Rusoro Mining Ltd. said yesterday it'll seek opportunities to expand in Venezuela despite a rejection of its takeover bid by Gold Reserve Inc. Vancouver-based Rusoro confirmed yesterday it had tried to purchase Gold Reserve - an offer its target said was worth two Rusoro shares for each share of Gold Reserve and therefore "inadequate." The offer, valued at about $90-million which expired Tuesday, was part of Rusoro's "normal course of business to further pursue other gold mining opportunities in Venezuela by offering fair value to Gold Reserve and its shareholders," the company said. A merger of the two companies, it argued, could help transition Gold Reserve's Brisas gold deposit to development. Gold Reserve also holds the rights to the Choco 5 gold exploration property in Bolivar State, Venezuela. RML (TSXV) rose 2 cents to 82 cents while GRZ (TSX) was up 1 cent to $1.68.