Rusoro Mining Reports Q2 2008 Financial Results

During Q2 2008, all Venezuelan operations, development and exploration projects were hit by higher than expected costs due to the depreciation of the U.S.-dollar-to-Venezuela-bolivar exchange rate from 4.98 during Q1 2008 to 3.51 bolivars per dollar during Q2 2008. Steps are underway to mitigate this situation by changing the nature and currency of some of the major mining, development and exploration contracts. - Some mine fleet equipment ordered in Q4, 2007, started to arrive on site at Choco 10 mine towards the latter part of Q2 2008 and is being readied for trials and production. Although the Company has suffered delays in the importation of key equipment into Venezuela, it is expected that most of the ordered equipment will arrive in the next several weeks. - Choco 10 mill performed beyond expectations with another record performance of a monthly average of 209,414 Mt tonnes treated in Q2 2008. - During Q2 2008, the Company awarded the mandate to complete scoping and feasibility studies for Choco 10 mine to Micon International Ltd. - Significant gold exploration discoveries were made at the Valle Hondo, Increible 14 and Yuruan projects during Q2 2008.