Trading Symbol: (TSX-V): RML
VANCOUVER, Dec. 1 /CNW/ - Rusoro Mining Ltd. ("Rusoro") is pleased to
announce that it has completed the acquisition of Gold Fields' Venezuelan
assets, including the producing Choco 10 mine. As announced on October 11,
2007, this strategic business combination provides Rusoro with immediate gold
production and confirms Rusoro as a focused gold company with an exception
Pursuant to the terms of the acquisition, all release conditions having
been satisfied and the subscription receipts having been exercised, the net
proceeds of C$211.5 million plus accrued interest from the private placement
of subscription receipts have been released from escrow. Pursuant to the
acquisition, Rusoro issued 140,000,000 shares and paid cash of
U.S.$180,000,000. Rusoro now has 381,835,106 common shares issued and
Rusoro's financial advisor is Endeavour Financial International
Corporation and its legal advisor is Anfield Sujir Kennedy & Durno.
Commenting on the transaction, Andre Agapov, CEO of Rusoro said, "This
transaction launches Rusoro into the ranks of producers and we look forward to
applying our in-country expertise to unlock value from these assets for the
benefit of our shareholders and for the people of Venezuela."
Rusoro President George Salamis stated that, "We are delighted to have
formally closed this acquisition and we will be looking to fast track
production at our Increible 6 project as we continue to grow our company in
one of the world's most exciting gold districts."
ON BEHALF OF THE BOARD
OF RUSORO MINING LTD.
George Salamis, President
Certain statements contained in this news release constitute
forward-looking statements. Such forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company's plans to
differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date the statements were made, and readers are advised to
consider such forward-looking statements in light of the risks set forth in
the Company's Annual Information Form dated September 28, 2007 and the
Company's Filing Statement dated November 28, 2007, a copy of each of which is
available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release, which has been prepared by management.
For further information:
For further information: George Salamis, President, Tel: (604) 682-1545,
Fax: (604) 682-1514, Toll Free: 1-800-668-0091, Symbol: TSX-V: RML, Email:
email@example.com, Website: www.rusoro.com