Rusoro Mining Limited
TSX VENTURE : RML

Rusoro Mining Limited
Mena Resources Inc.
TSX VENTURE : MEA

Mena Resources Inc.

February 26, 2007 09:00 ET

Mena Resources Inc. and Rusoro Mining Ltd.: Financing of $72 Million Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 26, 2007) - Mena Resources Inc. (TSX VENTURE:MEA) and Rusoro Mining Ltd. (TSX VENTURE:RML) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

This press release is not an offer to sell, or the solicitation of an offer to buy, securities in the United States. Neither the securities of Mena Resources Inc. nor the securities of Rusoro Mining Ltd. have been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such laws.

Mena Resources Inc. ("Mena") and Rusoro Mining Ltd. ("Rusoro") are pleased to announce that Mena has closed its brokered private placement, in which Canaccord Adams Ltd. acted as lead agent for a syndicate including Haywood Securities Inc. and Pacific International Securities Inc. (the "Agents"), of 31,337,100 subscription receipts of Mena at a price of $2.30 per subscription receipt to raise gross proceeds of $72,075,330. Each subscription receipt will be exercisable without further consideration into one common share of Mena and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of Mena for a period of five years from closing at an exercise price of $3.09 per share.

The gross proceeds of the offering will be held in escrow pending satisfaction of certain conditions (the "Escrow Conditions"). If the Escrow Conditions are satisfied, the subscription receipts will be deemed to be exercised immediately prior to Rusoro's proposed acquisition (the "Acquisition") of all of the issued and outstanding securities of Mena. Pursuant to the terms of the Acquisition, one common share of Rusoro and one common share purchase warrant of Rusoro will be issued for every 1.7 issued and outstanding Mena common shares and Mena warrants (based on the price of $2.30 at which the subscription receipts were sold this is an equivalent price of $3.91 per Rusoro common share). Accordingly, 18,433,588 common shares of Rusoro and warrants entitling the holders to purchase 9,216,794 common shares of Rusoro will be issuable in exchange for the Mena common shares and Mena warrants underlying the subscription receipts. The Rusoro warrants will be exercisable at a price of $5.25 per share for a period of five years from closing of the Acquisition. The proceeds of the offering will be used for further development of Rusoro's existing properties and working capital.

ON BEHALF OF THE BOARD OF MENA RESOURCES INC.

Simon Ridgway, Director

ON BEHALF OF THE BOARD OF RUSORO MINING LTD.

Mario Szotlender, President

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

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