Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or the "Company")
is pleased to report that it has achieved record gold production at
historically low cash costs at its Choco 10 mine for November 2008.
The Company also reports that operations at the Isidora mine
continue to exceed its expectations. Both mines are located near
the town of El Callao in Bolivar State, Venezuela. Recent
production highlights include:
- Record Production. The Choco 10 mill produced 13,475 oz of
gold in November 2008. This marks a monthly record for 2008 and can
be attributed to a record month of ore processed from the Choco 10
mine which produced 9,170 ounces of gold with the other 4,305
ounces of gold coming from ore processed from the near-by Isidora
gold mine.
- Record Cash Costs. Cash costs at the Choco mill were a record
low for November at US$385 per ounce of gold. The vast improvement
is the culmination of a number of initiatives which include,
improvements made to the haulage fleet availabilities, mill
availabilities and optimization of the primary mine haulage
contract.
- Record Ore Processed. The number of tonnes of ore processed
through the Choco 10 mill has continued to impress with 193,796
tonnes processed in November.
Rusoro President, George Salamis states, "The Company is
extremely encouraged that the months of hard work by Rusoro's
operations team to optimize production at Choco 10 have resulted in
the operations reaching these milestones. We have a number of
initiatives that are on-going and the Company is optimistic that
further reductions in our operational cash costs are achievable at
the mines."
Rusoro CEO, Andre Agapov states further that, "To be able to
report cash cost numbers from the Choco 10 mill which are under
$400 US per ounce is a major achievement. To have arrived here in
less than a year is a real tribute to the dedication of our
workforce."
November: Mining and Milling
Total ore processed at the Choco 10 mill in November was 193,796
tonnes. The total gold recovered at the plant was 15,593 ounces
with a total of 13,475 ounces poured during the month of November.
As a breakdown of ounces produced, gold recovered from Choco 10 ore
processing recovered 9,246 ounces, with 9,170 ounces poured during
the month. This is a record monthly amount of gold poured for Choco
10 in 2008.
Isidora gold ore processed at the Choco 10 mill resulted in
6,347 ounces of gold recovered and 4,305 ounces of gold poured
during the month of November. Significant ore development has now
been completed at the Isidora mine which will allow the Company to
sustain the current production levels moving forward. Additionally
the Company will continue to optimize efficiency and lower its
costs for its mining operations at the mine.
For the month of November 2008, the operational cash costs at
the Choco mill for the combined gold produced from the Choco and
Isidora mines was US$385 per ounce.
About Rusoro Mining
Rusoro Mining is a junior gold producer with a large land
position in the prolific Bolivar State region of Venezuela. The
Company operates the Choco 10 and Isidora Mines, processing the ore
through the Choco Mill facility near the town of El Callao. The
Company will produce approximately 100,000 ounces of gold in 2008
and is on schedule to have two additional mines (Increible 6 and
SREP) in production by Q3 2009 and Q1 2010 respectively.
ON BEHALF OF THE BOARD
George Salamis, President
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, related litigation, 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, risks
related to litigation; 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.
MORE INFORMATION AND WHERE TO FIND IT:
This press release does not constitute an offer to buy or an
invitation to sell, any of the securities of Rusoro or Gold
Reserve. Such an offer may only be made pursuant to a registration
statement and prospectus filed with the U.S. Securities and
Exchange Commission (the "SEC") and an offer to purchase and
circular filed with Canadian securities regulatory authorities.
Rusoro has filed with the SEC a Registration Statement on Form
F-10, a Tender Offer Statement on Schedule TO and other documents
and information, and expects to mail an Offer and Circular (which
is filed as an exhibit to the Registration Statement and Tender
Offer Statement) to Gold Reserve shareholders and equity
unitholders (collectively, the "Equityholders") concerning the
Offer and the proposed combination of Rusoro and Gold Reserve. GOLD
RESERVE EQUITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT,
THE TENDER OFFER STATEMENT AND OFFER AND CIRCULAR AND ANY OTHER
RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and Gold Reserve Equityholders may
obtain the documents free of charge at the SEC's website,
www.sec.gov. In addition, documents filed with the SEC by Rusoro
are available free of charge from Rusoro. You should direct
requests for documents to the Corporate Secretary, Rusoro Mining
Ltd., Suite 2164, 1055 Dunsmuir Street, Vancouver, British Columbia
V7X 1B1, telephone (604) 632-4044.
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 Email: gsalamis@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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