Rusoro Mining

Published : July 10th, 2008

Partners With Venezuelan Govt. - Hecla Assets Acquisition Closes

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Keywords :   Canada | Gold | Market | Venezuela |

                          Rusoro Mining Ltd.

 

                Rusoro confirmed as Partner of Choice by Venezuelan Government

 

                              Acquisition of Hecla?s Venezuelan Assets Closed

 

July 10, 2008                                                                                        Trading symbol (TSX-V): RML

Vancouver, Canada ? Rusoro Mining Ltd. (?Rusoro?) is pleased to announce that it has been selected

as the partner of choice by the Venezuelan Government for gold mining opportunities in Venezuela

Rusoro is also pleased to confirm the Venezuelan Government?s approval for the previously announced

acquisition of Hecla Mining Company?s Venezuelan assets.  Rusoro has now completed the acquisition

of the Hecla-Venezuela assets, being the Block B ? Isidora mining leases and the La Camorra mill facility

in Bolivar State, Venezuela.  

 

Partner of Choice

Rusoro has agreed with the Venezuelan Ministry of Mines and Basic Industries (?MIBAM?) to establish

a mixed enterprise between Empresa de Produccion Social Minera Nacional C.A. (an indirect subsidiary of MIBAM)

and Rusoro on a 50-50 basis (the ?Mixed Enterprise?).  The Mixed Enterprise is expected to be formalized within

the next 6 months and will carry on gold exploration, development and mining activities in the areas being

acquired from Hecla.  The Mixed Enterprise also creates an operating gold company for Rusoro and the

Venezuelan government to examine further gold mining and development opportunities in the country for the

benefit of all stakeholders.

 

The definitive terms of the Mixed Enterprise remain to be finalized between MIBAM and Rusoro.  Until such

terms are finalized, Rusoro will own and operate the Hecla-Venezuela assets.  None of Rusoro?s existing assets,

such as the Choco 10 Mine, are to be contributed to the Mixed Enterprise.

 

Commenting on the joint venture with MIBAM, Rusoro CEO Andre Agapov states: ?We are delighted to be

selected as the partner of choice for gold mining opportunities in Venezuela and we look forward to exploring

further opportunities for the benefit of our new partner, our committed shareholders and for the local communities

involved in the gold mining industry in Venezuela.?

 

Advisors

Rusoro's financial advisor is Endeavour Financial International Corporation and its legal advisors are Anfield Sujir

Kennedy & Durno in Canada, Gersten Savage LP in the United States and Figueiras & Annicchiarico in Venezuela

 

 

 

ON BEHALF OF THE BOARD

?Vladimir Agapov?

Vladimir Agapov, Chairman

CONTACT INFORMATION

George Salamis, President
Tel: 604-632-4044         Fax: 604-632-4045
Toll Free:  1-800-668-0091
Symbol: TSX-V: RML     Email: info@rusoro.com
Website: www.rusoro.com

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.

 

 

            The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release

 

Data and Statistics for these countries : Canada | Venezuela | All
Gold and Silver Prices for these countries : Canada | Venezuela | All

