Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or the "Company")
today announced a take-over bid (the "Take-Over Bid") for Gold
Reserve Inc. ("Gold Reserve") (TSX: GRZ)(NYSE-A: GRZ). Rusoro is
offering Gold Reserve shareholders and equity unit holders
(collectively, the "Gold Reserve Equityholders") 3 Rusoro common
shares for each Gold Reserve Class A common share and each Gold
Reserve equity unit (collectively, the "Gold Reserve Equity"). The
offer values Gold Reserve at C$1.08 per each Class A common share
and each equity unit, and represents a premium of 140% based on the
December 12, 2008 closing prices for Rusoro and Gold Reserve on the
TSX Venture Exchange ("TSXV") and the Toronto Stock Exchange
("TSX"), respectively, and a premium of 209% based on the
volume-weighted average trading prices for Rusoro and Gold Reserve
for the previous 30 trading days on the TSXV and the TSX,
respectively.
Andre Agapov, Chief Executive Officer of Rusoro said, "A
business combination between Rusoro and Gold Reserve creates the
premier Venezuelan gold company and allows us to use our extensive
in-country experience to unlock the inherent value of the Brisas
Project for the benefit of all shareholders. Not only would Gold
Reserve Equityholders benefit from the existing production at our
Choco 10 and Isidora mines operating in Venezuela, they will also
continue to participate in the development of the Brisas Project
through significant ownership in the combined company. Gold
Reserve's Choco 5 project is contiguous to our Choco 10 operations
and Gold Reserve's Brisas Project is approximately 10 kilometres
from our Yuruan property - the logical combination of our companies
is expected to create real and valuable synergies. We are delighted
to present this premium offer directly to Gold Reserve
Equityholders and we see significant opportunities to both expand
production at our existing operations and unlock the permitting
deadlock that has plagued the timely development of the Brisas
Project. The KM88 region in Venezuela is one of the world's great
gold mining regions and the time has come for its future to be
guided by a team that has proven its ability to get its assets
permitted and operating in Venezuela."
Mr. Agapov added, "This is a logical combination. I encourage
Gold Reserve Equityholders to contact their Board of Directors to
support this opportunity. Further, I invite the Gold Reserve Board
of Directors to contact us to open a constructive dialogue."
The proposed combination of Rusoro and Gold Reserve would offer
Gold Reserve Equityholders a number of benefits:
- Compelling Premium. On December 12, 2008, which was the last
trading day prior to today's announcement of the Take-Over Bid, the
closing price of the Gold Reserve Shares listed on the TSX was
C$0.45 and on the NYSE Alternext (AMEX) was US$0.39. Rusoro is
offering C$1.08 per each Gold Reserve share and each Gold Reserve
equity unit, based on Rusoro's closing share price on the TSXV that
same day. This offer represents a premium of approximately 140%,
using the December 12, 2008 closing prices of Rusoro and Gold
Reserve on the TSXV and TSX, respectively. Based on the
volume-weighted average price of the Rusoro Shares on the TSXV for
the 30 trading days ended December 12, 2008, the Offer represents a
premium of approximately 209% over the volume-weighted average
price of the Gold Reserve Shares on the TSX for the same
period.
- Immediate Production. Rusoro is expected to produce in excess
of 100,000 attributable gold ounces in 2008 from its existing
proven and probable reserves. Management is currently developing
expansion plans at Choco 10 and Increible 6 that are expected,
together with Rusoro's San Rafael/El Placer and Isidora operations,
to significantly increase attributable gold production. See further
information on Rusoro's technical information at the end of this
press release.
- World Class Reserve and Resource Base. The combined company
would have 12.2 million ounces of proven and probable gold
reserves. Measured and indicated resources, inclusive of reserves,
would total 18.9 million ounces of gold. The combined company would
also have additional resources of 9.3 million inferred gold ounces.
In addition, the Brisas Project contributes 1.4 billion pounds of
copper in proven and probable reserves. See further information on
the companies' technical information at the end of this press
release.
