Rusoro Mining Limited
TSX VENTURE : RML

Rusoro Mining Limited

January 23, 2008 16:46 ET

Rusoro Mining Ltd.: Record Production at Choco 10; Choco 10 Permits as Well as Further Exploration Permits Secured

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to report record production at its Choco 10 mine and confirm that numerous additional permits regarding exploration and mining at the Company's San Rafael / El Placer deposits have been secured. Highlights of the Company's recent activities include:

- Record Production. Choco 10 produced 9,671 ounces of gold in December 2007. For the third consecutive month the mine has now produced at full production capacity. This represents the first full quarter with Rusoro as the operator and the best quarter in the history of the mine in terms of ounces produced at 27,790 ounces - an increase of 176% over Q3 2007.

- Choco Permits Secured. Rusoro has also secured important permits required for the continued operation and anticipated expansion of the Choco 10 mine, including permitting for the completion of an expanded waste rock storage area and additional pumping capacity from the water wells at the Choco 10 Mine.

- Choco Drill Program. 100,000m of drilling is scheduled at Choco in 2008. Recent drill results from Choco continue to intersect significant gold mineralization in multiple zones including;

- 17m @ 14.1 g/t Au

- 11.4m @ 6.34 g/t Au

- 11m @ 5.28 g/t Au, and

- 13.6m @ 2.21 g/t Au.

- Additional Permitting Success. The permitting process has been successfully completed allowing for the exploration, development and future mining of the ore at the Company's San Rafael/El Placer gold deposits near El Dorado.

Commenting on these updates, George Salamis, President of the Company stated: "We are delighted that we have been able to successfully turn around the Choco 10 operations in such a short timeframe. These milestones at Choco and San Rafael/El Placer give us a very strong foundation going forward to achieve our near and long term production goals."

Choco 10 Mine Operations

The Company is very pleased with the progress at the Choco 10 mine which has now operated at capacity for a full quarter (Q4 of 2007), for the first time in the mine's history. The mine is expected to produce approximately 120,000 Au ounces in 2008. None of the Company's gold production is hedged.

The logistics and a timeline for the expansion of production at Choco 10 are currently being formulated along with an aggressive plan for ore development. It is the Company's goal to double production over the next 36 months.

To this end, the Company has received the necessary permit for the completion of an additional waste rock storage area at the mine covering 120 hectares along with the accompanying operating permit for three years. A further permit has been authorized for the continued operation and possible expansion of the water wells vital to ensure that water is not an issue now or in the future. The completion of both the waste rock and water permitting is a significant advancement toward the expansion plans being contemplated at the mine.

The Company is also pleased to release recently received drill results from the ongoing drill campaign at Choco 10. The Company intends to drill approximately 100,000m at Choco in 2008, specifically to expand and upgrade the resources outlined in the current 43-101 resource estimation (below) which was completed in November of 2007.



Reserves (Choco 10, 95% Basis)
---------------------------------------------------------
Reserves Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Proven 1.9 3.0 180
Probable 13.6 3.4 1,482
Total Reserves 15.4 3.4 1,662
---------------------------------------------------------

Measured & Indicated Resources (inclusive of Reserves)
---------------------------------------------------------
Category Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Measured 2.3 2.9 221
Indicated 53.8 2.4 4,225
Total M&I 56.1 2.42 4,446
---------------------------------------------------------

Inferred Resources
---------------------------------------------------------
Category Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Choco 10 (95%) 40.8 2.2 2,869
---------------------------------------------------------

Estimation parameters for the updated Choco 10 43-101 report by Micon
International (November 2007):
1. Reserves and Resources are NI 43-101 compliant and follow the
definitions for proven and probable reserves and Measured, Indicated and
Inferred resource established by the CIM.
2. Interpretation and modeling completed on 25 metre to 12.5 metre spaced
cross sections using Gemcom software.
3. Grades were estimated using three-dimensional computerized models
containing geological data and kriged estimated grades
4. Cut off used of 0.5 g/t and SG values of 2.0 for saprolite and 2.7 for
hardrock.
5. Numbers may not add due to rounding.


