Rusoro Mining Limited: Venezuelan Government Extends 90-Day Negotiation Period

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


The 90-day 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 and
which expired on December 15, 2011 has been extended by decree No. 8683 for
another 90 days, to March 14, 2012. 


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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