- Ongoing Participation in Brisas. Based on the 3:1 exchange
ratio, Gold Reserve Equityholders would collectively own
approximately 30.4% of the combined company on an issued share
basis.
- Opportunity to Consolidate the KM88 Region. Rusoro has proven
itself as a Venezuelan gold consolidator through the successful
acquisition of both Gold Fields' Choco 10 mine and Hecla Mining's
Isidora mine. Rusoro will explore the opportunity to further
consolidate the world-class KM88 Region in Bolivar State,
Venezuela.
- Established Relationship with the Venezuelan Government.
Rusoro has established the first mixed enterprise joint venture of
its kind with the Venezuelan government in the mining industry by
agreeing to form a joint venture over the Isidora gold mining
assets that Rusoro recently acquired from Hecla.
- Concrete Synergies. The logical combination of Rusoro and Gold
Reserve will not only produce corporate synergies through the
rationalization of head offices, regulatory filing requirements and
executive teams, the strictly Venezuelan location of all material
operations will enable the combined company to optimize in-country
operations as well. Gold Reserve's Choco 5 property is adjacent to
Rusoro's Choco 10 mine and Gold Reserve's Brisas property is 10
kilometres south of Rusoro's Yuruan property, all in Bolivar State,
Venezuela. Rusoro expects to reduce duplicated in-country costs
while optimizing operations including drilling, the use of
construction and mining equipment, ore processing opportunities as
well as regulatory and logistical requirements surrounding imports
and permitting.
- Full Exposure to Gold Price. Based on Gold Reserve's publicly
available information, none of the gold production of the combined
company is hedged.
- Tax Efficient Structure. The Take-Over Bid has been structured
as an all-share offer that will allow certain Gold Reserve
shareholders who tender to the offer to do so on a tax efficient
basis. Canadian resident Gold Reserve shareholders may receive
Rusoro shares on a tax-deferred basis. Subject to the Passive
Foreign Investment Company rules, U.S. resident Gold Reserve
shareholders may also receive tax-deferral treatment if the
Take-Over Bid is a qualified reorganization under U.S. federal tax
law.
- Optimization and Consolidation Opportunities. If the offer is
accepted and Rusoro acquires all of the outstanding Gold Reserve
Equity, Rusoro intends to: (a) expedite its development and
expansion plans at its Choco 10 mine and Increible 6 project; (b)
identify opportunities to optimize the development of Gold
Reserve's Choco 5 project which is adjacent to Rusoro's Choco 10
mine; and (c) obtain the requisite development permits in respect
of the Brisas Project in order to recommence construction in a
timely manner.
- Ability to deliver results in Venezuela. Since commencing
Venezuelan operations, Rusoro has been able to:
-- Develop an extensive land package with 2.0 million proven and
probable gold ounces in reserves, and a resource (inclusive of
reserves) of 7.1 million measured and indicated gold ounces. Rusoro
also has an additional 7.0 million ounces of gold in inferred
resources;
-- Permit and develop its San Rafael/El Placer project which is
expected to reach commercial production in 2010;
-- Restart the Choco 10 mine acquired from Gold Fields after it
had been effectively shut down as a result of both permitting and
labour issues; and
-- Restart the Isidora mine acquired from Hecla after it had
been effectively shut down as a result of both permitting and
labour issues.
THE TAKE-OVER BID WILL BE OPEN FOR ACCEPTANCE UNTIL 12:00
MIDNIGHT EASTERN TIME AT THE END OF JANUARY 21, 2009, UNLESS THE
BID IS EXTENDED OR WITHDRAWN BY RUSORO.
The Take-Over Bid will be subject to customary conditions,
including: that a minimum of 66 2/3% of the outstanding Gold
Reserve shares and 66 2/3% of the outstanding equity units on a
fully-diluted basis, respectively, are tendered to the offer; the
execution of a supplemental indenture in respect of Gold Reserve's
5.50% Senior Subordinated Convertible Notes due June 15, 2022; and
the waiver or setting aside of Gold Reserve's shareholder rights
plan.
