VANCOUVER, BRITISH COLUMBIA is pleased to report record
production at its Choco 10 mine and confirm that numerous
additional permits regarding exploration and mining at the
Company's San Rafael / El Placer deposits have been secured.
Highlights of the Company's recent activities include:
- Record Production. Choco 10 produced 9,671 ounces of gold in
December 2007. For the third consecutive month the mine has now
produced at full production capacity. This represents the first
full quarter with Rusoro as the operator and the best quarter in
the history of the mine in terms of ounces produced at 27,790
ounces - an increase of 176% over Q3 2007.
- Choco Permits Secured. Rusoro has also secured important
permits required for the continued operation and anticipated
expansion of the Choco 10 mine, including permitting for the
completion of an expanded waste rock storage area and additional
pumping capacity from the water wells at the Choco 10 Mine.
- Choco Drill Program. 100,000m of drilling is scheduled at
Choco in 2008. Recent drill results from Choco continue to
intersect significant gold mineralization in multiple zones
including;
- 17m @ 14.1 g/t Au
- 11.4m @ 6.34 g/t Au
- 11m @ 5.28 g/t Au, and
- 13.6m @ 2.21 g/t Au.
- Additional Permitting Success. The permitting process has been
successfully completed allowing for the exploration, development
and future mining of the ore at the Company's San Rafael/El Placer
gold deposits near El Dorado.
Commenting on these updates, George Salamis, President of the
Company stated: "We are delighted that we have been able to
successfully turn around the Choco 10 operations in such a short
timeframe. These milestones at Choco and San Rafael/El Placer give
us a very strong foundation going forward to achieve our near and
long term production goals."
Choco 10 Mine Operations
The Company is very pleased with the progress at the Choco 10
mine which has now operated at capacity for a full quarter (Q4 of
2007), for the first time in the mine's history. The mine is
expected to produce approximately 120,000 Au ounces in 2008. None
of the Company's gold production is hedged.
The logistics and a timeline for the expansion of production at
Choco 10 are currently being formulated along with an aggressive
plan for ore development. It is the Company's goal to double
production over the next 36 months.
To this end, the Company has received the necessary permit for
the completion of an additional waste rock storage area at the mine
covering 120 hectares along with the accompanying operating permit
for three years. A further permit has been authorized for the
continued operation and possible expansion of the water wells vital
to ensure that water is not an issue now or in the future. The
completion of both the waste rock and water permitting is a
significant advancement toward the expansion plans being
contemplated at the mine.
The Company is also pleased to release recently received drill
results from the ongoing drill campaign at Choco 10. The Company
intends to drill approximately 100,000m at Choco in 2008,
specifically to expand and upgrade the resources outlined in the
current 43-101 resource estimation (below) which was completed in
November of 2007.
Reserves (Choco 10, 95% Basis)
---------------------------------------------------------
Reserves Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Proven 1.9 3.0 180
Probable 13.6 3.4 1,482
Total Reserves 15.4 3.4 1,662
---------------------------------------------------------
Measured & Indicated Resources (inclusive of Reserves)
---------------------------------------------------------
Category Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Measured 2.3 2.9 221
Indicated 53.8 2.4 4,225
Total M&I 56.1 2.42 4,446
---------------------------------------------------------
Inferred Resources
---------------------------------------------------------
Category Tons (Mt) Grade (g/t) Gold ('000 oz)
---------------------------------------------------------
---------------------------------------------------------
Choco 10 (95%) 40.8 2.2 2,869
---------------------------------------------------------
Estimation parameters for the updated Choco 10 43-101 report by Micon
International (November 2007):
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. Interpretation and modeling completed on 25 metre to 12.5 metre spaced
cross sections using Gemcom software.
3. Grades were estimated using three-dimensional computerized models
containing geological data and kriged estimated grades
4. Cut off used of 0.5 g/t and SG values of 2.0 for saprolite and 2.7 for
hardrock.
