Rusoro Mining News
| ||September 05, 2008|
Rusoro Completes Landmark Agreements with Venezuelan Government to Custom Mill Ore for Minerven and Officially Process Ore for the Isidora Mine JV
| ||Vancouver, Canada -- Rusoro Mining is pleased to announce that it has formally completed landmark agreements with MIBAM to custom mill ore from various MINERVEN operations in the El Callao District and to officially begin processing the ore being developed at the Isidora Mine. |
Rusoro President, George Salamis stated, "The Company is very pleased to have concluded these agreements and officially become a partner with the Venezuelan Government. The company expects to build on this precedent setting relationship and looks forward to developing additional revenue generating agreements in the near term".
- A series of contracts will allow Rusoro to process ore at Choco 10 for MINERVEN. The ore will include sands, tailings and other sources being evaluated from their various operations. The contracts have established that 2,000,000 tonnes of gold bearing tailings and sands are available from MINERVEN for contract milling. The contract between the Venezuelan Government and a foreign mining company represents the first of its kind in Venezuela
- A formal agreement with the Government was also completed to process 50,000 dry tonnes of ore mined from Isidora at the Choco 10 mill, as part of the recently announced JV between Rusoro Mining and MIBAM/MINERVEN
- Production from underground at Isidora was officially re-initiated during the month of August, with over 2200 tonnes of high grade ore, grading in excess of 30g/t, ready for shipment to Choco 10 for processing
NI-43-101 Compliance and QA/QC
Sample analyses have been conducted at independent commercial assays labs located in Bolivar State Venezuela including; Actlabs in Tumeremo, ACME Lab in Guasipati and Triad Labs located in El Callao. All sample analyses was 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 samples are retained and are available for any further testing which may be required.
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 data contained within this news release.
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.
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.
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