Projects
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Gold Mining Projects
Rusoro has two operating Mines and ten exploration projects (including development and exploration around the mines) which range from early stage to advanced/development stage gold projects in Venezuela. The Choco 10 and Isidora Mines, near the town of El Callao, will produce approximately 120,000 and and 35,000 Au ounces in 2008, repectively, through the Choco 10 Mill. Rusoro owns and operates the Choco Mill Facility and has a 95% ownership in the Choco 10 Mine. Production from the Isidora Mine will ultimately be subject to a 50/50 joint venture with the Venezualan government which will go into affect before the end of the year. The Choco 10 Mill will be the subject of a significant staged expansion to more than double production from the region by 2011.
Overall the Company has a significant land position in all of the major gold mining districts in Bolivar State, Venezuela. The region boasts first class geology and gold potential within an identical setting to some of the world's largest mining districts including Ashanti in West Africa and Kirkland Lake in Canada. Rusoro has developed and accumulated more than 13.7 million ounces of gold assets (please see individual projects pages for 43-101 compliant resource numbers), since 2002. As part of the Company's aggressive growth strategy, Rusoro drilled more than 220,000m in 2007 and will drill up to 300,000m in 2008. The drilling is designed to expand and upgrade the Company's current resources and incremental 43-101 compliant resource updates will be released through the year.
Rusoro's management are experienced operators in the country with strong governmental relationships and have spent over US$100 million on developing their gold mining projects since 2002.
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