Major Engineering Studies At Choco 10 and San Rafael/El Placer (SREP)
VANCOUVER, BC - Rusoro Mining Ltd. reported that it has initiated a feasibility study for a major expansion at its Choco 10 operations and near-by Increible 6 gold deposit and a pre-feasibility study at its SREP gold deposit both of which are located in the Bolivar State region in south eastern Venezuela. Both studies are expected to be completed in the first half of 2010.
At Choco 10, the feasibility study comes on the heels of a positive Preliminary Assessment (PA), completed by Micon International Limited. The PA outlined favourable economics for a significant expansion from 170,000 oz Au/yr (2009 guidance) to over 500,000 oz Au/yr at cash cost of US$331/oz Au over the life of mine (LOM). Micon International Limited will continue on as the Company's engineering consultants on the project and will be responsible for overseeing the feasibility study through to its completion.
At the San Rafael-El Placer Project (SREP) the Pre-feasibility study has been awarded to Whillans Mine Studies Ltd. The engineering consulting firm has previously advised the company concerning the development of the Alvarez Ramp which is currently under construction to access the main mineralized zones at SREP. Based on the amount of data already compiled and the engineers intimate and ongoing knowledge of the project the Company expects that the study can be completed in early 2010. The SREP Project currently has National Instrument 43-101 ("NI 43-101") compliant resources of 399,000 oz Au indicated (639,000t @ 19.41g/t) and 523,500 oz Au Inferred (703,000t @ 23.16g/t) as detailed in a report titled "Technical Report on the San Rafael-El Placer and Days Vein Deposits, Bolivar State, Venezuela" dated October 2, 2008.
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