Rusoro Exports First Gold Shipment
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/10 -- Rusoro Mining Ltd. (TSX VENTURE: RML) ('Rusoro' or 'the Company') is pleased to report that the Company's first offshore gold sale has been completed. The Company delivered 4,924.2 ounces of gold to Switzerland for its gold buyer on November 17, 2010 at a spot gold sale price of US$ 1342.5 per ounce less associated costs and commissions. Rusoro's first gold export in accordance with the Central Bank of Venezuela ('CBV') permit which became effective on November 1, 2010, authorized the sale of approximately 50% of the gold produced from the Choco 10 and Isidora mines from August 11, 2010 through September 30, 2010.
Rusoro President and CEO Andre Agapov comments, 'This marks the first authorized and executed gold sale from Venezuela under the new CBV export rules and the first gold export for Rusoro ever. We are very pleased to have been able to work through the process with the CBV and reach this significant milestone for the Company.'
The Company expects to have 20,000 ounces of finished gold for October and November production from the Choco 10 and Isidora mines. Rusoro will begin the audit and permitting process immediately with the CBV to authorize the sale of up to 50% of this gold production for a subsequent off-shore gold sale in December 2010.
ON BEHALF OF THE BOARD
Andre Agapov, President & CEO
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Rusoro Mining Limited
604-632-4044 or Toll Free: 1-800-668-0091
604-632-4045 (FAX)
info@rusoro.com
www.rusoro.com