Rusoro Mining Initiates Major Engineering Studies at Choco 10 and San Rafael/El Placer (SREP)

At Choco 10, the feasibility study comes on the heels of a positive Preliminary Assessment (PA), completed by Micon International Limited. The PA is detailed in a report dated June 2, 2009 and titled "Technical Report on the Preliminary Assessment of the Expansion of Production at Choco 10, Bolivar State, Venezuela". The PA outlined favourable economics for a significant expansion from 170,000 oz Au/yr (2009 guidance) to over 500,000 oz Au/yr at cash cost of US$331/oz Au over the life of mine (LOM). Micon International Limited will continue on as the Company's engineering consultants on the project and will be responsible for overseeing the feasibility study through to its completion.

At the San Rafael-El Placer Project (SREP) the Pre-feasibility study has been awarded to Whillans Mine Studies Ltd. The engineering consulting firm has previously advised the company concerning the development of the Alvarez Ramp which is currently under construction to access the main mineralized zones at SREP. Based on the amount of data already compiled and the engineers intimate and ongoing knowledge of the project the Company expects that the study can be completed in early 2010. The SREP Project currently has National Instrument 43-101 ("NI 43-101") compliant resources of 399,000 oz Au indicated (639,000t @ 19.41g/t) and 523,500 oz Au Inferred (703,000t @ 23.16g/t) as detailed in a report titled "Technical Report on the San Rafael-El Placer and Days Vein Deposits, Bolivar State, Venezuela" dated October 2, 2008.

George Salamis, President of Rusoro Mining, commented: "Completion of these studies will be a strategic milestone in unlocking further value for the Company and its shareholders at three of our key gold projects in Venezuela. With the recent release of highly positive results from the scoping work conducted on the Choco 10 and Increible 6 the commencement of a feasibility study is warranted and will highlight, on a definitive basis, the immense expansion capacity of the active gold mining operation well beyond their current rate of production. At SREP, the on-going construction and completion of the ramp will provide valuable data to the pre-feasibility study, supporting management's strong belief that the deposit's high-grade vein systems, subject to further studies, can be developed into a successful gold producing operation."

Operational Update

The company is pleased to report that operations continue to perform at or ahead of expectations. The unaudited data for cash costs and gold production continue to fall well within the guidance for 2009 and a full accounting of the audited operational numbers will be reported with the Q2 financials which will be reported by August 31st, 2009.