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Message: Rusoro Mining to Partner Venezuelan Government in Gold Mining Opportunities in V
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Rusoro Mining to Partner Venezuelan Government in Gold Mining Opportunities in V

posted on Jul 11, 2008 05:12AM

Rusoro Mining to Partner Venezuelan Government in Gold Mining Opportunities in Venezuela
7/10/2008 5:2 PM ET
Rusoro Mining Ltd. (RML.V) said the Venezuelan Government selected it as the partner of choice for gold mining opportunities in Venezuela, while it completed the acquisition of the Hecla-Venezuela assets.

As the Partner of choice, Rusoro has agreed with Venezuelan Ministry of Mines and Basic Industries to establish a mixed enterprise between Empresa de Produccion Social Minera Nacional C.A. and Rusoro on a 50-50 basis. The Mixed Enterprise is expected to be formalized within the next 6 months and will carry on gold exploration, development and mining activities in the areas being acquired from Hecla.

The company said the definitive terms of the Mixed Enterprise remain to be finalized between the ministry and Rusoro, until which, Rusoro will own and operate the Hecla-Venezuela assets.
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