Rusoro Mining Limited

Rusoro Mining Limited

April 23, 2008 08:30 ET

Rusoro Reports on Positive Meetings and Tour of Projects With Venezuela Mines Minister

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to report on the positive nature of recent meetings and a subsequent tour of Rusoro's mining projects with Venezuelan Mines Minister, Mr. Rodolfo Sanz.

The Company met with the Mines Minister in Caracas on April 17, 2008, to discuss Rusoro's development and gold production expansion plans in both the El Callao and El Dorado districts of Bolivar State. The discussions focused on sound environmental practices, as well as job creation and a number of social programs and initiatives in which the Company is currently involved. The Mines Minister emerged from the meetings, held with Rusoro's Chairman, CEO and in-country government liaisons, with a more enlightened view of Rusoro and the Company's contributions and commitment to the region over the years.

On April 18th and 19th, Mr. Sanz and his delegation toured the Company's operations at the Choco 10 Mine in El Callao and the San Rafael/El Placer development project near El Dorado. In El Callao more than 200 people came out in a public demonstration of support for Rusoro Mining. Many local residents and members from the various workers' unions affiliated with Rusoro in Venezuela were there to show Mr. Sanz their support of Rusoro and the excellent working relationships that have been developed by the Company since the acquisition of the Choco 10 Mine from Gold Fields in October of 2007.

Manuel Monteil, leader of the Mineria MS (Rusoro) worker's union, stated, "We are here to show the Mines Minister that there are absolutely no problems with the Company's employee relations. Rusoro has increased wages and benefits substantially over time through the Company and the Union being successful in negotiating a collective agreement. This agreement was completed together with the Government's Labor Inspector to everyone's benefit."

On Sunday April 20th Minister Sanz appeared on the nationally televised show "Jose Vicente Hoy" and commented specifically about Rusoro's good will in the country, "Rusoro is using the latest in mining technology (at Choco 10) and is in full compliance with its labor obligations at its operations."

Rusoro CEO Andre Agapov states that, "The Company is very pleased that the Minister took the time to tour the Company's operations and we view his comments 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)