Rusoro Mining Raises US$80 Million Via Exchangeable Loan

Rusoro Mining Ltd. ('Rusoro') is pleased to announce that Peter Hambro Mining Plc ('PHM') has agreed to make a strategic US$20 million investment in Rusoro and its affiliates (collectively the 'Rusoro Group') as part of a larger US$80 million senior secured exchangeable loan (the 'Loan'), exchangeable into shares of Rusoro at C$1.25 per Rusoro share. The remainder of the Loan will be funded by a syndicate including funds which are investment managed by BlackRock Investment Management International Limited, GLG Partners Limited and Lansdowne Partners Limited as well as Endeavour Mining Capital Corp. (collectively, the 'Lenders'). Rusoro will act as a guarantor of the Loan. Proceeds from the Loan will be used for regional consolidation opportunities approved by the Lenders and for general corporate purposes. PHM has also entered into an option agreement with the other Lenders which gives PHM the right to acquire from them at a price of C$2.20 per share, the Rusoro shares which such other Lenders may receive upon exchange of their Loan (the 'Option Agreement').