Rusoro Mining Ltd.
Suite 2164 – 1055 Dunsmuir
Street, Four Bentall Centre
Vancouver, BC V7X 1B1
Tel: 604-632-4044 Fax: 604-632-4045
RUSORO DRILLS 37m of 9.34g/t Au AT INCREIBLE 6
ALL MAIN GOLD ZONES EXPANDED
November 15,
2007
Trading symbol (TSX-V): RML
Vancouver, Canada – Rusoro
Mining Ltd. is pleased to give an update on its progress at the Increible 6
project
in Bolivar State, Venezuela. Highlights
include:
·
Ongoing drilling continues
to extend all of the main mineralized zones with the infill program
continuing
to confirm the continuity of their mineralization. There are
>10,000 samples still at
the lab from
2007 drilling for which results will be released as they become available.
·
An updated NI
43-101 estimate final report for the Increible 6 Project is currently being
completed
by Micon
International and will be filed before November 25th, 2007.
·
The updated grade
and tonnage numbers which show a significant increase in the NI 43-101
compliant
gold resources at the Increible 6 were released October 11th, 2007
and are outline below.
The cut off
date for results to be included in this current estimate was June 11th,
2007.
Gold Resource
|
tonnes
|
Au g/t
|
Au (ozs)
|
inferred
|
17,530,000
|
1.95
|
1,100,000
|
indicated
|
23,450,000
|
2.11
|
1,587,000
|
·
In relation to the previous resource estimate which
was prepared by Roscoe Postle Associates (RPA)
in July of 2006 the Indicated resource estimate tonnes have increased by 398%
from 4.71Mt to 23.45Mt,
the grade has decreased 26% from 2.86g/t to 2.11 g/t with an increase in
contained ounces of 266% from
434k to 1.59M ounces. The inferred resource has increased 88% in tonnes
from 9.31Mt to 17.53Mt,
decreased 24% in grade to 1.95 g/t from 2.56 g/t and increased by 44% in
contained ounces from
756k ozs to 1.10M ozs.
Estimation parameters for updated 43-101 report by
Micon International:
1. Resources
are NI 43-101 compliant and follow the definitions for inferred and indicated
resource established by the CIM.
2.
Interpretation and modeling completed on 25 metres spaced cross sections and 20
metres spaced leveel plans using Gemcom software.
3. Grade was
interpolated using an inverse distance squared computation on two metre
composites created using capped assays
4. Cut off
used of 0.5 g/t with SG values of 2.0 for saprolite and 2.7 for hardrock.
5. Numbers may
not add due to rounding.
Data acquisition and
interpretation was completed under the direction of Gregory F. Smith, PGeo V.P.
of Exploration
for Rusoro.
Resource estimation, using Gemcom software, was completed by independent
consultant John Zbeetnoff P.Geo.
A 43-101 compliant report
is being prepared by John Zbeetnoff P.Geo., and Dave Laudrum P.Geo., of Micon
International Ltd.,
and will be filed before
November 25th.
The 2007 drilling
campaign at Increible 6 has focused on using diamond drills to test the main
zones (Culebra, Elisa, Olga and
Cristina), on a 50m x 50m
grid pattern with the RC rigs being used to complete “in-fill”
holes to further reduce the hole spacing
to 25m x 25m. This
spacing will ultimately allow for all existing resources at the main zones to
be converted to the Measured
and Indicted
categories.
At Culebra drilling
continues to intersect a series of mineralized structures expanding the zone
down dip and along strike, with
visible gold being noted
in several holes. Highlights of recent results include:
Drill Hole
|
Zone
|
type
|
Au
g/t
|
m
|
from
|
to
|
IRS-189
|
Culebra
|
RC
|
9.342
|
37.0
|
31.0
|
68.0
|
IRS-212
|
Culebra
|
RC
|
2.670
|
57.0
|
19.0
|
76.0
|
IRS-267
|
Culebra
|
RC
|
2.096
|
41.0
|
155.0
|
196.0
|
IRS-214
|
Culebra
|
RC
|
1.459
|
51.0
|
84.0
|
135.0
|
IRS-193
|
Culebra
|
RC
|
2.488
|
27.0
|
29.0
|
56.0
|
IC-07-385
|
Culebra
|
ddh
|
2.206
|
26.0
|
211.0
|
237.0
|
NOTES: 1) All thicknesses are core widths / true widths
estimated at 80-85%.
2) All weighted averages calculated using uncut
assays.