5. Numbers may not add due to rounding.
A total of 12,231 metres of RC drilling was completed in Q4,
2007. The drilling continues to be highly successful in
intersecting numerous strongly gold mineralized zones, several of
which have an average gold grade of greater than 5.0 g/t Au and
include;
---------------------------------------------------------------
Drill Hole Au g/t m from to Zone
---------------------------------------------------------------
---------------------------------------------------------------
CH07-1083 14.10 17.0 94.0 111.0 Coacia in-fill
and 6.60 8.3 115.75 124.0 Coacia in-fill
CH07-825 6.34 11.4 133.1 144.5 Gabbro in-fill
and 5.28 11.0 215.7 226.7 Gabbro in-fill
CH07-832 2.21 13.6 225.5 239.1 Gabbro in-fill
CH07-862 8.42 6.0 74.5 80.5 VBK Hanging Wall
CH07-915 3.68 10.8 232.2 243.0 VBK Hanging Wall
CH07-1050 3.08 7.0 15.0 22.0 RC Oxide
CH07-1048 5.46 17.0 26.0 43.0 Gabbro Oxide
CH07-1004 6.62 7.0 19.0 26.0 Gabbro Oxide
CH07-952 3.48 7.0 241.9 248.9 Gabbro Oxide
and 12.90 3.1 268.1 271.2 Gabbro Oxide
CH07-1059 12.68 3.0 57.0 60.0 Gabbro HW
CH07-1055 3.94 9.0 81.1 90.1 Gabbro HW
CH07-1068 3.52 9.0 81.1 90.1 Gabbro HW
CH07-1061 5.65 7.2 88.5 95.7 Gabbro HW
CH07-1062 3.61 4.4 122.9 127.3 Gabbro HW
CH07-1124 6.92 32.0 13.0 45.0 RC Oxide
and 7.29 7.0 85.0 92.0 RC Oxide
CH07-862 5.47 11.8 474.5 486.3 VBK Downdip
---------------------------------------------------------------
NOTES: 1) All thicknesses are sample widths / true widths estimated at
80-90%.
2) All weighted averages calculated using uncut assays.
A full set of results and a drill plan map highlighting the
locations for holes discussed in this release will be posted on the
Company's website at www.rusoro.com.
El Dorado Projects Permitting and Development
A significant phase in the permitting process was also completed
for the El Dorado Projects (San Rafael / El Placer / Emilia) where
three highly important permits have been recently authorized for
the continued exploration, development and future start-up of gold
production.
At Emilia the company's wholly owned subsidiary Empresa Mineria
MS C.A. was granted authorization of the permit (04/01/2008) to
Affect Resources (Afectacion de los Recuros) for the development
and gold production from both underground and open pit related to
the development of the Alvarez ramp and the planned production from
the Days Open Pit. Recent drilling at Days has been highly
successful in extending the known mineralized zone along strike
from the existing pit including;
--------------------------------------------
Drill Hole Au g/t m from to
--------------------------------------------
--------------------------------------------
EDR-07-81 5.16 35.0 56.0 91.0
incl. 24.96 6.0 58.0 64.0
EDR-07-123 2.12 29.0 105.0 134.0
EDR-07-82 24.79 2.0 77.0 79.0
EDR-07-82 15.46 3.0 67.0 70.0
EDR-07-122 2.07 21.0 67.0 88.0
EDR-07-95 4.93 8.0 121.0 129.0
--------------------------------------------
NOTES: 1) All thicknesses are sample widths / true widths estimated at
80-90%.
2) All weighted averages calculated using uncut assays.
Additionally the permit to Affect Resources was issued for the
adjacent San Rafael mineral title which allows for the continued
exploration and on-going drilling activities. A third permit to
Affect Resources was also issued for the El Placer mineral title
which authorizes the underground extraction of gold ore. An updated
resource estimate and technical report on the El Dorado Projects
(San Rafael / El Placer / Emilia) is currently being completed by
Micon International and is scheduled to be finished in Q1 2008.
About Rusoro Mining
Rusoro Mining is an advanced junior gold producer with a large
land position in the prolific Bolivar State region of Venezuela.
With the resent acquisition of the Choco 10 mine the Company has
expanded its asset base to 12.8 million ounces of gold and will
reach an annualized production rate of 150,000 oz/yr in 2008.
Rusoro will drill in excess of 300,000 meters in 2008 to expand and
upgrade its gold ounces for projected production expansion at the
Choco 10 and the Company's Emilia Facility in El Dorado. Management
are very experienced in the country with strong government
relationships at all levels and they are committed to aggressively
pursuing the Company's goal of becoming an Intermediate gold
producer in the near term.
NI-43-101 Compliance and QA/QC
Diamond and Reverse Circulation (RC) drilling is conducted by
independent contractors; Core-Beil Drilling and Perforaciones
Mayortec (Major Drilling) of Puerto Ordaz Venezuela and 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 independent commercial
assays labs located in Bolivar State Venezuela including; Actlabs
in Tumeremo, SGS Labs in El Dorado, ACME Lab in Guasipati and Triad
Labs located in El Callao. All sample analyses was 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 retained and are
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 (604) 632-4045 (FAX) Website: www.rusoro.com
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