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 100,000 Au ounces and 11,000 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 operations are currently the subject of studies which are evaluating the possibility of a significant staged expansion to more than double production from the region.
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 resources of more than 7.0 million ounces Au in the M&I category and more than 7.0 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 220,000m in 2007 and 165,000 in 2008. The Company will continue to have multiple drills active on its projects throughout 2009. The drilling is designed to expand and upgrade the Company's current resources and 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$200 million on developing their gold mining projects since 2002.
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