Rusoro Mining Ltd.: Expiration of Negotiation Period with Venezuelan Government for Nationalization

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


The extended deadline of the 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 will expire as of the end of day today. At this time, the Company is
not aware of any further extension.


The Nationalization Decree established an initial 90-day fixed negotiation
period ending December 15, 2011, but was subsequently extended by decree No.
8683 for another 90 days, to March 14, 2012. 


Therefore, in accordance with the procedures outlined in the Nationalization
Decree, the Company believes that 100% of its Venezuelan mining concessions,
related contracts and assets revert to the Venezuelan Government effective as of
the end of today unless a further extension is granted.


To date, Rusoro is still in conversations with the Venezuelan Government but has
not yet reached an agreement with respect to the compensation due to Rusoro
pursuant to the nationalization of its gold-mining assets. The Company continues
to seek an amicable resolution with the Venezuelan Government. However, Rusoro
also continues to review its position, rights and claims under the bilateral
investment treaty between Canada and Venezuela which provides that the
Venezuelan Government must pay a fair, prompt and timely compensation as a
result of the nationalization. In this regard, Rusoro will consider all steps
necessary, including international arbitration, in order to protect its
investments in Venezuela, and the interests of its stakeholders.


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, 100% of the Company's mining concessions, related
contracts and 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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