RML Rusoro Mining Ltd

Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or "the Company") reports its financial results for the three months ended June 30, 2011 ("Q2 2011"). The Company's consolidated financial statements and management's discussion and analysis ("MD&A") for Q2 2011 have been filed on SEDAR (www.sedar.com).

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

The following is a synopsis of the Q2 2011 financial results. For detailed information regarding Rusoro's Q2 2011 results, and results for the six months ended June 30, 2011, please refer to the unaudited consolidated financial statements and related MD&A for Q2 2011, which can also be found on the Company's website at www.rusoro.com.

The Company's highlights for Q2 2011 were:

--  Average realized gold price per ounce sold of $1,483 (three months
    ended June 30, 2010 ("Q2 2010"): $768) and cash cost per ounce sold of
    $1,535 (Q2 2010: $649). The higher average realized gold price is a
    result of a higher international spot price per ounce of gold in Q2
    2011 and due to the change in Venezuelan laws during May, 2010, which
    effectively changed, going forward, the rate at which the translations
    of transactions and balances from Venezuelan Bolivars Fuertes ("BsF")
    to US dollars were performed ("the Change in Translation Rate") (see
    "Consolidated Results of Operations" section of the MD&A). The higher
    cash cost per ounce sold is mainly due to the lower production and
    lower ore-grade, the Change in Translation Rate and increase in costs
    resulting from the Venezuelan inflation rate.

--  Gold production of 15,975 ounces of finished gold (dore form) for the
    Q2 2011 (Q2 2010: 25,579 ounces) (2011 revised guidance: 85,000 ounces)
    and gold sold of 17,912 ounces (Q2 2010: 66,551 ounces).

--  During Q2 2011, the Company exported 8,201 ounces of finished gold at
    the international spot price per ounce, less associated costs and
    commissions.

--  On June 10, 2011, the Company did not perform the repayment of the
    convertible loan for $30 million (see "Financial Position" section of
    the MD&A) which remains outstanding as of the date of this news
    release.

--  As at June 30, 2011, the Company was due on delivery of 5,800 ounces of
    finished gold to a third party as per a 6,600-ounces gold delivery
    contract.

The Company's highlights subsequent to Q1 2011 were:

--  During the period subsequent to Q2 2011 and up to the date of this news
    release, the Company exported 5,472 ounces of finished gold at the
    international spot price per ounce, less associated costs and
    commissions.

--  As of the date of this news release the 5,800 ounces of finished gold
    as per the gold delivery contract mentioned above remain outstanding,
    together with the additional 800 ounces of finished gold to complete
    the 6,600-ounces gold delivery contract.

--  On August 23, 2011, President of Venezuela, Hugo Chavez, approved a
    decree with force of law ("the Decree") which reserves to the
    government of Venezuela exclusive rights for the exploration and
    extraction of gold in Venezuela and is pending publication in the
    Official Gazette of Venezuela to become legally enforceable. As of the
    date of this news release management cannot conclude on the impacts of
    the Decree on the Company.

Results for Q2 2011

--  Revenue decreased to $26.6 million (17,912 ounces sold) in Q2 2011 from
    $51.1 million (66,551 ounces sold) in Q2 2010 due to a lower amount of
    ounces of gold sold which more than offset the increase in the realized
    price of gold to $1,483 in Q2 2011 from $768 in Q2 2010 and the effect
    of the change in Translation Rate.

--  Mining operating expenses and depreciation and depletion decreased to
    $32.1 million and $3.4 million, respectively, in Q2 2011 from $43.3
    million and $8.6 million in Q2 2010. This cost decrease is primarily
    due to lower ounces of gold produced and sold which more than offset
    the increase in these expenses due to the change in Translation Rate,
    Venezuelan inflation rate impacting the Company's expenses and the
    increase in cash cost per ounce sold in Q2 2011 compared to Q2 2010 due
    to lower tonnes mined and milled and lower average ore grade at the
    Choco Mine and Isidora Mine. The decrease in tones mined and milled is
    also the result of cash flow constraints which have hindered payments
    to vendors and in turn resulted in withholding of products and
    services.

--  General and administrative expenses decreased to $1.8 million in Q2
    2011 from $2.5 million in Q2 2010 significantly due cost reductions
    driven by cash constraints.

