Rusoro Mining Limited

Rusoro Mining Limited

May 15, 2008 11:44 ET

Rusoro Mining Ltd. Appoints VP Finance and Interim CFO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to announce the appointments of Mr. Matias Herrero to the position of VP of Finance and Mr. Gary Warnecke as interm CFO, effective immediately. Both Mr. Herrero and Mr. Warnecke bring many years of financial expertise in the mining industry to the Company's executive management team.

Mr. Herrero is a CPA and a former audit manager with Pricewaterhousecoopers (PwC). At PwC he worked in the mining division working with Canadian mining companies operating in Latin America. He has previously held several senior finance positions in the natural resource industry, most recently as Corporate Controller for TSX listed Pacific Rubiales Energy Corp., a large oil and gas producer in Colombia. His role at Pacific Rubiales included working with financial advisors Endeavour Financial in overseeing compliance to; bring the Company public, complete a merger with Pacific Status Energy and gain a listing on the TSX main board. Mr. Herrero is fluent in Spanish and his very strong compliance and financial reporting background will play a leading role in coordinating Rusoro's Venezuelan and Canadian financial departments.

Mr. Warnecke is also a CPA and formerly maintained an accounting practice in the Eastern United States which specialized in advising and managing North American financial concerns for Russian and western European based clients. Mr. Warnecke, who is fluent in Russian, left his accounting practice to become CFO of GRIF Management, a private company which provided financial management services to the Oil and Gas Industry in Russia. In 2006 he moved to Venezuela to work with Grupo Agapov and was an essential part of the team that brought Grupo Agapov public as Rusoro Mining Ltd. More recently Mr. Warnecke has been working as Rusoro's Internal Auditor and will lead the transition team put in place to merge the Company's Venezuelan operations since the acquisition of Gold Fields Venezuelan assets.

Company President George Salamis states, "I am very pleased to welcome Matias and Gary into Rusoro's executive management group. Their extensive financial and mining industry experience will be of considerable benefit to the Company as we continue to execute our fast paced growth strategy in Venezuela."

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 a significant reserve and resource base and will reach an annualized production rate of 150,000 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.


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
    (604) 682-154 or Toll Free: 1-800-668-0091
    (604) 682-1514 (FAX)