Rusoro Designates Mining Services Contractor for its Choco Mine

Rusoro Mining Ltd. ("Rusoro") (TSX VENTURE:RML) is pleased to announce that it
has entered into an agreement with Vittoria Limited ("Vittoria"), a Barbados
privately-owned company, for the provision of mining services at its Choco Mine
in Venezuela. The mining services will comprise loading, hauling and dumping of
material but excludes drilling and blasting and will be part of a mining service
contract ("Mining Service Contract") to be entered into between Rusoro and
Vittoria in the upcoming weeks.


The Mining Service Contract will be for a period of 52 months and the services
will be paid at a rate of USD 4.70 per cubic meter of material mined. During the
first 16 months of mining services and up to a ceiling of ten million
(10,000,000) cubic meters of material mined, the services will be paid with
common shares of Rusoro. The shares issuance price for the first ten (10) months
of mining services will be CDN $0.60 per common share and for the following six
(6) months will be CDN $0.75 per common share. The shares will be issued
immediately after completion of each period of services and subject to TSX
Venture Exchange approval. Any excess of mining services over the cumulative
10,000,000 cubic-meter ceiling will be payable in cash. The USD to CDN exchange
rate to be used to determine the number of common shares to be issued will be
the one in effect at the time of issuance of the common shares.


Rusoro President and CEO Andre Agapov states, "The Company is very pleased to
add the in country expertise and experience of Vittoria as we expand our
operations to include Increible 6. Vittoria is a highly respected Company in
Venezuela and their operating experience will be invaluable to the Choco
operations going forward." 


The mining service to be provided for the remaining 36 months of the Mining
Service Contract will be payable in cash at the rate of USD 4.70 per cubic meter
of material mined.


Vittoria Limited is a privately owned Barbados Company with proved and vast
experience in providing logistics and trucking services in Venezuela. 


The agreement is subject to TSX Venture Exchange approval.

ON BEHALF OF THE BOARD

Andre Agapov, President & CEO

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.

Rusoro Mining (TSXV:RML)
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