Rusaro Corrects CEO In Clarification
Rusoro Clarifies Recent Public Statements
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Rusoro Mining Ltd. (TSX VENTURE:RML) published a news release on February 23, 2009, and the Company's President, George Salamis, subsequently conducted an interview, both of which made reference to project development, mining plans, and future levels of gold production at its various properties. With respect to the San Rafael/El Placer ("SREP") property, the references to "commercial gold production", "ore" and "orebodies'" are retracted, as the Company has not completed a preliminary economic assessment, a preliminary feasibility study, or a feasibility study to assess the viability of SREP. The Company is in the process of constructing the Alvarez ramp to a depth of approximately 200 metres in order to provide access to the main mineralized areas in order to conduct further exploration with a view to upgrading the classification of the current resources. Mr. Salamis also advised that the Company is upgrading an existing mill to process material from SREP. Although it is expected that mineralized material will be removed and processed during the course of this program, this should not be construed as "commercial production" and the intention to remove and process this material should not have been referred to as a "production decision". Any references to specific projected levels of gold extracted in the course of the current program, either in the news release, or by Mr. Salamis, are speculative and should not be relied upon.
With respect to the Choco 10 property, Mr. Salamis stated in an interview that production could be increased in the short term to increase capacity to significantly higher levels than are currently being produced. This statement is not supportable, and as disclosed in the news release, the viability of an expansion would be subject to a further scoping study and feasibility study.
The Company is in the process of completing an equity financing in which the minimum net proceeds are expected to be used as to approximately C$40 to C$60 million for capital expenditures on the Company's Venezuelan gold properties, including using a portion of the proceeds to address the technical issues discussed above. Mr. Gregory Smith, P. Geo., the Company's Vice-President of Exploration, is the Qualified Person as defined in National Instrument 43-101 and is responsible for the accuracy and technical aspects of this news release.
ON BEHALF OF THE BOARD OF RUSORO MINING LTD.
George Salamis, President
https://www.marketwirecanada.com/mw/rel_ca.jsp?id=959719
Perhaps the fellow corrected himself, perhaps.
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