Rusoro Mining Ltd V.RML

Alternate Symbol(s): RMLFF

Metals & Mining Gold

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.

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Rusoro Mining Ltd

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Comment by macattackson Aug 17, 2011 9:23pm

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Post# 18954227

RE: Nail in the Coffin? Probably

The Associated Press, On Wednesday August 17, 2011, 3:21 pm EDT

By The Associated Press

CARACAS, Venezuela - Venezuelan President HugoChavez has announced he will nationalize the country's gold mines andgold extraction industries.

Chavez said Wednesday that Venezuela will deposit some of that gold into its international reserves.

The Russian company Rusoro Mining Ltd. controls one ofVenezuela's most important gold mines in the country's southeast. InFebruary, the government cancelled the gold mining concession of aCanadian company.

Chavez made the announcement Wednesday during atelephone call broadcast during a military ceremony. He said he willsoon issue a decree carrying out the nationalization.

It's unclear how the decree is different from a 1965law that nationalized gold mining in the country. In 1977, thegovernment granted itself exclusive rights for extracting gold.

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