Rusoro Mining News
| ||August 28, 2008|
Rusoro Responds to Gold Reserve News Release
| ||August 28th, 2008 Trading symbol (TSX-V): RML|
Vancouver, Canada - In response to the news release issued by Gold Reserve Inc. ("Gold Reserve") on Wednesday August 27, 2008, Rusoro Mining Ltd. ("Rusoro" or the "Company") would like to confirm that it tabled a non-binding expression of interest, which expired at 11:59 pm Vancouver time on Tuesday August 26, 2008. The Company further confirms that it has received a response from Gold Reserve dated August 26, 2008.
Since its formation in 2006, Rusoro's stated corporate strategy has been to consolidate the gold mining sector in Venezuela. Management viewed this non-binding expression of interest to Gold Reserve as part of our normal course of business to further pursue other gold mining opportunities in Venezuela by offering fair value to Gold Reserve and its shareholders.
Rusoro management is of the opinion that a consolidation of its assets and abilities with those of Gold Reserve could potentially help transition their Brisas gold deposit to development and future production in the Km88 District.
Rusoro will continue to actively pursue consolidation opportunities and further demonstrate its ability to successfully develop and operate gold mines in Venezuela.
In the last 12 months, Rusoro has successfully completed the acquisition of two operating mines in Venezuela. The Company currently operates the fully permitted Choco 10 and Isidora Mines, processing the ore through the Choco Mill facility near the town of El Callao. The Company has significant 43-101 compliant gold resources and has targeted production of approximately 150,000 oz/Au in 2008. Rusoro is currently working on expanding its production at both the Choco 10 Mill in El Callao and the Emilia Mill in El Dorado where the fully-permitted SREP Mine is located.
With recent acquisitions, and through its own organic growth via exploration, Rusoro owns 43-101 compliant Measured and Indicated Resources of 6,930,000 ounces of gold (84 Mt grading 2.6 g/t gold) and additional Inferred Resources of 6,339,000 ounces of gold (108.2 Mt grading 1.8 g/t of gold).
ON BEHALF OF THE BOARD
George Salamis, President
George Salamis, President
Toll Free: 1-800-668-0091
Symbol: TSX-V: RML
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.
You can view the Next News Releases item: Thu Aug 28, 2008, Rusoro Mining Reports Q2 2008 Financial Results
You can view the Previous News Releases item: Thu Aug 7, 2008, 43-101 Report Filed For Isidora And Twin Shear Projects Acquired From Hecla Mining - Additional 482,000 Inferred Au Ounces Identified
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