Rusoro Responds to Gold Reserve News Release
August 28 2008 - 8:00AM
Marketwired
In response to the news release issued by Gold Reserve Inc. ("Gold
Reserve") on Wednesday August 27, 2008, Rusoro Mining Ltd. (TSX
VENTURE: RML) ("Rusoro" or the "Company") would like to confirm
that it tabled a non-binding expression of interest, which expired
at 11:59 pm Vancouver time on Tuesday August 26, 2008. The Company
further confirms that it has received a response from Gold Reserve
dated August 26, 2008.
Since its formation in 2006, Rusoro's stated corporate strategy
has been to consolidate the gold mining sector in Venezuela.
Management viewed this non-binding expression of interest to Gold
Reserve as part of our normal course of business to further pursue
other gold mining opportunities in Venezuela by offering fair value
to Gold Reserve and its shareholders.
Rusoro management is of the opinion that a consolidation of its
assets and abilities with those of Gold Reserve could potentially
help transition their Brisas gold deposit to development and future
production in the Km88 District.
Rusoro will continue to actively pursue consolidation
opportunities and further demonstrate its ability to successfully
develop and operate gold mines in Venezuela.
About Rusoro
In the last 12 months, Rusoro has successfully completed the
acquisition of two operating mines in Venezuela. The Company
currently operates the fully permitted Choco 10 and Isidora Mines,
processing the ore through the Choco Mill facility near the town of
El Callao. The Company has significant 43-101 compliant gold
resources and has targeted production of approximately 150,000
oz/Au in 2008. Rusoro is currently working on expanding its
production at both the Choco 10 Mill in El Callao and the Emilia
Mill in El Dorado where the fully-permitted SREP Mine is
located.
With recent acquisitions, and through its own organic growth via
exploration, Rusoro owns 43-101 compliant Measured and Indicated
Resources of 6,930,000 ounces of gold (84 Mt grading 2.6 g/t gold)
and additional Inferred Resources of 6,339,000 ounces of gold
(108.2 Mt grading 1.8 g/t of gold).
ON BEHALF OF THE BOARD
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.
Contacts: Rusoro Mining Ltd. 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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