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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 Sep 22, 2011 3:44pm
187 Views
Post# 19073479

RE: Now that wans't so hard - was it?

RE: Now that wans't so hard - was it? Actually, the 90 days starts from the day it was first published in the Gazette, which puts us at Mid December.

 

Just a guess on my part, but I think the likelihood of a deal is very high.  Why?   Based on news stories, Rusoro seems to be willing to settle on the basis that was used in the oil industry Book Value + a small premium for the 55% they are giving up.  For being a good sport, my gut feeling is that Venezuela will allow 100% to be sold at world prices (in real currency) to their own Central Bank – probably the reason why the Royalty tax has been raised to 13% (again, just a guess on my part).  And I think Venezuela has an interest in such a deal.  They can use a deal with Rusoro as a tool for a settlement talks with Crystallex (book + small premium).  By Mid December, Crystallex’s options are running out – and why wouldn’t they go for an offer like that if they’ve run out of cash?  People will argue that Crystallex has more to gain in international arbitration.  But arbitration isn’t a certainty, financing options seem to be limited – and Crystallex has already demonstrated they are willing to accept a lot less when they signed that deal with China Railway – and they were ready to simply hand over 2/3 of the Gold Deposit.

Bullboard Posts