RUSORO MINING LTD.
Suite 2164 – 1055 Dunsmuir
Street, Four Bentall Centre
Vancouver, BC V7X 1B1
Tel: 604-632-4044 Fax: 604-632-4045
December 3,
2007 Trading
Symbol: (TSX-V):RML
RUSORO COMPLETES ACQUSITION OF
GOLD
FIELD'S VENEZUELAN ASSETS
Vancouver,
Canada – Rusoro Mining Ltd. (“Rusoro”) is pleased to announce that it
has completed the
acquisition of Gold Fields’ Venezuelan assets,
including the producing Choco 10 mine. As announced on
October 11, 2007, this strategic business combination
provides Rusoro with immediate gold production
and confirms Rusoro as a focused gold company with an
exception growth profile.
Pursuant
to the terms of the acquisition, all release conditions having been satisfied
and the subscription
receipts having been exercised, the net proceeds of C$211.5
million plus accrued interest from the private
placement of subscription receipts have been released
from escrow. Pursuant to the acquisition, Rusoro issued
140,000,000 shares and paid cash of U.S.$180,000,000.
Rusoro now has 381,835,106 common shares issued
and outstanding.
Rusoro’s
financial advisor is Endeavour Financial International Corporation and its
legal advisor is Anfield Sujir
Kennedy & Durno.
Commenting
on the transaction, Andre Agapov, CEO of Rusoro said, “This transaction
launches Rusoro into the
ranks of producers and we look forward to applying our
in-country expertise to unlock value from these assets for
the benefit of our shareholders and for the people of Venezuela.”
Rusoro
President George Salamis stated that, “We are delighted to have formally
closed this acquisition and we will
be looking to fast track production at our Increible 6
project as we continue to grow our company in one of the world’s
most exciting gold districts.”
ON BEHALF OF
THE BOARD
OF RUSORO MINING LTD.
"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
Certain
statements contained in this news release constitute forward-looking
statements. Such forward-looking statements involve a number of known and
unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company’s plans to differ materially
from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place undue
reliance
on these forward-looking statements, which speak only as of the date the
statements were made, and readers are advised to consider such forward-looking
statements
in light of the risks set forth in the Company’s Annual Information Form
dated September 28, 2007 and the Company’s Filing Statement dated
November
28, 2007, a copy of each of which is available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the
adequacy or accuracy of the contents of this press release, which has been
prepared by management.