Rusoro Reports Record Gold Production

VANCOUVER, BC - Rusoro Mining Ltd. reported that it has reached record quarterly gold production (38,868 ounces) in Q4 2008 and record low cash costs (US$358 per ounce) for the same period at the Choco 10 operations which the Company acquired as of November 30, 2007. In addition, the Company confirmed that the Ministry of Basic Industries and Mining (MIBAM) has approved the technical, financial, and environmental study for the Company's Increible 6 Gold Project. This approval is a further step in implementing the Company's strategy where it expects to expand the Choco 10 operations by processing ore from the Increible 6 deposit at the Choco 10 mill, which are 6 km away from each other.
Rusoro's December monthly results cap a record quarter at the Company's Choco 10 operations. December was the third consecutive month in which the Choco 10 mill achieved record gold production at historically low cash costs. The mill processes ore from the Company's Choco 10 and Isidora mines located near the town of El Callao in Bolivar State, Venezuela. Recent production highlights and related (unaudited) costs include:
In Q4 2008, the Choco 10 mill produced 38,868 ounces of gold at a cost of US$358 per ounce marking the best quarter in the history of the Choco 10 mill. This also marks the first full quarter of positive cash flow from operations at the Choco 10 mill.
The Choco 10 mill produced 14,261 ounces of gold in December 2008. This marks the third consecutive month of record gold production and can be attributed to high volumes of ore processed from the Choco 10 mine which produced 9,234 ounces of gold with the other 5,027 ounces of gold coming from ore processed from the near-by Isidora gold mine.
The company's address is Suite 2164 - 1055 Dunsmuir Street, Four Bentall Centre, Vancouver, BC V7X 1B1, 604.632.4044, fax: 604.632.4045, email: [email protected].