Rusoro Mining

Published : July 06th, 2010

Announces Updated Resource Estimate for the Choco 10 Deposits With a 78% Increase in Measured and In

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Rusoro announces updated resource estimate for the choco 10 deposits with a 78 increase in measured

 

 

 

 

 

Rusoro Mining Ltd. (TSX VENTURE:RML - News) has received an updated resource estimate for the Choco 10 Deposits which was completed by the independent consulting firm Micon International Limited ("Micon"). The operating Choco 10 Mine, which produced 126,000 ounces in 2009, is located in the El Callao Mining District in southeastern Venezuela. The Project is currently the subject of a Feasibility Study evaluating an expansion of the Choco operations to 20,000 tonnes per day.

The Micon independent NI 43-101 resource estimate has been prepared by D. Makepeace, P.Eng. senior geologist for Micon and a qualified person as defined by NI 43-101. A NI 43-101 Technical Report detailing the Updated Resource Estimate will be filed on SEDAR within the next 45 days. The updated resource estimate is outlined in the following table;

 
 
        Current Choco 10 Mineral Resource Estimate at December 2009
 
---------------------------------------------------------------------------
                                   Grade
                     Tonnes       Au g/t           Grams Au       Ounces Au
---------------------------------------------------------------------------
Measured         34,700,000         2.17         75,400,000       2,430,000
Indicated       105,200,000         1.74        182,900,000       5,880,000
---------------------------------------------------------------------------
M & I           139,900,000         1.85        258,300,000       8,300,000
 
Inferred         59,200,000         1.48         87,750,000       2,800,000
---------------------------------------------------------------------------
1  It cannot be assumed that all or any part of an Inferred Mineral
   Resource will be upgraded to an Indicated or Measured Mineral Resource
   as a result of continued exploration.
2  Mineral resources which are not mineral reserves do not have
   demonstrated economic viability.
3  Numbers may not add due to rounding.
 

The Updated Choco 10 Resource Estimate was completed using 3D computer models with grade estimated by inverse distance cubed on two metre composites. The estimate uses a cut off grade of 0.5 g/t Au, a density (specific gravity) of 1.60 g/cm3 for saprolite, 2.35 g/cm3 for saprock and 2.70 g/cm3, for hard rock. High grade gold assays have been capped to 34.286 g/t Au.

In relation to the previous resource estimate which was detailed in a Micon Technical report by Leader, R.J., J. Perry, I. Ward, C. Jacobs, and C. Lattanzi, titled "Technical Report on the PMG (Gold Fields) Choco 10 Concession and Mine, Estado Bolivar, Venezuela" dated November 21, 2007, the updated Choco Measured and Indicated resource (139.9Mt @ 1.85g/t Au) saw contained ounces increased by 78% (+3.6M oz) resulting from a 138% increase in tonnes and a 25% decrease in grade while the updated Inferred resource (59.2Mt @ 1.48g/t Au) decreased by 6% (-194,000 oz) resulting from a 37.9% increase in tonnes and a 32.2% decrease in grade.

The updated resource estimates include a significant amount of new drill data (45,453 metres from 406 new drill holes) for a total of 2,464 drill holes totalling 270,096.3 metres drilled, bringing the drill spacing for most areas of the deposits to 25 metres by 25 metres.

The Choco 10 mineralization consists of a series of interrelated deposits distributed over an area three kilometres long by one kilometre wide. Controls on gold mineralization include sheared, faulted or fractured structures, favourable lithologies, and fold hinges. Gold most often occurs in quartz-carbonate veining with associated pyrite. Current mining and milling operations (averaging 5000 to 6000 tonnes per day) are active on three of the four deposits; Coacia, Rosika, and Pisolita.