--  Interest on the Company's convertible loan decreased to $1.4 million in
    Q2 2011 from $2.4 million in Q2 2010 due to the partial retirement of
    the convertible loan during 2010.

--  Gain on revaluation of derivative financial liabilities increased to
    $1.9 million in Q2 2011 from $1.1 million in Q2 2010 due to the
    issuance and subsequent revaluation of Canadian dollar (C$) warrants at
    lower current market prices. The warrants were issued in June 2010 as
    part of the convertible loan refinancing transaction.

--  Foreign exchange gain was $1.1 million in Q2 2011 compared to a foreign
    exchange loss of $11.5 million in Q2 2010, due to elimination of the
    implicit exchange rate and the current use of a single official fixed
    rate.

--  Deferred tax recovery decreased to $1.0 million in Q2 2011 from $22.2
    million in Q2 2010 due to larger losses in Q2 2010 and tax deductions
    received with the modification of the Venezuelan currency in January
    2010, followed by the forced use of the modified currency through new
    foreign exchange controls in Q2 2010.

--  Net loss amounted to $9.8 million during Q2 2011 compared to net profit
    of $3.3 million during Q2 2010.

Operating Performance

The following table summarizes key operating statistics for 100% of the
Choco Mine and 50% of the Isidora Mine:

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                                     3 Months Ended          3 Months Ended
                                      June 30, 2011           June 30, 2010
                             ----------------------------------------------
                              Choco Isidora   Total   Choco Isidora   Total
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Ore tonnes mined ('000 t)       254       3     257     420       6     426
Ore tonnes milled ('000 t)      276       6     282     492      10     502

Average grade (g/t)            1.31   11.51    1.54    1.61   16.31    1.90
Average recovery rate (%)        95      90      94      93      90      92

Gold produced (ounces)       13,461   2,514  15,975  21,664   3,915  25,579
Gold sold (ounces)           15,656   2,256  17,912  60,162   6,389  66,551

Total mining operating
 expenses $(000)             25,728   6,371  32,099  38,483   4,863  43,346
- decommissioning and
   restoration provision
   accretion $(000)            (251)   (193)   (444)    (85)    (76)   (161)
- impairment of inventories
   $(000)                    (2,038) (2,123) (4,161)      -       -       -
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Total cash costs $(000)(1)   23,439   4,055  27,494  38,398   4,787  43,185
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Total cash costs per ounce
 sold $(2)                    1,497   1,797   1,535     638     749     649
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Average spot gold price per
 ounce $                        n/a     n/a   1,504     n/a     n/a   1,196
Average realized gold price
 per ounce sold $             1,466   1,603   1,483     750     940     768
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The following notes are applicable to the above table:
   (1)  Total cash costs used in the calculation of cash costs per ounce is
        calculated as mining operating expenses from the consolidated
        statement of comprehensive income (loss) excluding accretion
        expense related to the decommissioning and restoration provision
        and expense for impairment of inventories.
   (2)  Cash costs per ounce sold is a non-IFRS measure. Total cash costs
        per ounce sold is calculated by dividing the total cash costs by
        the gold ounces sold during the period. Cash costs per ounce sold
        includes all expenditures related to the mine such as mining,
        processing, administration, royalties and production taxes but
        excludes reclamation, capital and exploration expenditures, and
        impairments of inventories.

Outlook

During 2011, the Company expects to produce 85,000 ounces of finished gold from the Choco Mine and its 50% interest in the Isidora Mine. Total cash costs per ounce sold for 2011 are expected to be $1,100 per ounce for Choco and $1,400 per ounce for Isidora.

Cautionary non-IFRS measures

Total cash costs per ounce sold is a non-IFRS measure. The Company believes that, in addition to conventional measures, prepared in accordance with IFRS, certain investors use the cash costs per ounce data to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as it does not have any standardized meaning prescribed by IFRS. Data used in the calculation of total cash costs per ounce may not conform to other similarly titled measures provided by other precious metals companies.

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.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contacts: Rusoro Mining Limited Andre Agapov President & CEO 604-632-4044 or Toll Free: 1-800-668-0091 604-632-4045 (FAX) info@rusoro.com www.rusoro.com