This press release does not constitute an offer to buy or sell,
or the solicitation of an offer to buy or sell, any of the
securities of Rusoro or Gold Reserve. Such an offer can only be
made pursuant to the Take-Over Bid circular and related documents
(the "Circular") filed today with securities regulatory authorities
in Canada and the registration statement, prospectus, tender offer
statement and related documents filed today with the United States
Securities and Exchange Commission (the "SEC") which are available
on www.sedar.com and www.sec.gov, respectively. In addition, you
may request these documents free of charge from the Corporate
Secretary, Rusoro Mining Ltd., Suite 2164, 1055 Dunsmuir Street,
Vancouver, B.C., V7X 1B1, telephone (604) 632-4044 or from the
Company's information agent, Georgeson, at the contact details
listed at the end of this press release. Investors and
securityholders are strongly advised to read these documents, as
well as any amendments or supplements to these documents, because
they contain important information. You should read these materials
carefully and in their entirety before making a decision concerning
the offer.
Rusoro has requested from Gold Reserve the use of its list of
shareholders and equity unit holders and security position listings
for the purpose of disseminating the Circular and other Take-Over
Bid documents to Gold Reserve Equityholders. Upon compliance with
this request by Gold Reserve, the Circular, Take-Over Bid documents
and other relevant materials will be mailed to Gold Reserve
Equityholders of record and furnished to brokers, dealers, banks,
trust companies and similar persons, whose names or the names of
whose nominees appear on the Gold Reserve shareholder and equity
unitholder lists or, if applicable, who are listed as participants
in a clearing agency's security position listing, for subsequent
transmittal to beneficial owners of Gold Reserve Equity.
Rusoro's financial advisor is Endeavour Financial International
Corporation, its Canadian legal counsel are Blake, Cassels &
Graydon LLP and Anfield, Sujir, Kennedy & Durno and its US
legal counsel are Gersten Savage LLP and Dorsey & Whitney
LLP.
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 scientific
and technical aspects of this news release.
ON BEHALF OF THE BOARD
Andre Agapov, Chief Executive Officer
ANY QUESTIONS OR REQUESTS FOR ASSISTANCE MAY BE DIRECTED TO THE
COMPANY'S INFORMATION AGENT:
Georgeson
North American Toll Free Number: 1- 888-605-7615
Banks and Brokers call collect: 1-212-806-6859
Technical Disclosure Relating to Rusoro's and Gold Reserve's
Reserve Assets
The information presented in the following tables is derived
from information and data contained in technical reports, all of
which are listed following the tables, prepared pursuant to NI
43-101. Mr. Gregory Smith, P. Geo., the Vice-President Exploration
of Rusoro, is the "Qualified Person", as defined in NI 43-101, and
is responsible for the scientific and technical aspects of this
press release as they relate to Rusoro's assets. Information
concerning Gold Reserve's assets is taken from Gold Reserve's
public filings.
