Rusoro Gives Update on New Gold Industry Law
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/22/11 -- Rusoro Mining Ltd. (TSX VENTURE: RML) ('Rusoro' or 'the Company') reports the following:
On August 23, 2011, President of Venezuela Hugo Chavez Frias approved a decree with force of organic law ('the Decree') which reserves to the State of Venezuela ('the State'), exclusive rights for the extraction of gold in Venezuela.
On August 24, 2011, the organic status of the decree was approved by the Supreme Court of Venezuela and it was published in the Official Gazette of Venezuela on September 16, 2011.
The Company's President and Chief Executive Officer as well as its Chairman, Messrs. Andre and Vladimir Agapov, have met with Mr. Rafael Ramirez, President of the Venezuela State owned oil company PDVSA and Minister of Energy and Petroleum of Venezuela.
Mr. Ramirez was informed of the Company's listing on TSX Venture Exchange and the importance for the company to protect shareholder value.
Mr. Ramirez outlined the Government's intention to enter into a joint operating agreement with Rusoro, forming a mixed interest enterprise (the Mixed Enterprise) for the purposes of the future development and exploitation of gold assets in Venezuela. Mr. Ramirez has informed the Company's officers that the Venezuelan State, is seeking a controlling stake in the Mixed Enterprise (55%) and that Rusoro will be compensated for its decrease in ownership.
Rusoro continues to produce gold from two operations, the open pit Choco 10 mine and the high grade underground Isidora mine, a 50/50 joint venture with the Venezuelan Government.
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 Ltd.
Andre Agapov
President & CEO
604-632-4044 or Toll Free 1 800-668-0091
604-632-4045 (FAX)
info@rusoro.com
www.rusoro.com