RML Rusoro Mining Ltd

Rusoro Mining Ltd. ("Rusoro" or the "Company") (TSX VENTURE:RML) is pleased to
report its financial results for the quarter ended September 30, 2008 ("Q3").
The Company's Q3 consolidated financial statements and management's discussion
and analysis (MD&A) for the three and nine months periods ended September 30,
2008 have been filed on SEDAR (www.sedar.com).


All amounts set out in this news release and in the Company's financial
statements and MD&A are unaudited and in United States dollars, unless otherwise
stated.


Q3 2008 Highlights

- Commercial gold production officially commenced during Q3 at the Company's
newly acquired Isidora gold mine, situated in Bolivar State, Venezuela. From
start-up, the Company achieved a total of 4,722 ounces of gold production in
September at a cash cost per ounce of $247. Management is encouraged by this
lower than expected initial cash cost estimate from its first gold production at
the mine and believes this low cost trend can be maintained for the near to
medium term, with production levels expected to be ramped up considerably from
the levels achieved in September. The financial results from Isidora production
could not be consolidated in Rusoro's Q3 financial statements, given that the
agreements officially finalizing the acquisition will not be concluded until
December 2008.


- Production from Choco 10 mine continued, with 22,082 ounces of gold produced
from the mine during Q3 at an average cash cost per ounce of $713. The Q3 was
impacted by lower than forecasted production in August caused by a delay in
import deliveries of key consumables and equipment at the mine. The Q3 financial
statements also continued to be impacted by Venezuelan in-country financial
volatility. The outlook for improvements in in-country financial volatility
impacting mine costs is, in Rusoro management's view, improving steadily.


- On July 4, 2008 the Company entered into an agreement with the Venezuelan
Ministry of Mines and Basic Industries ("MIBAM") to establish a joint venture
(the "Mixed Enterprise") to carry on with gold exploration, development and
mining of the Hecla-Venezuela assets. The Mixed Enterprise will be owned 50% by
the Company and 50% by Empresa Basica Minera Nacional ("EMN"), a company owned
by MIBAM. The Mixed Enterprise is expected to be created within 6 months of the
date of the agreement with MIBAM. None of the Company's existing assets, such as
the Choco 10 mine, are to be contributed to the Mixed Enterprise.


- On July 8th, 2008, Rusoro reported news of high grade intercepts of gold from
its Yuruan property, grading up to 39.1 g/t over 5.7 meters (see July 8th news
release).


- On July 8, 2008, the Company closed the acquisition of 100% of the outstanding
shares of El Callao Gold Mining Ltd. and Drake-Bering Holdings B.V. including
their wholly-owned subsidiaries Minera Hecla Venezolana, C.A. ("Minera Hecla")
and El Callao Gold Mining Company de Venezuela, SCS ("El Callao Gold Mining")
(the "Hecla-Venezuela Acquisition").


- On September 5, 2008, the Company announced that it had formally completed
agreements with MIBAM to custom mill ore from various CVG Minerven, C.A. ("CVG
Minerven") operations in Venezuela.


Results of Operations and Financial Position:

During the three months ended September 30, 2008, the Company sold 21,755 ounces
of gold for a total amount of revenue of $14,716,982. Net loss for the three
months ended September 30, 2008 was $12,490,285, which includes non-cash
expenses such as amortization of $7,562,389, stock based compensation of
$1,699,049, an impairment adjustment of $1,911,444 to write down gold
inventories to net realizable value and accretion of long-term debt of
$1,199,801. Also includes non-cash gains such as unrealized foreign exchange
gain of $5,604,031 and future income tax recovery of $5,449,517.


Net cash generated in operating activities during the three months period ended
September 30, 2008 was $3,065,567, cash used in financing activities was
$1,379,957 and cash used in investing activities amounted $43,441,454. As at
September 30, 2008 the Company had a cash position of $19,968,965 to be used to
fund on-going production expansion initiatives.


Commentary and Outlook:

Choco 10

The Choco 10 mine produced 22,082 ounces of gold during the Q3 at an average
cash cost per ounce of $713. The quarter was impacted by lower than forecasted
production in September caused by a delay in import deliveries of key
consumables and equipment to the mine. Key mine consumables, especially those
related to ore milling, need to be imported into Venezuela and cleared through
customs. Given the recent tightening of measures on import and exchange
controls, this process temporarily impeded the arrival of these key consumables,
leading to sporadic mill shut-downs and reductions in mill availabilities
throughout September and into early October. The Company is pleased to report
that the mine has finally received these key consumables and that the mill
availability levels have reestablished themselves.


The Q3 financials also continued to be impacted by Venezuelan in-country
financial volatility. The outlook for improvements in in-country financial
volatility impacting mine costs is, in Rusoro management's view, improving
steadily and it is expected to have a positive effect on future cash-flows from
the mine.


During Q3, 7 new Terex TR100 trucks were commissioned in addition to 2 new
Komatsu excavators, 3 new Komatsu front end loaders and 1 new grader.


The Company has recently negotiated a new contract with its primary ore and
waste haulage contractor, Ramel, with new pricing terms put into effect in
September. These new pricing terms, calculated on a "Bench-Cubic Meter" basis,
are better suited to the style of mining that is being conducted at Choco 10
mine and should result in a measurable cost savings in the near future for the
Company. Improvements have already been noted in this arrangement, most notably
with truck and shovel fleet availabilities trending above 80% (historically,
less than 50% availability).


With most major equipment and haulage fleet issues resolved, in-country
financial volatility narrowing and minor enhancements made to the ore handling
and milling process, the Company expects measurable improvements to its gold
production and cost profile in the very near term from Choco 10 mine.


Isidora

The transition of the Isidora Mine (formerly owned by Hecla) to Rusoro's
management and operational control occurred in mid-July of this year, following
months of negotiations with its former owners and the underlying concession
holders, CVG Minerven. As part of the transition, site crews and managers worked
quickly in July and August to re-establish the mine into working order, given
that it had been under care and maintenance for many months prior to its
acquisition.


Ore from Isidora, averaging in excess of 30 g/t is being mined at an average
rate of 500 to 800 tonnes per day. Once hauled from underground, the ore is
stockpiled on surface, sampled, and then trucked a short distance to Rusoro's
near-by Choco 10 gold processing plant. Currently, the Choco 10 plant has a
production capacity of over 8000 tonnes per day, and thus can accommodate the
milling of Isidora ore with ease. In our first full month of operation, the mine
produced 4,722 ounces at an estimated cash cost of $247. Gold recoveries from
the processing of Isidora ore at the Choco 10 plant have been averaging 90%
during the first month of production.


Management is encouraged by this lower than expected initial cash cost estimate
from its first month of gold production at the Isidora mine and believes that
this low cost trend can be maintained for the near to long term. Gold production
levels are being ramped up considerably up from the levels achieved in
September, with a steady-state production level of 6000 to 7000 ounces per month
established as a target.


Corporate Commentary

In light of the down-turn in the financial markets and related budgetary
constraints, the Company has initiated a number of measures to cut operating
costs, expenses and overheads where applicable. As a starting measure, senior
executive fees, in-country senior management fees and board fees have been
reduced, in some cases by up to 50%. Employee rationalization and expatriate
work-force reduction initiatives have also commenced at all operating and
administrative sites. Active exploration, including drilling activities, has
also been drastically reduced.


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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