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, produced 150,000oz Au net to Rusoro in 2009 and guidence for 2010 is 150,000oz Au. Rusoro owns and operates the Choco Mill Facility and has a 95% ownership in the Choco 10 Mine. The Isidora Mine is a 50/50 joint venture with the Venezualan Government. The Choco 10 operations are currently the subject of a Feasibility Study evaluating the viabilty of a significant production expansion to more than triple current production. The expansion plan will include the Increible 6 deposit located 6km from Choco 10. The Company also completed a scoping study and a 1.5km access ramp to the main mineralized zones at the SREP project for future mining operations. The SREP is located near the town of El Dorado.
Overall the Company has a significant land position in all of the major gold mining districts in Bolivar State, Venezuela. The country 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 resources of more than 10.7 million ounces Au in the M&I category and more than 6.8 million ounces Au in the inferred category, (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 400,000m since 2007 and will continue to have multiple drills active on its projects throughout 2010. The drilling is designed to expand and upgrade the Company's current resources and 43-101 compliant resource updates will be released this year.
Rusoro's management are experienced operators in the country with strong governmental relationships and have spent over US$250 million on developing their gold mining projects since 2002.
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