By Peter Shout

(SP) Toronto - Gold investors grew impatient with Rusoro Mining Ltd. (TSX.V: RML) Thursday, seeing a dry pan in waiting for news on the company's Venezuela Choco mine following its recent restructuring of debt. RML shares were down 13.6% at $0.19 in mid-afternoon trading in Toronto.

Rusoro came up with a bullish announcement on July 6 saying a recent resource estimate on its Choco 10 gold mine lifted Measured (2.4mm) and Indicated (5.8m) ounces to 8.3 million as well as another 2.8 million Inferred. While the news was good, after nearly 4 weeks the market was looking for more news on what Rusoro had resolved with the government of Venezuela.

A spokesperson with the company told Source Press affiliate publication AXcess News in a telephone interview Thursday that Rusoro was 'the only operating gold mine in the country' and that Venezuelan authorities where negotiating with RML to 'resolve issues' relating to the property and their ability to sell gold outside Venezuela.

The Rusoro spokesperson said the company expected annual gold production to be 150,000 ounces.

Still, with Hugo Chavez having recently nationalized oil, many investors are unsure over the future of Rusoro Mining Ltd., though the Company spokesperson was quick to say that Chavez was 'not involved', that RML was 'dealing with a government bureau - not Chavez.'

Good luck convincing gold investors of that outcome. The prospect of Venezuela going to war with Columbia over FARK rebel problems has added to the political friction coming from the Chavez government which may be clouding gold investors' outlooks towards Rusoro Mining Ltd. working out an equitable deal.