Rusoro Mining Limited

Rusoro Mining Limited

August 18, 2011 08:30 ET

Rusoro Responds to Comments Concerning Venezuelan Gold Sector

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Rusoro Mining Ltd. (TSX VENTURE:RML) ("Rusoro") wishes to clarify that it has had no indication from the Government of Venezuela of any changes to the Company's operations in regards to certain statements in the media concerning nationalization of gold projects in Venezuela.

The statements quoted referenced the Venezuelan Government's wish to control serious ongoing problems with widespread illegal mining operations and smuggling within the remote southeastern region of the country.

Rusoro President and CEO Andre Agapov states that, "We believe the Government's announcement is targeted toward the many illegal mining operations in Bolivar State that operate without government permits and continue to cause significant environmental damage through indiscriminant deforestation and the use of mercury. Gold produced by these illegal operations is often smuggled out of the country or sold illegally, and the government is now taking action."

Rusoro continues to produce gold from two operations, the open pit Choco 10 mine and the high grade underground Isidora mine, a 50/50 joint venture with the Venezuelan Government. The Company continues to advance two additional development projects, the Increible 6 project which will provide additional oxide ore for the Choco 10 mill and the underground SREP project.


Andre Agapov, President & CEO

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.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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