Reserves
---------------------------------------------------------------------------
Tonnage Au Grade Au ounces Cu Grade Cu
Project Category Mt g/t (000's) percent M pounds
---------------------------------------------------------------------------
Las Brisas (a)
Proven 238 0.71 5,429 0.12 643
Probable 245 0.61 4,800 0.14 746
Sub total
Las Brisas 483 0.66 10,229 0.13 1,389
Choco 10 (4)
Proven 2.70 2.70 234
Probable 15 3.32 1,596
Sub total
Choco 10 17.7 3.21 1,830
Isidora (4)
Proven 0.07 37.2 84
Probable 0.11 28.8 101
Sub total
Isidora 0.18 32.1 185
---------------------------------------------------------------------------
Grand Total
Proven 240 0.74 5,747
Probable 260 0.78 6,497
Grand Total
- Gold 501 0.76 12,244
Grand Total
- Copper 483 0.13 1,389
---------------------------------------------------------------------------
Measured and Indicated Resources - inclusive of Reserves
---------------------------------------------------------------------------
Tonnage Au Grade Au ounces Cu Grade Cu
Project Category Mt g/t (000's) percent M pounds
---------------------------------------------------------------------------
Las Brisas (a)
Measured 256 0.71 5,853 0.12 674
Indicated 300 0.62 5,986 0.13 888
Sub Total 557 0.66 11,839 0.13 1,562
Choco 10 (4)
Measured 2.60 2.86 243
Indicated 56.3 2.45 4,432
Sub Total 58.9 2.47 4,675
Isidora (4)
Measured 0.11 29.1 100
Indicated 0.36 19.8 230
Sub Total 0.47 21.8 330
Increible 6
Indicated 23.5 2.1 1,590
San Rafael
/ El Placer
Indicated 0.64 19.4 399
Valle Hondo
Indicated 3.5 0.90 101
Ceiba
Indicated - - -
---------------------------------------------------------------------------
Total Measured
and Indicated
Measured 259 0.74 6,196
Indicated 385 1.03 12,738
Total 644 0.92 18,935
---------------------------------------------------------------------------
Inferred Resources
---------------------------------------------------------------------------
Tonnage Au Grade Au ounces Cu Grade Cu
Project Category Mt g/t (000's) percent M pounds
---------------------------------------------------------------------------
Las Brisas (a) Inferred 121.1 0.59 2,278 0.12 316
Choco 10 (4) Inferred 42.9 2.19 3,017
Increible 6 Inferred 17.5 1.95 1,100
Isidora (4) Inferred 0.1 14.1 45
Twin Shear Inferred 1.2 12.5 482
Days Inferred 0.21 5.52 37
San Rafael /
El Placer Inferred 0.7 23.2 524
Valle Hondo Inferred 47 0.9 1,360
Ceiba Inferred 1.6 9.2 459
---------------------------------------------------------------------------
Total Inferred
Resources 232.2 1.25 9,302
---------------------------------------------------------------------------
-------------------------------------------------------------------------
COMBINED SUMMARY - ALL PROJECTS
-------------------------------------------------------------------------
Au
Tonnage Au Grade ounces
Category Mt g/t (000's)
-------------------------------------------------------------------------
Reserves Proven and Probable 501 0.76 12,244
Resources Measured and Indicated
(inclusive of reserves) 644 0.92 18,935
Resources Inferred 232 1.25 9,302
-------------------------------------------------------------------------
NOTES:
All Resources reported include Reserves.
(a) Resources for Las Brisas are taken from Gold Reserve's public filings
and are reported at a cut-off of 0.4 g/t AuEq where AuEq equals Au
(gpt) + Cu (%)x1.16.
Notes for all Rusoro Resources and Reserves:
(1) Reserves and resources are NI 43-101 compliant and follow the
definitions for proven and probable reserves and measured, indicated
and inferred resource established by the CIM.
(2) Mineral resource estimates which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in these
estimates is uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured category.
(4) Choco 10 reserves are reported as 100%; 95% are attributable to Rusoro.
Isidora reserves are 100% attributable to Rusoro until the Mixed
Enterprise with MIBAM is established. All resources reported include
reserves.
