Rusoro Completes Venezuelan Agreements

Rusoro Mining announced that it has formally completed landmark agreements with the Venezuelan Ministry of Basic Industry and Mines (MIBAM) to custom mill ore from various operations in the El Callao District and to officially begin processing the ore being developed at the Isidora mine. A series of contracts will allow Rusoro to process ore at Choco 10 for Minerven. The ore will include sands, tailings and other sources being evaluated from their various operations. The contracts have established that 2 million metric tons (mt) of gold-bearing tailings and sands are available from Minerven for contract milling. The contract between the Venezuelan government and a foreign mining company represents the first of its kind in Venezuela.

A formal agreement with the government was also completed to process 50,000 dry mt of ore mined from Isidora at the Choco 10 mill, as part of the recently announced JV between Rusoro Mining and MIBAM/Minerven. Production from underground at Isidora was officially re-initiated during the month of August, with more than 2,200 mt of high grade ore, grading in excess of 30 g/t, ready for shipment to Choco 10 for processing.

“The company is very pleased to have concluded these agreements and officially become a partner with the Venezuelan government. The company expects to build on this precedent setting relationship and looks forward to developing additional revenue generating agreements in the near term,” said Rusoro President George Salamis.

As featured in Womp 08 Vol 8 - www.womp-int.com