Rusoro Mining Limited
TSX VENTURE : RML

Rusoro Mining Limited

May 08, 2008 08:30 ET

Rusoro Awards Scoping and Feasibilty Studies for Choco 10 to Micon International Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to report that the Company has awarded the contract to conduct a scoping study for the Choco 10 Mine and surrounding deposits in the El Callao region to Micon International Limited (Micon). Information derived from this study will be used to establish various working parameters and assumptions to be used in a definitive feasibility study. The scoping study is expected to be completed during Q3, 2008, while the feasibility study is expected to be completed during the latter part of Q2, 2009.

The mandate for the feasibility study has also been awarded to Micon whose Vancouver-based staff will manage the studies. Micon is an industry leading mining consulting firm specializing in resource estimation, mine engineering and feasibility study preparation. They acted as the lead engineering firm on the original bankable feasibility study performed on Choco 10 in 2003 and more recently on due diligence mandates regarding Rusoro's recent purchase of the mine from Gold Fields Intl. In short, Micon is thoroughly familiar with the Choco property, operating environment and regional infrastructure.

The studies will focus on establishing the viability of a planned significant gold production expansion at the Choco 10 mill and mine. A (i)historical study in 2006, conducted internally by Gold Fields Intl on Choco 10 showed that at a gold price of $550/oz, a production rate of 350,000 oz/yr at a cash cost of $337/oz was potentially sustainable. Given the potential for significantly adding to the existing resource and reserve base around Choco 10, in addition to the Company's positive long-term view on gold prices, it is management's view that production rates greater than those envisaged by Gold Fields will be tested in these current studies.

The Company will release progress updates including results for on-going drilling programs focused at Choco and the adjacent Increible 6 project as they become available.

George Salamis, Rusoro's President, states; "The major motivating factors for acquiring the Choco 10 gold mine six months ago were based on our firm belief that we could achieve two significant goals. The first goal was to immediately improve the existing gold production numbers, which has been accomplished and the second was to in the medium to long term, radically expand gold production profile at the mine. The commencement of the scoping and feasibility study process brings us one step closer to achieving our production goals and underscores our long term commitment to Venezuela."

(i)The internal report by Gold Fields is historical and conceptual in nature and cannot be relied upon for the specific viability of any expansion, costing or future production figures without being verified by a feasibility study as per NI43-101 guidelines.

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 recent acquisition of the Choco 10 mine the Company has a significant reserve and resource base and will reach an annualized production rate of 120,000 oz/yr in 2008. Rusoro has an on-going aggressive drilling campaign for 2008 designed to increase 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.

ON BEHALF OF THE BOARD

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
    President
    (604) 632-4044 or Toll Free: 1-800-668-0091
    (604) 632-4045 (FAX)
    Email: info@rusoro.com
    Website: www.rusoro.com