Rusoro Mining Limited

Rusoro Mining Limited

May 01, 2008 08:15 ET

Rusoro Confirms Good Standing With Government Agencies in Venezuela

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) wishes to confirm that the Company is in possession of all necessary permits to produce gold at the Choco 10 Mine in El Callao as well as all permits to "Affect Resources" (Afectacion de los Recuros) for the development and future gold production (both underground and open pit) related to the SREP gold deposits near the town of El Dorado in Bolivar State Venezuela. This is in response to news concerning environmental permitting issues which have affected two unrelated mining companies working in the Imataca Forest Reserve Region of Venezuela. Rusoro has no active mining or mine development projects in the Imataca Forest Reserve region.

In meetings this week with the Ministry for Basic Industries and Mines ("MIBAM"), the Company was assured of the support of the Ministry and the Venezuelan Government in general for its mining and development activities. Representatives of MIBAM confirmed that Rusoro's operations are compliant with Venezuela mining and environmental laws and commended the Company for its strong relationship with its workers and local communities.

As well the Company wishes to re-iterate the positive nature of recent meetings and a subsequent tour of Rusoro's mining projects with Venezuelan Mines Minister, Mr. Rodolfo Sanz. From April 17th through April 19th the Company met with and toured the Mines Minister and his delegation to the Company's operations at the Choco 10 Mine and its SREP development projects near El Dorado. At the conclusion of these events the Minister expressed satisfaction with the Company's work and commitment to the region as well as its strong relations with its labor unions.

Rusoro CEO, Andre Agapov, comments, "Again, the Company is very pleased that the Minister took the time to tour the Company's operations and we view his previous comments and the assurances from the representatives of MIBAM as confirmation that Rusoro is recognized as a strong corporate citizen in the country. We look forward to moving forward with our growth initiatives and continuing to foster good relations with our workers and the people in the communities in which we work."

About Rusoro Mining

Rusoro Mining is an advanced junior gold producer with a large land position in the prolific Bolivar State region of Venezuela. With the resent acquisition of the Choco 10 mine the Company has expanded its asset base to 12.8 million ounces of gold and will reach an annualized production rate of 150,000 oz/yr in 2008. Rusoro is scheduled to drill 300,000 meters in 2008 to expand and upgrade its gold ounces for projected production expansion at both the Choco 10 Mine in El Callao and the Emilia Mine in El Dorado.


George Salamis, President

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rusoro Mining Limited
    George Salamis
    (604) 632-4044 or Toll Free: 1-800-668-0091
    (604) 632-4045 (FAX)