Rusoro Mining Limited
TSX VENTURE : RML

Rusoro Mining Limited

November 24, 2006 09:30 ET

Rusoro Mining Ltd.: Exploration and Development Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to give an update on its exploration and development activities in Bolivar State, Venezuela since the publication of its recently completed NI43-101 reports and subsequent listing on the TSX Venture Exchange on Nov. 9th, 2006. The Company wishes to update as follows:

- The Company has started a significant drill campaign focusing on the Increible 6 and the San Rafael/El Placer projects, increasing the number of metres to be drilled from 140,000 metres to approximately 220,000 metres over the next 10 months.

- The Company continues to compile results from previous drilling at Increible 6 and the San Rafael/El Placer projects, which did not make the cut-off for the NI43-101 report. In general these results are expanding and upgrading the known gold zones and have also identified a new broad zone of near surface gold mineralization. The Company is targeting the end of Q1, 2007 for the first of many systematic updates to the NI43-101 document.

- The Company has engaged Micon International Limited to initiate scoping studies on the Increible 6 project as well as the San Rafael/El Placer project and the surrounding satellite deposits which supply production for the Emilia Mill which is currently being upgraded and expanded.

Increible 6 Project (76% owned)

Located in the historic El Callao District within 2km of Goldfields' Choco 10 mine, the Increible 6 has a current NI43-101 compliant resource calculation of 434,000 ounces indicated (4.7 Mt @ 2.9 g/t Au on a 100% basis) and 766,000 ounces inferred (9.3 Mt @ 2.6 g/t Au on a 100% basis). The Company has completed 10,500m of the 79,000m that are scheduled to be drilled on multiple targets at the project. The current drilling has included in-fill drilling to up-grade the ounces outlined in the current NI43-101 report, while also extending the Elisa and Ingrid zones to depth and along strike. Drilling will begin shortly at the Enoc, Cristina and Culebra zones with all zones at the project remaining open to depth with only approximately 50% of the mineralized area having been drill tested. There are currently three diamond drill rigs and one RC rig working at the project.

The Company has received results for the bulk of the outstanding drill samples on various zones at Increible 6 that did not make the cut-off date for the NI43-101 report. These results have expanded the mineralized zones and confirmed high grade core at Elisa. A representative sample of the results is tabled below and these results along with results from the ongoing drilling will be calculated in an updated NI43-101 report in early 2007.



Increible 6 Project
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Zone Au g/t m from to
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-------------------------------------------------
IRS-06 Elisa 4.49 22.0 123.0 145.0
IRS-06 Elisa 1.98 37.0 198.0 235.0
IRS-11 Elisa 3.04 6.0 110.0 116.0
IRS-12 Elisa 4.12 10.0 128.0 138.0
IRS-24 Elisa 4.83 10.0 178.0 188.0
IRS-25 Elisa 2.93 14.0 50.0 64.0
IRS-37 Elisa 2.84 18.0 58.0 76.0
IRS-39 Elisa 7.20 25.0 179.0 204.0
IRS-40 Elisa 4.09 24.0 218.0 243.0
IRS-42 Elisa 1.97 13.0 88.0 101.0
IRS-45 Elisa 2.58 10.0 264.0 274.0
IRS-63 Elisa 4.71 10.0 51.0 61.0
-------------------------------------------------
NOTES: 1) All thicknesses are core widths / true
widths estimated at 75-90%.
2) All weighted averages calculated using
uncut assays.


San Rafael/El Placer (SREP) (100% owned)

SREP is located adjacent to Hecla's La Camorra gold mine and a current NI43-101 compliant resource confirms 490,000 ounces (918kt avg. 16.6 g/t Au) indicated and 367,000 ounces (727kt avg. 15.7 g/t Au) inferred at the project. There are more than 12 gold zones, each 1 to 2 metres wide and 200 metres long, that have been identified and the Company is currently mining the upper portion of several lenses. The Company has begun drilling and the project will see more than 75,000 m of drilling to mid 2007, which will include expansion drilling and an aggressive program of underground development in preparation for the completion of the capacity upgrade project currently underway at the Emilia mill facility. All zones are open to depth and the property hosts a number of intriguing exploration drill targets. There are currently three diamond drill rigs working at the project.

The Company is also pleased to report that previous drilling that was not included in the current NI43-101 report has identified a new broad zone of near surface gold mineralization at the Alvarez zone located 1 km north of San Rafael/El Placer. A representative sample of the results is tabled below and these results along with results from drilling scheduled to begin immediately will be calculated in an updated NI43-101 report in early 2007.



Alvarez Structure Alvarez South Structure
------------------------------------- ----------------------------------
ddh Au g/t m from to ddh Au g/t m from to
------------------------------------- ----------------------------------
------------------------------------- ----------------------------------
DVAL-01 4.87 14.0 58.0 72.0 EP-73 0.61 37.0 0.0 37.0
DVAL-07 5.07 13.9 59.2 73.0 0.77 46.4 83.0 129.4
DVAL-23 1.00 59.5 44.0 103.5 EP-74 1.35 21.0 24.0 45.0
DVAL-30 2.15 75.0 28.0 103.0 1.18 9.0 92.0 101.0
DVAL-31 21.22 11.0 143.0 154.0 EP-100 0.42 138.5 0.0 138.5
DVAL-32 4.71 9.0 104.0 113.0 EP-101 0.77 22.5 64.0 86.5
DVAL-33 2.51 32.0 121.0 153.0 EP-102 0.66 73.0 0.0 73.0
DVAL-36 0.77 42.6 0.9 43.5 EP-103 0.55 43.5 0.0 43.5
DVAL-37 1.26 23.2 0.8 24.0 EP-203 1.18 50.0 139.0 189.0
------------------------------------- ----------------------------------
NOTES: 1) All thicknesses are core widths / true widths estimated at
75-90%.
2) All weighted averages calculated using uncut assays.


Scoping Studies

The Company is pleased to report that Micon International Limited has been contracted to complete scoping studies on both the Increible 6 project and the San Rafael/El Placer and satellite projects in the El Dorado district near the Emilia mill facility. The Increible 6 project will be modeled as a stand alone operation to process approximately 8000 t/day and to produce between 150,000 - 200,000 ounces per year. At San Rafael/El Placer et al, the scoping study will model production in the expanded Emilia mill at a production rate of 700 - 900 t/day to produce 150,000-200,000 ounces per year. Both studies are expected to be completed by February 2007.

Diamond drilling was conducted by Major Drilling of Moncton, New Brunswick, Canada and Core Biel Drilling of Puerto Ordaz Venezuela. RC drilling was completed by 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.

Primary sample analyses have been conducted at SGS labs, located in El Dorado Venezuela, with a regular series of checks and duplicates analyzed by Triad Labs of El Callao Venezuela. All sample analyses were completed using industry standard practices and standard samples, blanks and duplicate check samples were randomly inserted into the sample stream to ensure quality control. Additional QA/QC for a portion of the drilling program involved the use of Triad as the primary lab including the preparation and analyses of the drill samples with corresponding check analyses completed at the SGS facility.

A review of the QA/QC results shows excellent repeatability between the labs and no significant bias. All results are considered highly reliable. Sample rejects for all drill samples are stored in Rusoro's secure facilities in Tumeremo, Venezuela, and will continue to be available for any further testing which may be required. All QA/QC has been completed under the direction of G.F. Smith, P.Geo.

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

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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