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 COREDIGGERon Oct 26, 2011 1:02pm

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Post# 19183134

RE: RE: FYI- Gold Reserve's Noteholder Dilemma

There isn't a $500 million claim against the company.

Initially, there was a $500 million dollar claim against both Gold Reserve and the Company. Gold reserve subsequently reduced that to a $150 million dollar claim against Rusoro plus $50 million for additional punitive damages.

Just working from memory here, so don't quote me on this ... but the claim was the result of Rusoro's takeover bid for Gold Reserve (and their dealings with Endeavour), and I believe some drilling done by Rusoro on one of Gold Reserve's property (which was next to Rusoro's).

The matter is mentioned in Rusoro's quarterly Management's Discussion & Analysis ...

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