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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In the News and Medias of Rusoro Mining
1/9/2009featured in National Post and Reuters articles
6/27/2000Hecla's La Camorra Mine Producing At Record Rates
Nominations of Rusoro Mining
5/15/2008Appointments
1/8/2008Appoints new COO
9/27/2007Appoints Omar Salas as CFO
9/4/2007Appoints George Salamis as President
Financials of Rusoro Mining
6/30/2011Reports Q1 2011 Financial Results
8/29/2008Reports Q2 2008 Financial Results
Project news of Rusoro Mining
7/6/2010(Choco 10 Mine)Announces Updated Resource Estimate for the Choco 10 Deposit...
7/20/2009(Choco 10 Mine)Rusoro Mining Initiates Major Engineering Studies
1/14/2009(Choco 10 Mine)Reports Record Gold Production and Record Low Cash Costs fo...
12/19/2008(Choco 10 Mine)Reports Record Gold Production and Record Low Cash Costs at ...
9/6/2008(Isidora)Completes Landmark Agreements with Venezuelan Government to ...
8/7/2008(Isidora) Report Filed for Isidora and Twin Shear Projects Acquired F...
5/9/2008(Choco 10 Mine)Scoping/Feasibility Studies Awarded
1/23/2008Choco 10 Production/Permitting Update
12/10/2007(Choco 10 Mine)News Release - Choco 10 update
11/29/2007UPDATED 43-101 ACCEPTED FOR FILING RUSORO DRILLS 21m of 8.44...
11/21/2007(Choco 10 Mine)2007 Technical report
6/11/2007Intersects 37m of 9.34g/t Au and 21m of 4.72g/t Au in Separ...
5/23/2007Numerous High Grade Intercepts
4/30/2007In-Fill Diamond Drilling Confirms Continuity of High Grade G...
Corporate news of Rusoro Mining
6/25/2015Rusoro Provides Update On Status Of International Arbitratio...
1/23/2014Adopts Advance Notice Policy
1/23/2014Adopts Advance Notice Policy
9/22/2011NR - Gold Law Update
6/16/2011NR
6/14/2011Reports on its Loan Repayment Status
6/22/2010Makes Second Payment of Restructured Secured Exchangeable Lo...
6/11/2010Loan Restructuring Closes
4/15/2010SREP Results
1/12/2010Positive Change in Exchange Rate Policy
11/19/2009Purchases Portion of loan
9/25/2009Aims to be Producing 540,000 Ounces of Gold Per Year By 2012
8/25/2009Q2 Record Production and Low Cash Costs
7/20/2009Initiates Major Engineering Studies at Choco 10 and San Rafa...
6/2/2009reports net income of $0.5 million for Q1 2009 and record pr...
6/1/2009Reports Positive Q1 and Record Production
5/19/2009Preliminary Assessment for Choco 10 Expansion
5/19/2009Reinhard Updates Rusoro Mining
5/19/2009Preliminary Assessment: Production Expansion of Choco 10
3/2/2009Midas Letter interviews Rusoro President George Salamis
2/25/2009Winston highlights Rusoro's rapid growth and low cash costs
2/24/2009Reports Record Gold Production and Cash Costs for January 20...
2/10/2009Withdraws Offer for Gold ReserveThread-Topic: Rusoro Withdra...
2/9/2009OSC SETS HEARING DATE TO CONSIDER CEASE TRADE OF GOLD RESERV...
1/28/2009insiders buying, growing production & positive cash flow
2/2/2009 Applies to Terminate GRZ Poison PillThread-Topic: Ruoro NR ...
1/21/2009featured in 'Business in Vancouver' magazine
1/20/2009Extends Expiry Date of Gold Reserve takeover BidThread-Topic...
1/14/2009Record Production/Cash Costs Q4 2008Thread-Topic: Rusoro NR ...
1/15/2009Reuters covers Rusoro Mining
1/13/2009Blogger interviews George Salamis, President of Rusoro Minin...
1/9/2009Reinhard reviews Rusoro’s takeover bid for Gold Reserve
1/5/2009Responds to Gold Reserve's Directors' Circular.Thread-Topic:...
1/5/2009Responds to Gold Reserve=E2??s Directors=E2?? Circular and O...
12/30/2008Entrenched Gold Reserve Management Continues to Attempt to D...
12/22/2008Mails Bid Documents to Gold Reserve Shareholders; Amends Fil...
12/19/2008Two Rusoro Mining clips from today's BNN Commodities Report
12/19/2008to Defend Against GRZ Attempt to Disenfranchise Own Sharehol...
12/19/2008TO DEFEND AGAINST GOLD RESERVE?S ATTEMPTS TO DISENFRANCHISE ...
12/15/2008LAUNCHES TAKE-OVER BID FOR GOLD RESERVEThread-Topic: RUSORO ...
12/17/2008The Offer From Rusoro Could Be The Best Christmas Present Sh...
12/16/2008FULLY COMMITTED TO BID FOR GOLD RESERVEThread-Topic: RUSORO ...
11/3/2008Expands Resources and Increases Grade at SREPThread-Topic: R...
9/16/2008? Annual General Meeting Results
9/9/2008advances in Venezuela says MineWeb.com
9/5/2008Signs Landmark Agreements with GovernmentThread-Topic: Rusor...
8/28/2008Responds to Gold Reserve News Release
7/10/2008Partners With Venezuelan Govt. - Hecla Assets Acquisition Cl...
7/9/2008drills 39.1 g/t Au over 5.7 m at Yuruan projectThread-Topic:...
6/20/2008NR - Hecla Venezuelan Assets AcquisitionThread-Topic: Rusoro...
5/1/2008CONFIRMS GOOD STANDING WITH GOVERNMENT AGENCIES IN VENEZUELA
4/23/2008Positive Meetings With Mines Minister
12/3/2007Choco 10 Acquisition Closes
11/26/2007 Drilling Starts at Valle Hondo
11/15/2007DRILLS 37m of 9.34g/t Au AT INCREIBLE 6 ALL MAIN GOLD ZONES ...
10/12/2007RAISES $210 MILLION FOR ACQUISITION OF GOLD FIELDS VENEZUELA...
10/12/2007to Acquire Gold Fields’ Venezuelan Assets to become Immediat...
9/11/2007Management Additions at AGM
4/19/2007Positive Results Continue at Increible 6 Gold Project, Boliv...
3/22/2007News reslease
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