The key assumptions, parameters and methods used for each of the resource
and reserve estimates are summarized in the following table:
--------------------------------------------------------------------------
Indep- Gold
endent Den- Price
Cons- sity for Res-
Project ultant Date Method Cut Off Grade Cap (g/cm3) erves
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Brisas Information sourced from public filings
Choco Micon November 3D computer 0.5 g/t 50.0 g/t 1.7- $500-
10 2007 models, uniform 2.8 $550
conditioning and
kriged estimated
grades
Isidora Micon August Seam Model 8.0 g/t 200.0 g/t 2.67- $570
2008 with inverse 2.80
distance cubed
method using
Vulcan Software
Twin SW-RPA August 3D geological 8.0 g/t 50.0 g/t 2.7 n/a
Shear 2008 model using
inverse distance
squared
Increi-
ble 6 Micon February Partial Block 0.5 g/t 20-40 g/t 2.0- n/a
2008 model using 2.7
Gemcom
software and
inverse distance
squared
SREP Micon October 3D geological 8.0 g/t 80.0 g/t 2.8 n/a
2008 model using
Gemcom
software and
inverse distance
squared
Days Micon October 3D geological 2.0 & 30.0 g/t 2.0- n/a
2008 model using 8.0 g/t 2.8
Gemcom
software and
inverse distance
squared
Ceiba SW-RPA April Polygonal using 0.5 g/t 36.0 g/t 2.8 n/a
2007 Gemcom
Software
Valle
Hondo SW-RPA April Block Model 0.5 g/t 20.0 g/t 2.00- n/a
2007 using ordinary 2.65
kriging
--------------------------------------------------------------------------
For further information on Rusoro's gold projects see Rusoro's
NI 43-101 reports available on www.sedar.com:
- Technical Report on the San Rafael-El Placer and Days Vein
Deposits, Bolivar State, Venezuela, dated October 2, 2008.
- Technical Report on the Mining and Processing Operations of
Hecla Mining Company, Estado Bolivar, Venezuela dated August 1,
2008.
- Technical Report on the Increible 6 Property, Bolivar State,
Venezuela, dated November 14, 2007, as revised February 14,
2008.
- Technical Report on the PMG (Gold Fields) Choco 10 Concession
and Mine, Estado Bolivar, Venezuela dated November 21, 2007.
- Technical Report and Mineral Resource Estimate, Ceiba II
Project, Bolivar State, Venezuela dated April 9, 2007.
- Technical Report and Mineral Resource Estimate, Valle Hondo
Project, Bolivar State, Venezuela dated April 9, 2007.
Cautionary Note Regarding Forward-Looking Statements
This press release, the Take-Over Bid and Circular, including
the schedules attached therein, the pro forma consolidated
financial statements of the Company, and some of the material
incorporated by reference into the Circular, contain certain
forward-looking information and forward-looking statements, as
defined in applicable securities laws (collectively referred to as
"forward-looking statements"). Forward-looking statements include
possible events, statements with respect to possible events, the
proposed transaction, the business, operations and financial
performance and condition of each of Rusoro and Gold Reserve and
the proposed combined company, the future price of gold, the
estimation of mineral reserves and resources, the realization of
mineral reserve and resource estimates, the timing and amount of
estimated future production, costs of production, expected capital
expenditures, costs and timing of the development of new deposits,
success of exploration, development and mining activities,
permitting time lines, currency fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims, and limitations on insurance coverage. The
words "plans", "expects", "is expected", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes", or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", or "will be
taken", "occur" and similar expressions identify forward looking
statements.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
Rusoro as at the date of such statements, are inherently subject to
significant business, economic, social, political and competitive
uncertainties and contingencies and other factors that could cause
actual results or events to differ materially from those projected
in the forward-looking statements. The estimates and assumptions of
Rusoro contained or incorporated by reference in the Circular which
may prove to be incorrect, include, but are not limited to, (1)
that Rusoro will be successful in acquiring 100% of the outstanding
Gold Reserve Equity, (2) that all required third party regulatory
and governmental approvals to the Take-Over Bid will be obtained
and all other conditions to completion of the transactions will be
satisfied or waived, (3) there being no significant disruptions
affecting operations, whether due to labour disruptions, supply
disruptions, power disruptions, damage to equipment or otherwise;
(4) permitting, development, expansion and power supply proceeding
on a basis consistent with Rusoro's current expectations; (5)
permitting and development proceeding on a basis consistent with
Rusoro's current expectations; (6) the exchange rate between the
Canadian dollar, the Venezuelan Bolivar and the U.S. dollar being
approximately consistent with current levels; (7) certain price
assumptions for gold; (8) prices for and availability of natural
gas, fuel oil, electricity, parts and equipment and other key
supplies remaining consistent with current levels; (9) production
forecasts meeting expectations; (10) the accuracy of Rusoro's
current mineral reserve and mineral resource estimates; and (11)
labour and materials costs increasing on a basis consistent with
Rusoro's current expectations.
