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 Mining Ltd. Appoints VP Finance and Interim CFO
May 15,
2008
Trading symbol (TSX-V): RML
Vancouver,
Canada - Rusoro Mining Ltd. is pleased to announce the appointments of Mr. Matias
Herrero to the position
of VP of Finance and Mr. Gary Warnecke as interm CFO, effective immediately.
Both Mr. Herrero and Mr.
Warnecke bring many years of financial expertise in the mining industry to
the Company's executive
management team.
Mr. Herrero is a CPA and
a former audit manager with Pricewaterhousecoopers (PwC). At PwC he
worked in the mining
division working with Canadian mining companies operating in Latin
America.
He has previously held
several senior finance positions in the natural resource industry, most
recently
as Corporate Controller
for TSX listed Pacific Rubiales Energy Corp. a large oil and gas producer
in Colombia. His role at Pacific
Rubiales included working with financial advisors Endeavour Financial
in overseeing compliance
to; bring the Company public, complete a merger with Pacific Status Energy
and gain a listing on the
TSX main board. Mr. Herrero is fluent in Spanish and his very strong
compliance
and financial reporting
background will play a leading role in coordinating Rusoro’s Venezuelan
and
Canadian financial
departments.
Mr. Warnecke is also a
CPA and formerly maintained an accounting practice in the Eastern
United States
which specialized in
advising and managing North American financial concerns for Russian and western
European based
clients. Mr. Warnecke, who is fluent in Russian, left his accounting
practice to become
CFO of GRIF Management, a
private company which provided financial management services to the Oil
and Gas Industry in Russia.
In 2006 he moved to Venezuela
to work with Grupo Agapov and was an
essential part of the
team that brought Grupo Agapov public as Rusoro Mining Ltd. More recently
Mr. Warnecke has been
working as Rusoro’s Internal Auditor and will lead the transition team
put in place
to merge the
Company’s Venezuelan operations since the acquisition of Gold Fields
Venezuelan assets.
Company President George Salamis states, "I am very pleased to
welcome Matias and Gary into Rusoro’s
executive management
group. Their extensive financial and mining industry experience will be of
considerable
benefit to the Company as
we continue to execute our fast paced growth strategy in Venezuela".
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 a significant
reserve and resource base and will
reach an annualized production rate of 150,000 oz/yr in 2008. Rusoro
has an on-going aggressive drilling
campaign for 2008 designed to increase 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
CONTACT INFORMATION
Tel:
604-682-1545 Fax:
604-682-1514
Toll Free: 1-800-668-0091
Symbol: TSX-V:RML Email:
info@rusoro.com
Website: www.rusoro.com
Forward-looking
statements: This document contains statements about expected or anticipated future
events and financial results that are
forward-looking in
nature and as a result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions,
the regulatory
process and actions, technical issues, new legislation, competitive and general
economic factors and conditions, the uncertainties
resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Company’s capability to execute and implement
its future plans.
Actual results may differ materially from those projected by management. For
such statements, we claim the safe harbour for
forward-looking
statements within the meaning of the Private Securities Legislation Reform Act
of 1995.
“The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.”