RUSORO MINING LTD.
Suite 2164 –
1055 Dunsmuir Street, Four Bentall Centre
Vancouver, BC V7X 1B1
Tel: 604-632-4044 Fax: 604-632-4045 Toll Free 1
800-668-0091
Website: www.rusoro.com
email: info@rusoro.com
RUSORO CONFIRMS GOOD STANDING
WITH GOVERNMENT AGENCIES IN VENEZUELA
May 1,
2008
Trading symbol (TSX-V): RML
Vancouver, Canada – Rusoro
Mining Ltd., wishes to confirm that the Company is in possession
of all
necessary permits to produce gold at the Choco 10 Mine in El Callao as well as
all permits
to
“Affect Resources” (Afectacion
de los Recuros) for the development and future gold production
(both underground and open pit) related to the SREP gold
deposits near the town of El Dorado
in
Bolivar State Venezuela. This
is in response to news concerning environmental permitting issues
which
have affected two unrelated mining companies working in the Imataca Forest
Reserve Region
of Venezuela.
Rusoro has no active mining or mine development projects in the Imataca Forest
Reserve region.
In
meetings this week with the Ministry for Basic Industries and Mines
(“MIBAM”), the Company
was
assured of the support of the Ministry and the Venezuelan Government in general
for its mining
and
development activities. Representatives of MIBAM confirmed that Rusoro’s
operations are
compliant
with Venezuela
mining and environmental laws and commended the Company for its strong
relationship
with its workers and local communities.
As well the
Company wishes to re-iterate the positive nature of recent meetings and a
subsequent tour
of
Rusoro’s mining projects with Venezuelan Mines Minister, Mr. Rodolfo Sanz. From April 17th
through
April 19th the Company met with and toured the Mines Minister and
his delegation to the
Company’s
operations at the Choco 10 Mine and its SREP development projects near El Dorado.
At the
conclusion of these events the Minister expressed satisfaction with the
Company’s work and
commitment
to the region as well as its strong relations with its labor unions.
Rusoro
CEO Andre Agapov comments,
“Again, the Company is very pleased that the Minister took
the time
to tour the Company’s operations and we view his previous comments and
the assurances
from the
representatives of MIBAM as confirmation that Rusoro is recognized as a strong
corporate
citizen
in the country. We look forward to moving forward with our growth
initiatives and continuing
to
foster good relations with our workers and the people in the communities in
which we work.”
About Rusoro Mining
Rusoro Mining is an advanced junior
gold producer with a large land position in the prolific Bolivar
State region of Venezuela. With the resent
acquisition of the Choco 10 mine the Company has expanded
its asset base to 12.8 million ounces
of gold and will reach an annualized production rate of
150,000 oz/yr in 2008. Rusoro
is scheduled to drill 300,000 meters in 2008 to expand and upgrade its
gold ounces for projected production
expansion at both the Choco 10 Mine in El Callao and the Emilia
Mine in El Dorado.
ON BEHALF OF THE BOARD
“George
Salamis”
George Salamis, President
The TSX Venture Exchange has not reviewed and does not take responsibility for the
adequacy or accuracy of this release.