Rusoro Mining Limited: Updated Resource Estimate for SREP and Days Vein
November 03 2008 - 8:30AM
Marketwired
Rusoro Mining Limited (TSX VENTURE: RML) -
The Company is very pleased to report that it has received an
updated resource estimate for the San Rafael/El Placer Project
(SREP) and the Days Vein, located in the El Dorado District in
southeastern Venezuela. The project is 100% owned by Rusoro Mining
Ltd., and is strategically located adjacent to the La Camorra
Block, currently the subject of a 50/50 Joint Venture with the
Venezuelan government.
These independent NI 43-101 resource estimates have been
prepared by the consulting firm Micon International and the report
was authored by independent qualified person Dave Laudrum
P.Geo.
Table SREP/Days Indicated and Inferred Mineral Resource Estimate at
October 2008
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Cut-off Resource Grade Gold
(g/t Au) Zone Category Tonnes (g/t Au) Ounces
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8.0 SREP Indicated 639,000 19.41 399,000
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8.0 SREP Inferred 703,000 23.16 523,000
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2.0 Days (0-50m) Inferred 172,000 4.15 23,000
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8.0 Days (below 50m) Inferred 37,000 11.78 14,000
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1 It cannot be assumed that all or any part of an Inferred Mineral Resource
will be upgraded to an Indicated or Measured Mineral Resource as a result
of continued exploration.
2 Mineral resources which are not mineral reserves do not have demonstrated
economic viability.
3 Numbers may not add due to rounding.
4 Indicated Resources are confined to the better defined portions of the
main D and E3 zones.
The SREP Resource Estimate uses a cut off grade of 8.0 g/t Au, a
minimum width of one metre, a density (specific gravity) of 2.80
g/cm3, and capping of high grade gold assays at 80 g/t Au. The
Mineral Resource for the Days Vein was estimated using a cut-off
grade of 2.0 g/t Au for material down to 50m below the present
topographic surface and a cut-off grade of 8.0 g/t Au for material
below 50m. The Days Vein Resource Estimate also used a minimum
width of 1.0m, and a density of 2.80 g/cm3.
In relation to the previous resource estimate which was prepared
by Roscoe Postle Associates (RPA) in July of 2006 the updated SREP
Indicated resource (639,000t @ 19.41g/t Au) saw contained ounces
decreased by 21% (-91,000oz) while the updated Inferred resource
ounces (703,000t @ 23.16g/t Au) increased by 42% (+156,000oz). A
significant increase in grade for both categories (17% for the
Indicated and 47% for the Inferred) was also documented in the
updated resource estimate. For the Days Vein the updated inferred
ounces (209,000t @ 5.50g/t Au) increased by 2% with a 143% increase
in grade.
The updated resource estimates include a significant amount of
new drill data bringing the drill spacing for most areas of the
deposits to at least 25m by 25m. The updated SREP estimate includes
an additional 246 drill holes (61,391.1m) for a total of 568 drill
holes totalling 151,408.9m, while Days Vein estimate includes an
additional 99 drill holes (12,999.5m) for a total of 159 drill
holes (18,152.75m).
The development of a 1.8 km exploration ramp (4.5m by 4.0m) is
well underway and is designed to access the main portion of the
SREP deposit at approximately 120m below surface. The ramp and mine
development is scheduled for completion in mid 2009.
"The higher grades reported in these estimates, coming as a
result of an increase in drill intercept density and an increase in
the cut-off grades at San Rafael-El Placer, are certainly
consistent with grades historically mined in the district. The
zones remain open at depth, with the structural zone hosting San
Rafael-El Placer remaining relatively untested all the way up to
the neighbouring La Camorra concession boundary to the Southeast,"
reports Greg Smith, Vice-President of Exploration.
Diamond drilling was conducted by Major Drilling of Moncton, New
Brunswick, Canada and Core-Beil 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.
Sample analyses have been conducted at SGS labs of El Dorado and
Triad Labs located in El Callao, Venezuela with additional check
assays completed at Actlab Facility in Tumeremo, 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.
A review of the QA/QC results shows no significant bias and 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.
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
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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