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Rusoro Mining Ltd. Rusoro Mining Ltd.

Rusoro Mining News


 November 03, 2008
Updated Resource Estimate for SREP and Days Vein - Expands Resource and significantly Increases Grade by up to 47%

 Vancouver, Canada - The Company is very pleased to report that it has received an updated resource estimate for the San Rafael/El Placer Project (SREP) and the Days Vein, located in the El Dorado District in southeastern Venezuela. The project is 100% owned by Rusoro Mining Ltd, and is strategically located adjacent to the La Camorra Block, currently the subject of a 50/50 Joint Venture with the Venezuelan government.

These independent NI 43-101 resource estimates have been prepared by the consulting firm Micon International and the report was authored by independent qualified person Dave Laudrum P.Geo.

Table
SREP/Days Indicated and Inferred Mineral Resource Estimate at October 2008


Cut-off (g/t Au)

Zone

Resource Category

Tonnes

Grade
(g/t Au)

Gold Ounces

8.0

SREP

Indicated

639,000

19.41

399,000

8.0

SREP

Inferred

703,000

23.16

523,000

 

 

 

 

 

 

2.0

Days (0-50m)

Inferred

172,000

4.15

23,000

8.0

Days (below 50m)

Inferred

37,000

11.78

14,000

  1. It cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
  2. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  3. Numbers may not add due to rounding.
  4. Indicated Resources are confined to the better defined portions of the main D and E3 zones.
The SREP Resource Estimate uses a cut off grade of 8.0 g/t Au, a minimum width of one metre, a density (specific gravity) of 2.80 g/cm3, and capping of high grade gold assays at 80 g/t Au. The Mineral Resource for the Days Vein was estimated using a cut-off grade of 2.0 g/t Au for material down to 50 m below the present topographic surface and a cut-off grade of 8.0 g/t Au for material below 50 m. The Days Vein Resource Estimate also used a minimum width of 1.0 m, and a density 2.80 g/cm3.

In relation to the previous resource estimate which was prepared by Roscoe Postle Associates (RPA) in July of 2006 the updated SREP Indicated resource (639,000t @ 19.41g/t Au) saw contained ounces decreased by 21% (-91,000oz) while the updated Inferred resource ounces (703,000t @ 23.16g/t Au) increased by 42% (+156,000oz). A significant increase in grade for both categories (17% for the Indicated and 47% for the Inferred) was also documented in the updated resource estimate. For the Days Vein the updated inferred ounces (209,000t @ 5.50g/t Au) increased by 2% with a 143% increase in grade.

The updated resource estimates include a significant amount of new drill data bringing the drill spacing for most areas of the deposits to at least 25 metres by 25 metres. The updated SREP estimate includes an additional 246 drill holes (61,391.1m) for a total of 568 drill holes totalling 151,408.9 metres, while Days Vein estimate includes an additional 99 drill holes (12,999.5 metres) for a total of 159 drill holes (18,152.75m).

The development of a 1.8 km exploration ramp (4.5m by 4.0m) is well underway and is designed to access the main portion of the SREP deposit at approximately 120 metres below surface. The ramp and mine development is scheduled for completion in mid 2009.

"The higher grades reported in these estimates, coming as a result of an increase in drill intercept density and an increase in the cut off grades at San Rafael-El Placer, are certainly consistent with grades historically mined in the district. The zones remain open at depth, with the structural zone hosting San Rafael-El Placer remaining relatively untested all the way up to the neighbouring La Camorra concession boundary to the Southeast." Reports Greg Smith, Vice-President of Exploration

Diamond drilling was conducted by Major Drilling of Moncton, New Brunswick, Canada and Core-Beil Drilling of Puerto Ordaz Venezuela. RC drilling was completed by AK Drilling of Peru. All drilling and drill sampling has 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 SGS labs of El Dorado and Triad Labs located in El Callao Venezuela with additional check assays completed at Actlab Facility in Tumeremo, Venezuela. 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 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.
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 this news release.

ON BEHALF OF THE BOARD
"George Salamis"
George Salamis, President

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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