TORONTO, Aug 23 (Reuters) - Rusoro Mining Ltd. board member Gordon Keep said on Tuesday that the company would seek a settlement with the Venezuelan government after a World Bank tribunal awarded it more than $1.2 billion in an arbitration over the country's seizure of the company's gold mine.

He told Reuters that the board would "probably give a good chunk" of any funds received from Venezuela back to shareholders.

(Reporting by Jim Finkle in Toronto Editing buy W Simon)