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- Based on Rusoro's track record, Gold Reserve does not believe Rusoro
has the operational expertise necessary to even maintain, much less
enhance, the value of the combined company. Rusoro has often failed
to achieve its own forecasts in almost all categories, and Rusoro's
management is failing to meet production rates, ore grade and
metallurgical recovery projections and is operating at a loss despite
historically high gold prices. In fact, Rusoro's key management has
no demonstrated experience in developing gold mining properties,
which Gold Reserve believes is reflected in Rusoro's poor operational
results at its Choco 10 mine, where Rusoro's cost of production
exceeds the price at which it sells its gold.