Rusoro Mining Reports on its Loan Repayment Status
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/11 -- Rusoro Mining Ltd. ('Rusoro') (TSX VENTURE: RML) announces that it has not performed the repayment of its Senior Secured Exchangeable Loan of US$30 million Principal due on June 10, 2011 (The 'Loan') and related interest of US$750 thousand.
The syndicate of lenders includes Petropavlovsk PLC (The 'Agent'), Lansdowne U.K. Equity Fund Limited, Lansdowne U.K. Equity Fund L.P., Lansdowne U.K. Strategic Investment Master Fund Limited, Endeavour Financial Corporation, and BlackRock Natural Resources Hedge Fund Limited.
The Loan is secured by share pledges over the Company's principal assets including the Choco Mine and the San Rafael El Placer and Increible 6 mineral properties but excludes the Isidora Mine.
Rusoro is currently holding discussions with the Agent for the granting of an extension to the Loan repayment period for a sufficient amount of time to allow Rusoro to complete financing options that it is currently evaluating to fund the retirement of the Loan and general corporate purposes.
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 the 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
Andre Agapov
President & CEO
604-632-4044 or Toll Free 1 800-668-0091
604-632-4045 (FAX)
info@rusoro.com
www.rusoro.com