Rusoro Mining Limited: Updated Resource Estimate for SREP and Days Vein
November 03 2008 - 7:31AM
Marketwired Canada
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.
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