Rusoro incurred losses in the third quarter of 2010

Source: Press Rusoro
4/12/10

Rusoro Mining Ltd said on Thursday that the results of its operations in the third quarter of 2010 was a loss of $ 500,000, while the losses accumulated during the period of 9 months ended September 30, 2010, reached 7.8 million dollars.
This was emphasized by Matias Herrera, Vice President of Finances of Rusoro in Venezuela in relation to media reports where the report was misrepresented the financial status of the mining company.
"The main reason for these results was due to sales made
in these 9 months were performed entirely by Central Bank
Venezuela's official exchange rate of 4.28 Bs.F. dollar,
pursuant to Resolution of the issuer, "said Herrera in a comuicado.
The final consolidated net profit after tax 7,400,000
U.S. dollars mentioned in the press, was caused primarily by a positive accounting adjustment of $ 9,000,000 caused by the recognition of deferred taxes on certain tax losses carried forward in a
of the group's subsidiaries Rusoro.
"This recognition was based on that Rusoro expected that investments already made in Venezuela over the next three years, will increase its gold production to generate taxable income then being able to take advantage of these tax losses carried forward," he added.
Herrera also reported that Rusoro is allocating foreign exchange from authorized export 25% of its gold production to replace local purchases of spare parts and imported inputs and capital investments for its operations in Venezuela, since many of them were accomplished importers and local retailers to high costs.

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