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Company Information for Rusoro Mining Ltd
Company stock charts - 6 Month chart
 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 located near the town of El Callao. The two mines combined saw the Company produce over 100,000 oz Au in 2008. The Company is active on ten development/exploration projects in the region as it looks to add to its already significant gold reserve and resource base.
Rusoro's focus through Q1 2010 is to complete the current studies underway at Choco 10 to confirm the viability of a significant expansion of the current operations at the mines and mill in El Callao, and to bring the Increible 6 project into the production profile in 2009. Additionally the Company will continue to advance the SREP project.
Rusoro's management are experienced operators in the country with strong governmental relationships and have spent US$200 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 ore from both mines is process through the facilities at the Choco Mill.
The two projects being advanced are the Increible 6 in El Callao, located 4km 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 and Emilia Mill facilities.
El Callao Region -
Choco 10 Mine
Located in the historic El Callao District within 5km of the Company's Isidora Mine and 4km from Increible 6 project the Choco 10 mill facility is currently producing just under 15,000 Au ounces per month. The Choco 10 mine is on pace to produce 120,000 - 130,000 Au ounces in 2009 and current production from the Isidora Mine is approximately 4,000-5,000oz Au per month. The logistics and a timeline for production expansion are currently being studied.
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. Drilling is on-going and the Company expects to drill in excess of 50,000m in 2009 to expand and upgrade the current resources and test new targets.
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. Rusoro now also controls additional leases near El Callao called the Puyero and Choco 7 projects and the entire additional land position acquired is approximately 18,272 hectares.
The high grade Isidora Mine is located 5 km from Rusoro's Choco 10 Mine and 112 km north of the La Camorra mill where the ore was historically processed. The mine commenced production in 2005 and to date has produced a total of 190,000 ounces of gold at a rate of 250 to 300 t/d, of high grade gold ore. Currently Rusoro is processing the Isidora ore at the Choco 10 Mill which has significantly decreased the trucking distance and related costs. The decrease in costs has allowed for a lowering of the cut-off grade, resulting in increased tonnes available for processing from the current mining plan.
El Dorado District -
La Camorra Mill
Rusoro now also owns the fully permitted and operational La Camorra mill (and surrounding concessions north of the town of El Dorado) which was constructed in 1994 and has undergone periodic upgrades since that time. The mill is capable of processing 700 t/d through a modified carbon-in-leach process. Since 2005 the mill has been processing ore from the Isidora Mine and small mining cooperatives at a rate between 300 and 400 t/d, on a five days per week basis.
Going forward the mill may ultimately process ore from the SREP deposit upon completion of the Alverez ramp which will access the two main mineralized zones at about 200m depth. The ramp is expected to be completed in Q4 2009.
Emilia Mill
The Emilia Operations, which include the operating crushing, milling, and recovery facilities, are centrally located in the El Dorado District. The plant has historically processed ore from SREP and Emilia and high grade ore from Ceiba. Production has been halted to facilitate a comprehensive upgrading of the facilities. With all of the principal pieces of equipment on-site the work is progressing on schedule.
An program of underground development is also underway at SREP and Emilia which is designed to provide underground access to the main SREP mineralized zones.
Exploration/Development
Rusoro currently has ten Exploration/Development projects at various stages of development. This includes exploration and development work around the Choco 10 and Isidora operating mines in El Callao.
Overall the Company has a significant land position in the major gold mining districts in Bolivar State Venezuela. The region boasts an excellent geological setting and tremendous gold discovery potential which is exemplified in the success rate at the current projects to date, which translates to the discovery of approximately 30 oz of gold discovered per meter drilled.
As part of the Company's aggressive growth strategy, Rusoro drilled more than 200,000m in 2007 and 165,000m in 2008. The drilling is designed to expand and upgrade the Company's current NI 43-101 resources.
El Callao Region -
- Choco 10 EXPL / DEV
- Increible 6 EXPL / DEV
- Isidora EXPL / DEV
- Twin Shear EXPL
El Dorado District -
- SREP EXPL / DEV
- 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 | Chief Executive Officer, Director |
| George Salamis | President, Director |
| Gary Warnecke | Interim Chief Financial Officer |
| Roman Asomov | Chief Operating Officer |
| Matias Herrero | Vice President Finance |
| Jose Manuel Rodriguez | Venezuelan General Manager |
| Dmitry Ushakov | VP Corporate Development, Director |
| Gregory Smith, PGeo | Vice President Exploration |
| Jay Kaplowitz | Director |
| Abraham Stein | Director |
| John Reynolds | Director |
| Peter Hediger | Director |
| Gordon Keep | Director |
Company AddressSuite 2164 - 1055, Dunsmuir Street
|
Additional Address/Key ContactVenezuela Office: |
CapitalIssued Shares – 391.5 million
|
Year End31 December |
Major Shareholders
| Management | 20% |
| Gold Fields | 38% |
| Institutions | 25% |
Related News
29/04/09 - Rusoro Expects Production To Top 500,000 Ounces In 2012 Without any Further Acquisitions17/12/08 - The Offer From Rusoro Could Be The Best Christmas Present Shareholders in Gold Reserve Get This Year
24/07/08 - Rusoro Mining: The Matchmaker
10/06/08 - Peter Hambro Mining Plays The Russian Game In Venezuela, With Rusoro On Board And Crystallex In Its Sights
Most Recent Statement
26/06/09 - BTV-Business Television Features Romarco Minerals and Rusoro Mining With Analyst John Embry, Jay Taylor and Paul Van Eeden02/06/09 - Rusoro Mining Reports Net Income of $0.5 Million for Q1 2009 and Record Production of 39,503 Ounces of Gold
19/05/09 - Rusoro Receives Preliminary Assessment for Choco 10
01/05/09 - Rusoro Mining Reports its 2008 Financial Results
28/04/09 - Rusoro Mining Ltd. Appoints Chief Operating Officer and VP Corporate Development
19/03/09 - Rusoro Mining Ltd. Closes Equity Financing