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Rusoro Mining Ltd V.RML

Alternate Symbol(s):  RMLFF

Rusoro Mining Ltd. is a Canada-based company, which is engaged in the operation, acquisition, exploration and development of gold mining and mineral properties. The Company is a gold producer and explorer, with a land position in the prolific Bolivar State mining region in southern Venezuela. It has gold reserves of approximately 5,584,000 ounces and inferred resources of over 6,805,000 ounces. The Company has two mines in production and ten exploration projects (including development and exploration around the mines) which range from early stage to advanced/development stage gold projects in Venezuela. The Company owns and operates the Choco Mill Facility and has a 95% ownership in the Choco 10 Mine. It holds a 50% ownership interest in the Isidora mine (the Isidora Mine). Its subsidiaries include Proyectos Mineros del Sur, PROMINSUR, C.A., Promotora Minera de Guayana, P.M.G., S.A., Corporacion Aurifera de El Callo, C.A., Corporacion Minera Choco 9 C.A., and Corporacion 80.000 C.A.


TSXV:RML - Post by User

Bullboard Posts
Comment by COREDIGGERon Jul 11, 2011 2:45pm
224 Views
Post# 18819011

RE: RE: Venezeula

RE: RE: Venezeula

The article stated he was head of security - (not sure how reliable a source head of security would be).  There was a subsequent article where he took back the comment about shutting down on Aug 1.

I talked to the company prior to any suggestion that the limits should be increased.  They said it is what it is and they can work within those limits.  The 50% sold to the central bank only affects them when they want to convert back to US$ ... so it's best to buy equipment etc with the money rather than convert it.

As per my last post, Incredible 6 is to move forward once the trucking contract is formalized.  Choco feasability was close to completion last month, and then the report had to be written up -- so I would expect something on that soon.  With economies of scales - I doubt financing will be a concern.

Las Cristinas was always a low grade deposit.  So I don't think think it would be feasible.  Too bad WTFIGOAC didn't take that into consideration before investing in KRY.

The market is efficient.  The low share price right now is the result of 1)  Lack of news for quite a while.  2)  Low cash (legitimate concern) 3) And the fact that we're dealing with Ven.  Any good news with respect to Incredible 6 and Choco will turn that around in a hurry.

I've never suggested abondoning projects.  Yes, costs were high this quarter - but some of that was due to the reduction in production - costs were spread over fewer ounces. 

Again, perhaps you should give the company a call.

Bullboard Posts