A total of 12,231 metres of RC drilling was completed in Q4, 2007. The drilling continues to be highly successful in intersecting numerous strongly gold mineralized zones, several of which have an average gold grade of greater than 5.0 g/t Au and include;



---------------------------------------------------------------
Drill Hole Au g/t m from to Zone
---------------------------------------------------------------
---------------------------------------------------------------
CH07-1083 14.10 17.0 94.0 111.0 Coacia in-fill
and 6.60 8.3 115.75 124.0 Coacia in-fill
CH07-825 6.34 11.4 133.1 144.5 Gabbro in-fill
and 5.28 11.0 215.7 226.7 Gabbro in-fill
CH07-832 2.21 13.6 225.5 239.1 Gabbro in-fill
CH07-862 8.42 6.0 74.5 80.5 VBK Hanging Wall
CH07-915 3.68 10.8 232.2 243.0 VBK Hanging Wall
CH07-1050 3.08 7.0 15.0 22.0 RC Oxide
CH07-1048 5.46 17.0 26.0 43.0 Gabbro Oxide
CH07-1004 6.62 7.0 19.0 26.0 Gabbro Oxide
CH07-952 3.48 7.0 241.9 248.9 Gabbro Oxide
and 12.90 3.1 268.1 271.2 Gabbro Oxide
CH07-1059 12.68 3.0 57.0 60.0 Gabbro HW
CH07-1055 3.94 9.0 81.1 90.1 Gabbro HW
CH07-1068 3.52 9.0 81.1 90.1 Gabbro HW
CH07-1061 5.65 7.2 88.5 95.7 Gabbro HW
CH07-1062 3.61 4.4 122.9 127.3 Gabbro HW
CH07-1124 6.92 32.0 13.0 45.0 RC Oxide
and 7.29 7.0 85.0 92.0 RC Oxide
CH07-862 5.47 11.8 474.5 486.3 VBK Downdip
---------------------------------------------------------------
NOTES: 1) All thicknesses are sample widths / true widths estimated at
80-90%.
2) All weighted averages calculated using uncut assays.


A full set of results and a drill plan map highlighting the locations for holes discussed in this release will be posted on the Company's website at www.rusoro.com.

El Dorado Projects Permitting and Development

A significant phase in the permitting process was also completed for the El Dorado Projects (San Rafael / El Placer / Emilia) where three highly important permits have been recently authorized for the continued exploration, development and future start-up of gold production.

At Emilia the company's wholly owned subsidiary Empresa Mineria MS C.A. was granted authorization of the permit (04/01/2008) to Affect Resources (Afectacion de los Recuros) for the development and gold production from both underground and open pit related to the development of the Alvarez ramp and the planned production from the Days Open Pit. Recent drilling at Days has been highly successful in extending the known mineralized zone along strike from the existing pit including;



--------------------------------------------
Drill Hole Au g/t m from to
--------------------------------------------
--------------------------------------------
EDR-07-81 5.16 35.0 56.0 91.0
incl. 24.96 6.0 58.0 64.0
EDR-07-123 2.12 29.0 105.0 134.0
EDR-07-82 24.79 2.0 77.0 79.0
EDR-07-82 15.46 3.0 67.0 70.0
EDR-07-122 2.07 21.0 67.0 88.0
EDR-07-95 4.93 8.0 121.0 129.0
--------------------------------------------
NOTES: 1) All thicknesses are sample widths / true widths estimated at
80-90%.
2) All weighted averages calculated using uncut assays.


Additionally the permit to Affect Resources was issued for the adjacent San Rafael mineral title which allows for the continued exploration and on-going drilling activities. A third permit to Affect Resources was also issued for the El Placer mineral title which authorizes the underground extraction of gold ore. An updated resource estimate and technical report on the El Dorado Projects (San Rafael / El Placer / Emilia) is currently being completed by Micon International and is scheduled to be finished in Q1 2008.

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 will drill in excess of 300,000 meters in 2008 to expand and upgrade its gold ounces for projected production expansion at the Choco 10 and the Company's Emilia Facility in El Dorado. Management are very experienced in the country with strong government relationships at all levels and they are committed to aggressively pursuing the Company's goal of becoming an Intermediate gold producer in the near term.

NI-43-101 Compliance and QA/QC

Diamond and Reverse Circulation (RC) drilling is conducted by independent contractors; Core-Beil Drilling and Perforaciones Mayortec (Major Drilling) of Puerto Ordaz Venezuela and AK Drilling of Peru. All drilling and drill sampling has been completed using industry standard practices. All drill core is described in detail and photographed and one half of the core remains for inspection and reference.

Sample analyses have been conducted at independent commercial assays labs located in Bolivar State Venezuela including; Actlabs in Tumeremo, SGS Labs in El Dorado, ACME Lab in Guasipati and Triad Labs located in El Callao. All sample analyses was completed using industry standard practices and standard samples, blanks and duplicate check samples were randomly inserted into the sample stream to ensure quality control. A review of the QA/QC results shows no significant bias and all results are considered highly reliable. Sample rejects for all drill samples are retained and are available for any further testing which may be required.

Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President Exploration of the Company, is the Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of this news release.

ON BEHALF OF THE BOARD

George Salamis, President

Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

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

Contact Information

  • Rusoro Mining Ltd.
    George Salamis
    President
    (604) 632-4044
    (604) 632-4045 (FAX)
    Website: www.rusoro.com