Scoping and Feasibilty Studies for Choco 10

VANCOUVER, BC - Rusoro Mining Ltd. reported that the Company has awarded the contract to conduct a scoping study for the Choco 10 Mine and surrounding deposits in the El Callao region to Micon International Limited (Micon). Information derived from this study will be used to establish various working parameters and assumptions to be used in a definitive feasibility study. The scoping study is expected to be completed during Q3, 2008, while the feasibility study is expected to be completed during the latter part of Q2, 2009.
The studies will focus on establishing the viability of a planned significant gold production expansion at the Choco 10 mill and mine. A (i)historical study in 2006, conducted internally by Gold Fields Intl on Choco 10 showed that at a gold price of $550/oz, a production rate of 350,000 oz/yr at a cash cost of $337/oz was potentially sustainable. Given the potential for significantly adding to the existing resource and reserve base around Choco 10, in addition to the Company's positive long-term view on gold prices, it is management's view that production rates greater than those envisaged by Gold Fields will be tested in these current studies.
The company's address is Suite 2164, 1055 Dunsmuir Street, Vancouver, BC V7X 1B1, 604.632.4044, fax: 604.632.4045, email: [email protected].