Rusoro announces creation of Canadian mining with Venezuelan State

Ottawa .- Rusoro Mining said on Thursday that will create a venture with Venezuela to explore and develop gold deposits in the country, which fired share prices of mining Russian-Canadian.

Rusoro reported that it expects the project to be formalized in about six months and detailed that, pending the settlement terms of the agreement, will continue to operate their own assets.

Once established, the project will focus on properties that Rusoro bought last month to Hecla Mining by $ 25 million. The signing took over the operation of the mine and processing Isidora The Camorra, located in the southeastern Venezuelan state of Bolivar.

The shares of Rusoro in Vancouver rose as much as 22 percent, then cut profits, Reuters reported.

None of its current properties, as the Venezuelan Choco 10 mine, are included in the new draft. The firm has resources by 12.8 million ounces of gold and close the estimated 2008 with a production of some 180,000 ounces.

Analysts believe that after the wave of nationalizations driven by President Hugo Chávez in the energy sector, steel and cement, mining could be next.

In April, the Ministry of Environment said that will not grant new licences operating in the Imataca Forest Reserve, where the Canadian Crystallex and Gold Reserve, although the companies said in June that the government was reconsidering its refusal.

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