Rusoro Mining News
| ||September 11, 2009|
Rusoro Mining Receives Exploitation Permit to Bring the Increible 6 Gold Deposit to Production
| ||Rusoro Mining Ltd., ("Rusoro" or "RML") is pleased to report that the Company has received the exploitation permit from the Ministry of Basic Industry and Mines (MIBAM) to begin mining at the Increible 6 gold deposit in the Bolivar State mining region in south eastern Venezuela. The Increible 6 is located approximately eight kilometres from the Company's Choco 10 Mine and Mill where ore from the Increible 6 will be processed.|
The permit was duly issued to the Corporacion Venezolana de Guayana (CVG) the governmental entity which is the legal holder of the Increible 6 mineral title. General Mining de Guayana, a 100% RML owned Venezuelan subsidiary, has a leasing contract with the CVG for 20 years from the date of the exploitation permit and is legally entitled, as formal leaseholder, to perform all the activities authorized by the permit. It is the only exploitation permit approved this year in the Venezuelan mining sector.
The Certificate of Exploitation was published in Venezuela's Official Gazette on September 9th, 2009. With this Exploitation Certificate the Company can now complete the final step required for the start of mining which is the receipt of the Permit to Affect Natural Resources from the Ministry of the Environment. The permitting process remains on track for production from Increible 6 in 2009.
Rusoro's 100% owned Increible 6 deposit is host to 1,587,000 ounces indicated (23.5 Mt @ 2.11g/t Au) and 1,100,000 ounces inferred (17.5 Mt @ 1.95g/t Au) (see News Release - Nov. 15, 2007), which Rusoro has advanced through discovery, delineation and now development. The resource estimates for Increible 6 are detailed in a technical report dated November 14, 2007, revised and updated February 14, 2008, titled "Technical Report on the Increible 6 Property, Bolivar State, Venezuela".
Increible 6, along with Choco 10, was the subject of a scoping study (PA), which highlighted the production expansion alternatives for the future (see News Release -- May 19, 2009). The positive PA was completed by Micon International Limited, and evaluated the viability of a major expansion at the Choco Mine and Mill and which incorporated the nearby Increible 6 gold deposit. The PA is detailed in a report dated June 2, 2009 and titled "Technical Report on the Preliminary Assessment of the Expansion of Production at Choco 10, Bolivar State, Venezuela". The PA outlined favourable economics for a significant expansion from 135,000 oz Au/yr (2009 guidance) to over 500,000 oz Au/yr at a cash cost of US$331/oz Au over the life of mine (LOM). The PA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. See news release (May 19, 2009) for a summary of the basis for the PA and a listing of the qualifications and assumptions made by the qualified persons.
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 and scientific information within this news release.
ON BEHALF OF THE BOARD
George Salamis, President
Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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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You can view the Previous News Releases item: Tue Aug 25, 2009, Rusoro Mining reports record production of 48,523 ounces of gold for Q2 2009 at record low cash cost of US$322 per ounce
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