VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Rusoro Mining Ltd. (TSX VENTURE:RML) is pleased to report record production at its Choco 10 mine and confirm that numerous additional permits regarding exploration and mining at the Company's San Rafael / El Placer deposits have been secured. Highlights of the Company's recent activities include:
- Record Production. Choco 10 produced 9,671 ounces of gold in December 2007. For the third consecutive month the mine has now produced at full production capacity. This represents the first full quarter with Rusoro as the operator and the best quarter in the history of the mine in terms of ounces produced at 27,790 ounces - an increase of 176% over Q3 2007.
- Choco Permits Secured. Rusoro has also secured important permits required for the continued operation and anticipated expansion of the Choco 10 mine, including permitting for the completion of an expanded waste rock storage area and additional pumping capacity from the water wells at the Choco 10 Mine.
- Choco Drill Program. 100,000m of drilling is scheduled at Choco in 2008. Recent drill results from Choco continue to intersect significant gold mineralization in multiple zones including;
- 17m @ 14.1 g/t Au
- 11.4m @ 6.34 g/t Au
- 11m @ 5.28 g/t Au, and
- 13.6m @ 2.21 g/t Au.
- Additional Permitting Success. The permitting process has been successfully completed allowing for the exploration, development and future mining of the ore at the Company's San Rafael/El Placer gold deposits near El Dorado.
Commenting on these updates, George Salamis, President of the Company stated: "We are delighted that we have been able to successfully turn around the Choco 10 operations in such a short timeframe. These milestones at Choco and San Rafael/El Placer give us a very strong foundation going forward to achieve our near and long term production goals."
Choco 10 Mine Operations
The Company is very pleased with the progress at the Choco 10 mine which has now operated at capacity for a full quarter (Q4 of 2007), for the first time in the mine's history. The mine is expected to produce approximately 120,000 Au ounces in 2008. None of the Company's gold production is hedged.
The logistics and a timeline for the expansion of production at Choco 10 are currently being formulated along with an aggressive plan for ore development. It is the Company's goal to double production over the next 36 months.
To this end, the Company has received the necessary permit for the completion of an additional waste rock storage area at the mine covering 120 hectares along with the accompanying operating permit for three years. A further permit has been authorized for the continued operation and possible expansion of the water wells vital to ensure that water is not an issue now or in the future. The completion of both the waste rock and water permitting is a significant advancement toward the expansion plans being contemplated at the mine.
The Company is also pleased to release recently received drill results from the ongoing drill campaign at Choco 10. The Company intends to drill approximately 100,000m at Choco in 2008, specifically to expand and upgrade the resources outlined in the current 43-101 resource estimation (below) which was completed in November of 2007.
Reserves (Choco 10, 95% Basis)
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Reserves Tons (Mt) Grade (g/t) Gold ('000 oz)
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Proven 1.9 3.0 180
Probable 13.6 3.4 1,482
Total Reserves