3) Table of all new results included at the end
of this news release.
Recent drilling has also
been successful in the area between the Elisa and Cristina zones where drilling
has intersected similar silicified
breccia mineralization to
the two zones with several sections of visible gold encountered at its most
shallow depth to date (130m).
This appears to be the
“up-dip” portion of the Footwall Zone and is a very positive
discovery, as the location of this zone will likely
have a positive effect on
the stripping ratio of the Elisa
Zone. Highlights of
these results include:
Drill Hole
|
Zone
|
type
|
Au
g/t
|
m
|
from
|
to
|
IRS-225
|
Elisa
|
RC
|
5.195
|
55.0
|
72.0
|
127.0
|
IRS-226
|
Elisa
|
RC
|
9.677
|
22.0
|
106.0
|
128.0
|
IRS-221
|
Elisa
|
RC
|
7.932
|
20.0
|
68.0
|
88.0
|
IRS-223
|
Elisa
|
RC
|
5.895
|
23.0
|
85.0
|
108.0
|
IRS-226
|
Elisa
|
RC
|
1.886
|
42.0
|
27.0
|
69.0
|
IRS-236
|
Elisa
|
RC
|
4.911
|
14.0
|
290.0
|
304.0
|
IRS-222
|
Elisa
|
RC
|
2.164
|
28.0
|
41.0
|
69.0
|
IRS-224
|
Elisa
|
RC
|
3.897
|
14.0
|
78.0
|
92.0
|
IRS-228
|
Elisa
|
RC
|
2.727
|
19.0
|
108.0
|
127.0
|
IRS-240
|
Cristina
|
RC
|
1.470
|
34.0
|
64.0
|
98.0
|
NOTES: 1) All thicknesses
are core widths / true widths estimated at 80-85%.
2)
All weighted averages calculated using uncut assays.
As well, results from the
drilling of a series of deeper holes (400 – 600m) at the western end of
the Elisa zone, (away from Cristina),
have expanded the western
Footwall Zone with several intercepts again containing visible gold.
Highlights of these results include:
Drill Hole
|
Zone
|
type
|
Au
g/t
|
m
|
from
|
to
|
IC-07-400
|
Elisa
|
ddh
|
3.492
|
78.0
|
448.0
|
526.0
|
IC-07-372
|
Elisa
|
ddh
|
1.494
|
96.0
|
434.0
|
530.0
|
IC-07-380
|
Elisa
|
ddh
|
3.638
|
32.0
|
410.0
|
442.0
|
IC-07-372
|
Elisa
|
ddh
|
2.454
|
35.3
|
485.7
|
521.0
|
IC-07-366
|
Elisa
|
ddh
|
1.358
|
54.0
|
471.0
|
525.0
|
IC-07-411
|
Elisa
|
ddh
|
3.728
|
14.0
|
485.0
|
499.0
|
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-85%.
2) All weighted averages calculated using uncut assays.
The Company has now completed 107,500 metres of
drilling since November 2006, completing its Phase II program on
schedule.
The total number of metres completed on the
Project is now over 155,000 in 374 RC holes and 421 diamond drill holes.
A phase III
50,000 metre program commenced in October
2007, keeping two diamond drill rigs on the project into 2008, with additional
rigs
available as needed.
Diamond drilling was
conducted by Major Drilling of Moncton,
New Brunswick, Canada
and Core-Beil Drilling of Puerto Ordaz
Venezuela. RC drilling was completed by AK
Drilling of Peru. All drilling and drill sampling has been completed using
industry
standard practices.
All drill core is described in detail and photographed and one half of the core
remains for inspection and reference.
Sample analyses have been
conducted at SGS labs of El Dorado and Triad
Labs located in El Callao Venezuela
with additional check
assays completed at
Actlab Facility in Toronto Canada. All sample analyses
was completed using industry standard practices and
standard samples, blanks
and duplicate check samples were randomly inserted into the sample stream to
ensure quality control. A review
of the QA/QC results
shows no significant bias and all results are considered highly reliable.
Sample rejects for all drill samples are
stored in Rusoro’s
secure facilities in Tumeremo,
Venezuela, and
will continue to be available for any further testing which may be
required.
Qualified Person: Mr. Gregory Smith, P.Geo, the
Vice-President Exploration of the Company, is the Qualified Person as defined
by
National Instrument
43-101, and is responsible for the accuracy of this news release.
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.
*A full set of results is attached to this news
release posted at the Company’s website.