Rusoro Mining Limited

Rusoro Mining Limited

February 03, 2010 08:00 ET

Rusoro Announces Management Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - Rusoro Mining Ltd. ("Rusoro" or the "Company") (TSX VENTURE:RML) reports that Interim Chief Financial Officer Gary Warnecke will be stepping down and that the Company will immediately promote current Vice President of Finance, Matias Herrero, to the position of Chief Financial Officer as part of an organized and planned transition. As the Vice President of Finance over the last two years Mr. Herrero has played a significant role in the implementation of the overall accounting policies of the Company as Rusoro transitioned to a gold producer and has overseen all of Rusoro's finance related matters in Canada and Venezuela since early 2008. Mr. Warnecke will continue to provide ongoing support to the Finance team and will remain as a consultant with Rusoro until April 30, 2010.

Before joining Rusoro as a Vice President of Finance in 2008, Mr. Herrero served as the Chief Financial Officer for TSX.V listed Helio Resource Corp., Corporate Controller for TSX listed Pacific Rubiales Energy Corp. and as audit manager with PricewaterhouseCoopers ("PwC") in Vancouver. At PwC he developed a strong financial background in the mining industry working in PwC's mining division specifically with Canadian mining companies operating in Latin America. Mr. Herrero is a US CPA, fluent in Spanish and English and his very strong compliance and financial reporting background together with his hands on experience and intimate knowledge of the Company will ensure a smooth transition and bode well for Rusoro's Venezuelan and Canadian Finance departments moving forward.

On behalf of the board, I would like to thank Mr. Warnecke for leading Rusoro's Finance team over the last two years and the Company wishes him well in his future endeavors.


George Salamis, President

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the offering, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rusoro to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the closing of the offering, as well as those factors discussed in the section entitled "Risk Factors" in Rusoro's Annual Information Form dated December 12, 2008 as filed on SEDAR. Although Rusoro has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.

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