Known and unknown factors could cause actual results or events
to differ materially from those projected in the forward-looking
statements. Such factors include, but are not limited to,
fluctuations in the currency markets; fluctuations in the spot and
forward price of gold or certain other commodities (such as diesel
fuel and electricity); changes in interest rates; disruption to the
credit markets and delays in obtaining financing; inflationary
pressures; risks arising from holding derivative instruments (such
as credit risk, market liquidity risk and mark-to-market risk);
changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in
Canada, Venezuela or other countries in which Rusoro does or may
carry on business; business opportunities that may be presented to,
or pursued by Rusoro, Rusoro's ability to successfully integrate
acquisitions; operating or technical difficulties in connection
with mining or development activities; actual results of
exploration activities; the possibility of cost overruns or
unanticipated expenses; employee relations; the speculative nature
of gold exploration and development, including the risks of
obtaining and renewing necessary licenses and permits; the impact
of Venezuelan law on Rusoro's operations; diminishing quantities or
grades of reserves; adverse changes in our credit rating; contests
over title to properties, particularly title to undeveloped
properties; and the occurrence of natural disasters, hostilities,
acts of war or terrorism. In addition, there are risks and hazards
associated with the business of gold exploration, development and
mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance, or
inability to obtain insurance, to cover these risks).
The following factors, amongst others, related to the business
combination of Rusoro and Gold Reserve could cause actual results
to differ materially from forward-looking statements, including
those contained in the Circular: the Rusoro shares issued in
connection with the Take-Over Bid may have a market value lower
than expected; the business of Rusoro and Gold Reserve may not be
integrated successfully or such integration may be more difficult,
time-consuming or costly than expected; and the expected
combination benefits from the combination of Rusoro and Gold
Reserve may not be fully realized or not realized within the
expected time frame. All of the forward-looking statements made in
the Circular are qualified by these cautionary statements and those
made in the Circular itself. These factors are not intended to
represent a complete list of the factors that could affect Rusoro
and the combination of Rusoro and Gold Reserve. Additional factors
are noted elsewhere in the Circular and in the documents
incorporated by reference therein. Although Rusoro has attempted to
identify important factors that could cause actual results or
events to differ materially from those described in forward-looking
statements, there may be other factors that could cause results or
events not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
undue reliance should not be placed on forward-looking statements.
Rusoro undertakes no obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of
assumptions or factors, whether as a result of new information or
future events or otherwise, except as may be required in connection
with a material change in the information disclosed in the Circular
or as otherwise required by law.
Cautionary Note Concerning Resource Estimates
Information in this press release and the Circular, including
information incorporated by reference, and disclosure documents of
Rusoro that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents use the terms
"measured resources", "indicated resources" and "inferred
resources". Gold Reserve Equityholders in the United States are
advised that, while such terms are recognized and required by
Canadian securities laws, the SEC does not recognize them. Under
United States standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Therefore, United
States investors are also cautioned not to assume that all or any
part of the inferred resources exist, or that they can be mined
legally or economically. Disclosure of "contained ounces" is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report "resources" as in place
tonnage and grade without reference to unit measures. Accordingly,
information concerning descriptions of mineralization and resources
contained in these documents may not be comparable to information
made public by United States companies subject to the reporting and
disclosure requirements of the SEC.
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators, which has established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource estimates of Rusoro contained in this press
release and the Circular, including information incorporated by
reference, have been prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum
Classification System.
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 Email: info@rusoro.com Rusoro
Mining Ltd. Ross Gatensbury Investor Relations (604) 632-4044 or
Toll Free: 1-800-668-0091 (604) 632-4045 (FAX) Email:
gates@rusoro.com Website: www.rusoro.com
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