RSS UpdatesCompany Information for Rusoro Mining Ltd
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 TSX.V; RML
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Company Statement
Rusoro Mining is a junior gold producer, with a large land position in the prolific Bolivar State mining region in southern Venezuela.
The Company operates the Choco 10 and Isidora Mines (JV) located close to the town of El Callao. The two mines combined saw the Company produce a record 150,000 oz Au in 2009. The Company is active on five development/exploration projects in the region as it looks to add to its already significant gold resource base (Measured & Indicated resources of 7M oz, which include 1.83M oz of Proven & Probable Reserves and Inferred resources of 7M oz).
Following the release of a positive scoping study in May 2009, Rusoro's initiated a Feasibility Study at Choco 10 to confirm the viability of the significant expansion of the current operations at the mines and mill outlined in the Scoping Study. The target for completion of the Feasibilty Study is is 2011. In May 2010 the Company announced a positive Pre-Feasibility Study on the San Rafael and El Placer Project that confirmed the economic viability of the project. The study used a model where all mined material is processed at the existing Choco 10 Mill and total gold production was 319,456 ounces over six years.
Rusoro's management are experienced operators in the country with strong governmental relationships and have spent US$250 million since 2002. The Company trades under the symbol RML on the TSX Venture Exchange.
Current Operations
Mining
Rusoro Mining Ltd. has two operating mines and two advanced projects in the development stage. The operating mines, the Choco 10 Mine and the Isidora Mine, are located in the El Callao region.
The two projects being advanced are the Increible 6 in El Callao, located 6km from the Choco 10 and the San Rafael/El Placer (SREP) located near the town of El Dorado adjacent to the Company's La Camorra (JV) and Emilia (Dormant) Mill facilities.
El Callao Region -
Choco 10 Mine
Located in the historic El Callao District within 5km of the Company's Isidora Mine and 6km from Increible 6 project the Choco 10 mill facility is currently producing between 8000 - 15,000 Au ounces per month depending on the amount of hard rock being processed. The Choco 10 mine is on pace to produce 118,000 Au ounces in 2010 (with the Isidora Mine on pace to produce 24,000 oz Au in 2010 net to Rusoro). The mine is also the subject of a Feasibility Study for a significant expansion.
The project has excellent access via well maintained roads from the town of El Callao and a current NI 43-101 compliant resource of 243,000 Au ounces measured, 4,435,000 Au ounces indicated and 3,020,000 Au ounces inferred. The current 43-101 compliant resource numbers are based on more than 224,000m of drilling in 2058 drill holes. All of the mineralized zones which make up the current resources are open to depth with only approximately 50% of the mineralized areas having been drill tested to date. The Company has also identified numerous untested targets within 25,000 hectares of prime exploration ground in the El Callao District which will be drilled in 2009. The Company expects to drill in excess of 25,000m as part of the Feasibility Study to expand and upgrade the current resources.
Isidora Mine
The Isidora Mine is part of the Block B land package located near the town of El Callao in Bolivar State, southeastern Venezuela.
The high grade Isidora Mine is located 5 km from Rusoro's Choco 10 Mine and is part of a 50/50 JV with the Venezuelan Government. The mine commenced production in 2005 and to date has produced over 250,000 ounces of gold with the ore recently being processed through the Choco 10 Mill. The Company continues to develop ore for future production as well as to explore to increase the overall resource base. The Mine is expected to produce approximately 24,000 oz Au net to Rusoro in 2010.
Increible 6 Deposit
Located in the historic El Callao District within 6km of the Company's Choco 10 mine and mill facility, the Increible 6 has been the subject of 83,000m of drilling in 499 drill holes, since late 2004. The project has excellent access via well maintained roads from the town of El Callao and a current NI 43 - 101 compliant resource calculation sets the project at 1,587,000 ounces indicated (23.5 Mt @ 2.11 g/t Au) and 1,100,000 ounces inferred (17.5 Mt @ 1.95 g/t Au). The project is currently awaiting final approval to move forward into the Company's production profile. The Increible 6 is included in the Feasibility Study being completed for production expansion at the Choco 10 mine and mill.
