TSX VENTURE: RML
Aug 07, 2008
43-101 Report Filed for Isidora and Twin Shear Projects Acquired From Hecla
Mining
Additional 482,000 Inferred Au Ounces Identified
VANCOUVER, BRITISH COLUMBIA - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased
to report that a 43-101 report prepared by independent consultants Micon
International Ltd. for the Isidora and Twin Shear gold projects has been filed.
Both projects were part of the assets acquired in the acquisition of Hecla
Mining Company's Venezuelan assets. The total resources outlined in the report
for Isidora confirmed the resources originally estimated by Rusoro with the
Twin Shear estimation out performing all previous estimates by adding 482,000
Inferred gold ounces to the Company's total resources.
Highlights of the report include;
- Proven and Probable Mineral Reserves at Isidora (March 2008) are 168,000 oz
Au (161,900 t @ 32.3 g/t Au). Mineral resources for Isidora are 331,000 oz Au
(470,000 t @ 21.9 g/t Au) of Measured and Indicated and 45,000 oz Au (99,000 t
@ 14.1 g/t Au) of Inferred.
- Mineral resource for the Twin Shear Zone is 482,000 oz Au (1.2 Mt averaging
12.5 g/t Au) of Inferred.
- The company now has a total of 6.87 M oz Au (84.5 Mt @ 2.52 g/t Au) Measured
and Indicated and 6.81 M oz Au (109.6 Mt @ 1.93 g/t Au) Inferred.
Rusoro President, George Salamis, states that, "The Company is very
pleased that the overall resource reported in the technical report is more
favorable than originally thought. This combined with both deposits being open
from an exploration perspective makes both projects very exciting moving
forward."
The Mineral Reserves were estimated using a cut-off grade based on actual
operating costs from 2007 and were adjusted for production up to March 31,
2008. Total direct operating costs used are $308.98/t of diluted ore with an
assumed gold price of $570/oz and a mill recovery of 94.4%.
The Isidora Mine Resources were estimated by mine staff and confirmed by Micon
as the independent QP. The estimates were completed using an 8 g/t Au cut-off,
a cap of 200 g/t Au with densities of 2.68 for vein material and 2.88 for waste
rock. The Twin Shear Resource was estimated by Scott Wilson RPA using a cut-off
of 8 g/t Au and a grade cap of 50 g/t Au with a density of 2.7 used for all
material.
Mineral resource estimates which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues. The quantity and grade of
reported inferred resources in these estimates are uncertain in nature and
there has been insufficient exploration to define these inferred resources as
an indicated or measured mineral resource and it is uncertain if further
exploration will result in upgrading them to an indicated or measured category.
Diamond drilling was conducted by independent contractors for Hecla Mining
principally using HQ-diameter drill holes. Mineralized sections were split
using a core saw and the second half of core remains for inspection and/or
additional tests. All sample analyses were conducted by independent contractors
using industry standard fire assays. A stringent QA/QC program was utilized
including the insertion of standards and check assays for all ore grade
samples.
All aspects of the reserve and resource estimates as well as the QA/QC are
described in detail in the analysis in the technical report by Micon
International with contributions from Scott Wilson RPA for information relevant
to the Twin Shear deposit and resource estimate.
Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President Exploration of
the Company, is the Qualified Person as defined by National Instrument 43-101,
and is responsible for the accuracy of this news release.
About Rusoro Mining: Rusoro Mining is a junior gold producer with a large land
position in the prolific Bolivar State region of Venezuela. The Company
operates the Choco 10 and Isidora Mines, processing the ore through the Choco
Mill facility near the town of El Callao. The Company has significant 43-101 compliant gold
resources and will produce approximately 150,000 oz/Au in 2008. Rusoro is scheduled
to drill up to 300,000 meters in 2008 to expand and upgrade its gold ounces for
projected production expansion at both the Choco 10 Mill in El Callao and the
Emilia Mill in El Dorado where the SREP Mine should be operating by year end.
ON BEHALF OF THE BOARD
George Salamis, 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.
The TSX Venture Exchange has not reviewed and does not take responsibility for
the adequacy or accuracy of this release.
For more information, please contact
Rusoro Mining Ltd.
George Salamis
President
(604) 632-4044 or Toll Free: 1-800-668-0091
(604) 632-4045 (FAX)
Email: info@rusoro.com
Website: www.rusoro.com
or
Investor Relations
Vanguard Shareholder Solutions
(604) 608-0824 or Toll Free: 1-866-591-0825
Rusoro Mining
Vanguard Shareholder Solutions
Vanguard Shareholder
Solutions (Vanguard) provides, for remuneration, corporate communications and
investor relations services to the above mentioned client(s). The information
contained in this email is based on existing disclosure documents or other
publicly available information. You are encouraged to seek independent
verification of any information that is important to your decisions. By
responding to your inquiry neither Vanguard nor the above mentioned client(s)
is offering securities or advising or soliciting the purchase or sale of
securities.
Hosting by YourMailingListProvider
