From: Business in Vancouver January 20-26, 2009; issue 1004

Vancouver junior mining company set to exploit golden opportunity in South America

Rusoro Mining Ltd. beating out rivals to secure stake in rich Venezuelan gold fields

Krisendra Bisetty

A junior Vancouver miner appears to have staged a Latin American coup by winning presidential approval for a hotly contested precious metals venture.

Backed by a Russian oligarch and advised by Canadian tycoon Frank Guistra, Rusoro Mining Ltd. (TSX-V:RML) is racing to exploit gold deposits in Venezuela - something that has been tried unsuccessfully before by others.

Although in existence for only two years and operating mines for just half that time, Rusoro is confident it can unlock some of the region's best deposits in the Kilometre 88 district, a gold rich region in a country where numerous small players are fighting for their piece of turf.

"The government is not happy with the way things have gone down in Kilometre 88," Rusoro's president George Salamis said in an interview. "But it's confident dealing with us because we have a track record of production and delivering on promises."

The company has a unique joint venture covering projects in Venezuela, said Salamis, a geologist who previously worked with former Vancouver miner Placer Dome Inc.

Last week, the country's president, Hugo Chavez, said that joint venture vehicle Venrus CA would be used to develop the district, which is home to two major deposits, Las Cristinas and Brisas, that combined contain more than 30 million ounces of gold.

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