Rusoro Confirmed as Partner of Choice by Venezuelan Government

Rusoro has agreed with the Venezuelan Ministry of Mines and Basic Industries ('MIBAM') to establish a mixed enterprise between Empresa de Produccion Social Minera Nacional C.A. (an indirect subsidiary of MIBAM) and Rusoro on a 50-50 basis (the 'Mixed Enterprise'). The Mixed Enterprise is expected to be formalized within the next 6 months and will carry on gold exploration, development and mining activities in the areas being acquired from Hecla. The Mixed Enterprise also creates an operating gold company for Rusoro and the Venezuelan government to examine further gold mining and development opportunities in the country for the benefit of all stakeholders. The definitive terms of the Mixed Enterprise remain to be finalized between MIBAM and Rusoro. Until such terms are finalized, Rusoro will own and operate the Hecla-Venezuela assets. None of Rusoro's existing assets, such as the Choco 10 Mine, are to be contributed to the Mixed Enterprise.