168.0

ED-07-550

ddh

11.44

3.0

340.0

343.0

ED-07-552

ddh

12.40

2.0

364.4

366.4

ED-07-555

ddh

48.84

4.0

318.0

322.0

ED-07-651

ddh

51.93

2.0

295.0

297.0

ED-07-651

ddh

47.24

2.0

312.0

314.0

ED-07-653

ddh

12.34

1.0

348.0

349.0

ED-07-655

ddh

59.80

3.0

405.0

408.0

ED-07-660

ddh

12.41

3.0

191.0

194.0

ED-07-660

ddh

9.73

3.0

264.0

267.0

ED-07-663

ddh

6.23

4.0

370.0

374.0

ED-07-665

ddh

39.23

2.0

77.0

79.0

ED-07-666

ddh

71.25

3.0

541.0

544.0

ED-07-669

ddh

16.23

2.0

291.0

293.0

ED-07-670

ddh

12.33

3.0

312.0

315.0

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


An updated 43-101 resource estimation is currently being compiled for the SREP and surrounding deposits by Micon International Ltd. and is expected to be completed in Q2 2008.

VALLE HONDO
Drilling on the Valle Hondo Project in 2007 totalled 2461 metres in 16 drills holes all completed on the Arenales Anomaly. An additional 4019 metres in 25 drill holes was completed in Q1 2008. No previous drilling had been performed at Arenales and the drilling was highly successful in intersecting numerous high grade gold mineralized structures. Highlights include;

HOLE-ID

Type

Au g/t

m

from

to

RVH89-08-36

RC

30.739

5.0

67.0

72.0

RVH-89-07-18

RC

27.965

2.0

32.0

34.0

RVH89-08-24

RC

11.441

4.0

116.0

120.0

RVH89-08-29

RC

5.014

5.0

79.0

84.0

RVH89-08-38

RC

3.395

5.0

101.0

106.0

RVH89-08-34

RC

15.000

1.0

28.0

29.0

RVH-89-07-07

RC

3.639

4.0

50.0

54.0

RVH-89-07-17

RC

14.190

1.0

122.0

123.0

RVH-89-07-16

RC

1.668

5.0

161.0

166.0

RVH89-08-25

RC

2.677

3.0

21.0

24.0

RVH-89-07-11

RC

1.870

4.0

112.0

116.0

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


This wide spaced first pass RC drilling is being followed up with additional drilling in 2008. Previous drilling (13,000m in 114 diamond drill holes) was completed on the Apanao Deposit, located eight kilometres east of Arenales. The current 43-101 resource estimation for the Apanao Deposit currently stands at 103,000oz Au (3.5Mt @ 0.92g/t) indicated and 1.34 Moz Au (47Mt @ 0.89g/t). Additional drilling is scheduled for Apanao Deposit when road access and camp upgrades are completed. The overall objective continues to be the expansion and upgrading the Apanao gold resource and the definition of additional resources (primary target at Arenales) from within the Project. A scoping study designed to model the development alternatives at the Valle Hondo Project is scheduled to commence in Q4 2008.

INCREDIBLE 14
The Increible 14 Project is located 15 kilometres northwest of the Choco Mine. A total of 1191 metres of diamond drilling was completed on the Increible 14 Project during 2007 with an additional 2360 metres in Q1 2008. Initial results include;

DDH

Type

Au g/t

m

from

to

14-08-07

ddh

1.80

3.0

0.0

3.0

14-08-09

ddh

10.21

5.0

26.0

31.0

14-08-11

ddh

1.27

3.0

58.0

61.0

14-08-12

ddh

0.52

7.0

0.0

7.0

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


This work tested three targets and additional results are pending. Further drilling is on-going following up on the 2007 results and testing additional anomalies.

YURUAN
Drilling in 2007 on the Yuruan Project included 11 diamond drill holes totalling 2074 metres with an additional 8858 metres completed in Q1 2008. Two targets were drilled with nine holes testing the centrally located Maria Para Zone and two holes testing the southern MP3 Zone. The objective of the drilling program at the Yuruan Project is to evaluate possibility of outlining additional gold resources for the Emilia Mill and/or the possibility of a "stand alone" project. Highlights include;

Drill Hole

Type

Au g/t

m

from

to

DY-07-32

ddh

10.55

4.0

59.0

63.0

DY-08-45

ddh

16.88

2.1

31.5

33.6

DY-07-39

ddh

11.39

3.0

74.0

77.0

DY-07-14

ddh

4.00

7.3

48.0

55.3

DY-07-39

ddh

2.25

10.0

77.0

87.0

DY-07-26

ddh

21.64

1.0

103.0

104.0

DY-07-25

ddh

6.28

2.2

46.7

48.9

DY-07-23

ddh

10.33

1.2

31.5

32.7

DY-07-27

ddh

5.25

2.4

133.0

135.4

DY-07-19

ddh

3.30

3.3

154.7

158.0

DY-08-41

ddh

2.29

4.2

75.0

79.2

DY-07-32

ddh

2.42

3.7

18.1

21.8

DY-07-29

ddh

1.53

5.0

143.0

148.0

DY-07-20

ddh

7.01

1.0

189.0

190.0

DY-07-18

ddh

12.65

0.5

7.0

7.5

DY-07-33

ddh

5.82

1.0

68.5

69.5

DY-07-17

ddh

6.46

0.8

6.0

6.8

NOTES: 1) All thicknesses are core widths / true widths estimated at 80-90%.
            2) All weighted averages calculated using uncut assays.


Rusoro is very pleased with the progress being made at the Company's exploration projects. Exploration and drilling objectives for the 2008 programs will continue to be designed around the expansion and definition of gold resources, specifically focused on creating development options for expanding (or extending the mine life) of the existing operations while generating additional economic gold deposits for future mine development. The Company's exploration programs continue to prove the world class geology of Venezuela for the discovery of gold.

Diamond drilling was conducted by Perforaciones Mayortec (Major Drilling), Technodrilling and Core Biel Drilling of Puerto Ordaz, Venezuela. RC drilling was completed by AK Drilling of Peru. All drilling and drill sampling have been completed using industry standard practices. All drill core is described in detail and photographed and one half of the core remains for inspection and reference.

Sample analyses have been conducted at Acme Analytical, Actlabs, SGS labs and Triad Labs located in Guasipati, Tumeremo, El Dorado and El Callao, Bolivar State Venezuela. All sample analyses were completed using industry standard practices and standard samples, blanks and duplicate check samples were randomly inserted into the sample stream to ensure quality control. A review of the QA/QC results shows no significant bias and all results are considered highly reliable. Sample rejects for all drill samples are stored in Rusoro's secure facilities in Tumeremo, Venezuela, and will continue to be available for any further testing which may be required. All QA/QC is completed under the direction of G.F. Smith, P.Geo.

Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President Exploration of the Company, is the Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical information in this news release.

ON BEHALF OF THE BOARD

"George Salamis"

George Salamis, President

CONTACT INFORMATION
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

"The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release."
 
 

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