El Dorado District -
San Rafael/El Placer (SREP) Project
In May 2010 a positive Pre-Feasibility Study on the San Rafael and El Placer (SREP) Project was received by Rusoro. The report was prepared by Whillans Mine Studies Ltd. and includes the development of a life of mine underground mine model on the currently identified indicated resources.
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). The SREP Resource Estimate uses a cut off grade of 8.0 g/t Au, a minimum width of one metre, a specific gravity of 2.80 g/cm3, and capping of high grade gold assays at 80 g/t Au. The Pre-feasibility Study is detailed in the report “Preliminary Feasibility Study NI 43-101 Technical Report on The San Rafael and El Placer Deposits, State of Bolivar, Venezuela" dated April 21, 2010.
Rusoro completed the 1.5 kilometre Alverez underground ramp (4.5 metres wide by 5.0 metres high) in Q1 2010 to access the main (E3 and D) mineralized zones at SREP which allowed detailed sampling to be conducted on the primary structure as part of the exploration and verification program designed to validate the existing resources and the current block model.
The results of the Pre-Feasibility Study conclude that gold can be recovered economically from the existing indicated resource and that potential exists for further enhancement of the SREP Project. The Company is continuing with the underground development which is providing access to the main mineralized zones and allowing for additional sampling.
All permits are in place for future mining operations at the SREP Project.
El Callao Region -
• Choco 10 MINE / EXPL / DEV
• Increible 6 EXPL / DEV
• Isidora MINE / EXPL / DEV
• Twin Shear EXPL
El Dorado District -
• SREP EXPL / DEV / UG Sampling
• Emilia EXPL / DEV
• Ceiba EXPL / DEV
• Trinidad EXPL
Cuyuni Region
• Valle Hondo EXPL
• Yuruan EXPL
Geographical Spread
Board of Directors and Key Management
| Management | |
| Vladimir Agapov | Chairman of the Board, Director |
| Andre Agapov | President & Chief Executive Officer, Director |
| Matias Herrero | Chief Financial Officer |
| Roman Asomov | Chief Operating Officer |
| Jose Manuel Rodriguez | Venezuelan General Manager |
| Dmitry Ushakov | VP Corporate Development, Director |
| Gregory Smith | Vice President Exploration |
| Jay Kaplowitz | Director |
| Abraham Stein | Director |
| John Reynolds | Director |
| Peter Hediger | Director |
| Gordon Keep | Director |
Company AddressSuite 2164 - 1055, Dunsmuir StreetFour Bentall Centre
|
Additional Address/Key ContactVenezuela Office: |
CapitalIssued Shares - 529.8 million
|
Year End31 December |
Major Shareholders
| Management | 13.5% |
| Gold Fields | 26% |
| Institutions | 38% |
Related News
25/05/10 - Rusoro Plans To Be Producing Over Half A Million Ounces Of Gold Per Year By 2012, Providing President Chavez Can Offer A Decent Gold Price22/09/09 - Rusoro Aims To Be Producing 540,000 Ounces Of Gold Per Year By 2012
29/04/09 - Rusoro Expects Production To Top 500,000 Ounces In 2012 Without any Further Acquisitions
Most Recent Statement
06/07/10 - Rusoro Announces Updated Resource Estimate for the Choco 10 Deposits With a 78% Increase in Measured and Indicated Ounces to 8.3M oz With an Additional 2.8M oz Inferred22/06/10 - Rusoro Announces Second Payment of $13 Million Principal of the Restructured Senior Secured Exchangeable Loan
11/06/10 - Rusoro Announces Closing of the Restructuring of its Senior Secured Exchangeable Loan and Payment of $20 Million Principal and Interest
03/06/10 - Rusoro Announces Restructuring of its Senior Secured Exchangeable Loan
01/06/10 - Rusoro Reports Q1 2010 Results
11/05/10 - Rusoro Receives Pre-Feasibility Report on the SREP Project