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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Post by jensen383on Aug 23, 2011 8:03pm

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Post# 18972902

Nationalization completed today...looks good for u

Chavezformalizes nationalization of gold industry

AssociatedPress,08.23.11, 03:53 PM EDT

CARACAS,Venezuela -- President Hugo Chavez signed a decree on Tuesday formalizing thenationalization of Venezuela's gold mining industry, a move aimed at giving thegovernment total control over gold produced in the South American country.

Speakingduring a televised speech, Chavez also announced the repatriation of $11billion in Venezuelan gold reserves currently held in U.S. andEuropean banks would begin within several weeks. Chavezdid not offer details how the new decree differs from a 1965 law thatnationalized gold mining. In 1977, the government granted itself exclusiverights to extract gold. But he suggested it would give authorities increasedpowers to evict wildcat miners from illegal mines.

Thepresident said that officials have contacted representatives of the Russiancompany Rusoro Mining Ltd., which controls one of Venezuela's most important goldmines, to continue joint gold mining operations.

Looks like we are the "chosen" and only ones allowed to mine there.

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