On reading this report

http://www.marketwire.com/press-rele...

this struck me as rather curious....

" - During Q2 2008, all Venezuelan operations, development and exploration projects were hit by higher than expected costs due to the depreciation of the U.S.-dollar-to-Venezuela-bolivar exchange rate from 4.98 during Q1 2008 to 3.51 bolivars per dollar during Q2 2008."

Over this whole period the "Official" Bolivar exchange rate was set at 2.144 strong Bolivars to the USD and it remains at pretty close to that rate even today.

So how does Rusoro quote exchange rates which are almost double the number of Bolivars to the US dollar and which vary so much. The only conclusion is that those are not "official" rates, but are the black market rates.

It makes me worder just how they are going to do the accounting with their 50% partner owned by MIBAM. There's a huge difference in the official rate and the rates Rusoro have quoted that they have been getting and would a government owned enterprise be able to use the black market exchanges rates in its dealings? All very curious; perhaps someone with accounting knowledge would like to comment....