Rusoro Confirmed as Partner of Choice by Venezuelan Government; Acquisition of Hecla's Venezuelan Assets Closed
July 10 2008 - 8:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: RML) is pleased to
announce that it has been selected as the partner of choice by the
Venezuelan Government for gold mining opportunities in Venezuela.
Rusoro is also pleased to confirm the Venezuelan Government's
approval for the previously announced acquisition of Hecla Mining
Company's Venezuelan assets. Rusoro has now completed the
acquisition of the Hecla-Venezuela assets, being the Block B -
Isidora mining leases and the La Camorra mill facility in Bolivar
State, Venezuela.
Partner of Choice
Rusoro has agreed with the Venezuelan Ministry of Mines and
Basic Industries ("MIBAM") to establish a mixed enterprise between
Empresa de Produccion Social Minera Nacional C.A. (an indirect
subsidiary of MIBAM) and Rusoro on a 50-50 basis (the "Mixed
Enterprise"). The Mixed Enterprise is expected to be formalized
within the next 6 months and will carry on gold exploration,
development and mining activities in the areas being acquired from
Hecla. The Mixed Enterprise also creates an operating gold company
for Rusoro and the Venezuelan government to examine further gold
mining and development opportunities in the country for the benefit
of all stakeholders.
The definitive terms of the Mixed Enterprise remain to be
finalized between MIBAM and Rusoro. Until such terms are finalized,
Rusoro will own and operate the Hecla-Venezuela assets. None of
Rusoro's existing assets, such as the Choco 10 Mine, are to be
contributed to the Mixed Enterprise.
Commenting on the joint venture with MIBAM, Rusoro CEO Andre
Agapov states: "We are delighted to be selected as the partner of
choice for gold mining opportunities in Venezuela and we look
forward to exploring further opportunities for the benefit of our
new partner, our committed shareholders and for the local
communities involved in the gold mining industry in Venezuela."
Advisors
Rusoro's financial advisor is Endeavour Financial International
Corporation and its legal advisors are Anfield Sujir Kennedy &
Durno in Canada, Gersten Savage LP in the United States and
Figueiras & Annicchiarico in Venezuela.
ON BEHALF OF THE BOARD
Vladimir Agapov, Chairman
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
Contacts: 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
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