Production from Choco 10 mine continued, with 22,082 ounces of gold produced from the mine during Q3 at an average cash cost per ounce of $713. The Q3 was impacted by lower than forecasted production in August caused by a delay in import deliveries of key consumables and equipment at the mine. The Q3 financial statements also continued to be impacted by Venezuelan in-country financial volatility. The outlook for improvements in in-country financial volatility impacting mine costs is, in Rusoro management's view, improving steadily.

During the three months ended September 30, 2008, the Company sold 21,755 ounces of gold for a total amount of revenue of $14,716,982. Net loss for the three months ended September 30, 2008 was $12,490,285, which includes non-cash expenses such as amortization of $7,562,389, stock based compensation of $1,699,049, an impairment adjustment of $1,911,444 to write down gold inventories to net realizable value and accretion of long-term debt of $1,199,801. Also includes non-cash gains such as unrealized foreign exchange gain of $5,604,031 and future income tax recovery of $5,449,517.

Net cash generated in operating activities during the three months period ended September 30, 2008 was $3,065,567, cash used in financing activities was $1,379,957 and cash used in investing activities amounted $43,441,454. As at September 30, 2008 the Company had a cash position of $19,968,965 to be used to fund on-going production