 
 
           Updated Choco 10 Mineral Resource Estimate by Deposit
 
---------------------------------------------------------------------------
                                        Measured + Indicated
                        ---------------------------------------------------
                                                             Gold
                             Tonnes     Grade     -------------------------
                                 (t)     (g/t)             (g)          (oz)
---------------------------------------------------------------------------
Rosika         Total     18,325,000      2.15      39,397,000     1,267,000
---------------------------------------------------------------------------
Coacia         Total      1,325,000      1.55       2,051,000        66,000
---------------------------------------------------------------------------
Pisolita       Total      5,350,000      1.58       8,428,000       271,000
---------------------------------------------------------------------------
VBK            Total    114,910,000      1.81     208,449,000     6,701,000
---------------------------------------------------------------------------
      Grand Total       139,910,000      1.85     258,324,000     8,305,000
---------------------------------------------------------------------------
 
---------------------------------------------------------------------------
                                              Inferred
                        ---------------------------------------------------
                                                             Gold
                             Tonnes     Grade     -------------------------
                                 (t)     (g/t)             (g)          (oz)
---------------------------------------------------------------------------
Rosika         Total     12,165,000      1.55      18,880,000       607,000
---------------------------------------------------------------------------
Coacia         Total      8,329,000      1.68      13,960,000       449,000
---------------------------------------------------------------------------
Pisolita       Total     18,694,000      1.15      21,458,000       690,000
---------------------------------------------------------------------------
VBK            Total     19,974,000      1.67      33,452,000     1,075,000
---------------------------------------------------------------------------
      Grand Total        59,162,000      1.48      87,751,000     2,821,000
---------------------------------------------------------------------------
 

A Feasibility Study is currently underway to follow up on the positive Preliminary Assessment (PA), completed by Micon International Limited, which is evaluating the viability of a major expansion at the Choco Mine and Choco Mill and which will incorporate the nearby Increible 6 gold deposit. The PA is detailed in a report dated June 2, 2009 and titled "Technical Report on the Preliminary Assessment of the Expansion of Production at Choco 10, Bolivar State, Venezuela". The PA outlined favourable economics for a significant expansion to 20,000 tonnes per day which would result in production of an average of 558,000 oz Au/yr at a cash cost of US$331/oz Au over the 12 year life of mine. The PA results were reported in the news release dated May 19, 2009, which is available on SEDAR at www.sedar.com.

"Choco 10 remains the Company's flagship mine and the updated Resource Estimate further confirms the potential of these deposits. This is a significant step forward especially the 78% increase in Measured and Indicated ounces and continuing to increase the size of the overall deposit. These zones form the basis of the Feasibility Study currently underway, modelling a fourfold expansion at the Choco Operations," reports Greg Smith, Vice-President of Exploration.

Diamond and RC drilling was conducted by independent contractors. All drilling and drill sampling has been completed using industry standard practices. Drill core is described in detail and photographed and one half of the core is kept for inspection and reference. Sample analyses have been conducted at a series of independent analytical facilities located in Bolivar State Venezuela including ACME Lab in Guasipati, SGS labs of El Dorado, Triad Labs located in El Callao, and Actlabs in Tumeremo. All sample analyses was completed using industry standard practices and standard samples, blanks and duplicate check samples were randomly inserted into the sample stream to ensure quality control. A review of the QA/QC results shows no significant bias and all results are considered highly reliable. Sample rejects for Rusoro drill samples are stored in Rusoro's secure facilities in El Callao, Venezuela, and will continue to be available for any further testing which may be required.

Qualified Persons: The NI 43-101 compliant resource estimate has been prepared by the independent consulting firm Micon International Limited by qualified person D. Makepeace P.Eng. Mr. Gregory Smith, P.Geo., the Vice-President Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

ON BEHALF OF THE BOARD

Andre Agapov, Chief Executive Officer and President

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 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."


Contact:

604-632-4044 or Toll Free: 1-800-668-0091
Rusoro Mining Ltd.
604-632-4045 (FAX)
info@rusoro.com
www.rusoro.com

 

 

Rusoro Mining

PRODUCER
CODE : RML.V
ISIN : CA7822271028
CUSIP : 782227 10 2
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Rusoro Mining is a gold producing company based in Canada.

Its main assets in production are LA CAMORRA MILL, CHOCO 10 MINE and BLOCK B (ISIDORA ET AL) in Venezuela, its main assets in development are ISIDORA, SAN RAFAEL/EL PLACER and INCREDIBLE 6 in Venezuela and its main exploration properties are TRINIDAD, YURUAN, TWIN SHEAR, EMILIA MILL, CEIBA and VALLE HONDO in Venezuela.

Rusoro Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 38.1 millions as of today (US$ 30.5 millions, € 26.7 millions).

Its stock quote reached its highest recent level on December 01, 2006 at CA$ 4.19, and its lowest recent point on November 28, 2014 at CA$ 0.01.

Rusoro Mining has 544 770 048 shares outstanding.

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