VANCOUVER, Dec. 1 /PRNewswire-FirstCall/ -- Rusoro Mining Ltd. ("Rusoro") is pleased to announce that it has completed the acquisition of Gold Fields' Venezuelan assets, including the producing Choco 10 mine. As announced on October 11, 2007, this strategic business combination provides Rusoro with immediate gold production and confirms Rusoro as a focused gold company with an exception growth profile.
Pursuant to the terms of the acquisition, all release conditions having been satisfied and the subscription receipts having been exercised, the net proceeds of C$211.5 million plus accrued interest from the private placement of subscription receipts have been released from escrow. Pursuant to the acquisition, Rusoro issued 140,000,000 shares and paid cash of U.S.$180,000,000. Rusoro now has 381,835,106 common shares issued and outstanding.
Rusoro's financial advisor is Endeavour Financial International Corporation and its legal advisor is Anfield Sujir Kennedy & Durno.
Commenting on the transaction, Andre Agapov, CEO of Rusoro said, "This transaction launches Rusoro into the ranks of producers and we look forward to applying our in-country expertise to unlock value from these assets for the benefit of our shareholders and for the people of Venezuela."
Rusoro President George Salamis stated that, "We are delighted to have formally closed this acquisition and we will be looking to fast track production at our Increible 6 project as we continue to grow our company in one of the world's most exciting gold districts."
ON BEHALF OF THE BOARD OF RUSORO MINING LTD. "George Salamis" George Salamis, President
Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company's plans to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company's Annual Information Form dated September 28, 2007 and the Company's Filing Statement dated November 28, 2007, a copy of each of which is available at http://www.sedar.com/.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
CONTACT: George Salamis, President, Tel: (604) 682-1545, Fax: (604) 682-1514, Toll Free: 1-800-668-0091, Symbol: TSX-V: RML, Email:
