Rusoro Provides Update on the Nationalization

Rusoro Mining Ltd. (TSX VENTURE:RML) ("Rusoro" or "the Company") reports the
following:


The 90-day negotiation period fixed by the Nationalization Decree No. 8413 to
negotiate the compensation due to Rusoro and the terms of the migration of
Rusoro's mining assets to a Mixed Enterprise to be controlled by the Venezuelan
Government expired on December 15, 2011. 


The Company has not been informed by the Venezuelan Government of an extension
to the 90-day period nor does it have information whether its mineral titles and
rights have expired and reverted to the Venezuelan Government.


Since the announcement of the Nationalization, meetings have been held with
Government representatives in order to try to reach an amicable agreement on
adequate and effective compensation for Rusoro, without success. In these
circumstances, Rusoro has formally notified the Government of the existence of
an investment dispute under the Agreement between the Government of Canada and
the Government of the Republic of Venezuela for the Promotion and Protection of
Investments (the Canadian Treaty) and the Agreement between the Bolivarian
Republic of Venezuela and the Government of the Russian Federation for the
Reciprocal Promotion and Protection of Investments (the Russian Treaty). 


Notwithstanding such notification, Rusoro remains open to continue amicable
discussions with the Venezuelan Government with a view to the prompt settlement
of this dispute. However, absent an acceptable settlement with the Venezuelan
Government during the next six months, Rusoro reserves its right to submit its
claims for adequate and effective compensation to an international arbitral
tribunal constituted under the auspices of: (a) the Additional Facility of the
International Centre for the Settlement of Investment Disputes (ICSID) in
Washington DC; and/or (b) the Rules of the United Nations Committee on
International Trade Law (UNCITRAL).


Background:

On September 16, 2011, the Venezuelan government, through publication in the
Official Gazette of Venezuela, enacted a law-decree 8413 ("Nationalization
Decree" or "Decree") which reserves to the State of Venezuela exclusive rights
for the extraction of gold in Venezuela ("the Nationalization"). According to
the Decree, all Venezuelan mining assets, including those of the Company, must
be transferred to a new mixed-interest enterprise ("Mixed Enterprise"), of which
private enterprises, such as the Company, cannot own more than 45%. The Decree
stipulates that the Company had 90 days from September 16, 2011 to negotiate the
terms and conditions of the forced migration of mining assets to the Mixed
Enterprise, including the compensation to the Company for assets transferred to
the Mixed Enterprise as a result of the Nationalization. If the Company is
unable to agree upon the terms and conditions of the forced migration within the
designated time period, all titles and rights to the Company's Venezuelan mining
assets will revert to the Venezuelan government, provided that no extension is
granted on the negotiation period. 


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.

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