Suite 2164 - 1055 Dunsmuir Street, Four Bentall Centre
Vancouver, BC V7X 1B1
Tel: 604-632-4044 Fax: 604-632-4045 Toll Free 1 800-668-0091
Website: www.rusoro.com email:
Updated Resource Estimate for SREP and Days Vein
Expands Resource and significantly Increases Grade by up to 47%
Nov.
3, 2008 Trading Symbol (TSX-V):RML
Vancouver, Canada - The Company is very pleased to report that it has received an updated
resource estimate for the San Rafael/El Placer Project (SREP) and the Days Vein, located in the
El Dorado District in southeastern Venezuela.
The project is 100% owned by Rusoro Mining
Ltd, and is strategically located adjacent to the La Camorra Block, currently the subject of a
50/50 Joint Venture with the Venezuelan government.
These independent NI 43-101 resource estimates have been prepared by the consulting firm
Micon International and the report was authored by independent qualified person Dave Laudrum
P.Geo.
Table SREP/Days Indicated and Inferred Mineral Resource Estimate at October 2008
Cut-off
(g/t
Au)
Zone
Resource
Category
Tonnes
Grade
(g/t Au)
Gold
Ounces
8.0 SREP Indicated 639,000 19.41 399,000
8.0 SREP Inferred 703,000 23.16 523,000
2.0 Days (0-50m) Inferred 172,000 4.15 23,000
8.0 Days (below 50m) Inferred 37,000 11.78 14,000
1 It cannot be assumed that all or any part of an Inferred Mineral Resource will be
upgraded to an Indicated or Measured Mineral Resource as a result of continued
exploration.
2 Mineral resources which are not mineral reserves do not have demonstrated economic
viability.
3 Numbers may not add due to rounding.
4 Indicated Resources are confined to the better defined portions of the main D and E3
zones.
The SREP Resource Estimate uses a cut off grade of 8.0 g/t Au, a minimum width of one metre,
a density (specific gravity) of 2.80 g/cm3, and capping of high grade gold assays at 80 g/t Au.
The Mineral Resource for the Days Vein was estimated using a cut-off grade of 2.0 g/t Au for
material down to 50 m below the present topographic surface and a cut-off grade of 8.0 g/t Au
for material below 50 m.
The Days Vein Resource Estimate also used a minimum width of 1.0
m, and a density 2.80 g/cm3.
In relation to the previous resource estimate which was prepared by Roscoe Postle Associates
(RPA) in July of 2006 the updated SREP Indicated resource (639,000t @ 19.41g/t Au) saw
contained ounces decreased by 21% (-91,000oz) while the updated Inferred resource ounces
(703,000t @ 23.16g/t Au) increased by 42% (+156,000oz).
A significant increase in grade for
both categories (17% for the Indicated and 47% for the Inferred) was also documented in the
updated resource estimate.
For the Days Vein the updated inferred ounces (209,000t @ 5.50g/t
Au) increased by 2% with a 143% increase in grade.
The updated resource estimates include a significant amount of new drill data bringing the drill
spacing for most areas of the deposits to at least 25 metres by 25 metres.
The updated SREP
estimate includes an additional 246 drill holes (61,391.1m) for a total of 568 drill holes totalling
151,408.9 metres, while Days Vein estimate includes an additional 99 drill holes (12,999.5
metres) for a total of 159 drill holes (18,152.75m).
The development of a 1.8 km exploration ramp (4.5m by 4.0m) is well underway and is designed
to access the main portion of the SREP deposit at approximately 120 metres below surface.
The
ramp and mine development is scheduled for completion in mid 2009.
"The higher grades reported in these estimates, coming as a result of an increase in drill intercept
density and an increase in the cut off grades at San Rafael-El Placer, are certainly consistent with
grades historically mined in the district.
The zones remain open at depth, with the structural
zone hosting San Rafael-El Placer remaining relatively untested all the way up to the
neighbouring La Camorra concession boundary to the Southeast." Reports Greg Smith, Vice-
President of Exploration
Diamond drilling was conducted by Major Drilling of Moncton, New Brunswick, Canada and
Core-Beil Drilling of Puerto Ordaz Venezuela.
RC drilling was completed by AK Drilling of
Peru.
All drilling and drill sampling has been completed using industry standard practices.
All
drill core is described in detail and photographed and one half of the core remains for inspection
and reference.
Sample analyses have been conducted at SGS labs of El Dorado and Triad Labs located in El
Callao Venezuela with additional check assays completed at Actlab Facility in Tumeremo,
Venezuela.
All sample analyses was completed using industry standard practices and standard
samples, blanks and duplicate check samples were randomly inserted into the sample stream to
ensure quality control.
A review of the QA/QC results shows no significant bias and all results
are considered highly reliable.
Sample rejects for all drill samples are stored in Rusoro"s secure
facilities in Tumeremo, Venezuela, and will continue to be available for any further testing
which may be required.
Qualified Person: Mr.
Gregory Smith, P.Geo, the Vice-President Exploration of the Company, is
the Qualified Person as defined by National Instrument 43-101, and is responsible for the
accuracy of this news release.
ON BEHALF OF THE BOARD
"George Salamis"
George Salamis, President
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are
forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company"s capability to execute
and implement its future plans.
Actual results may differ materially from those projected by management.
For such statements, we claim the safe
harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
