Rusoro Mining is pleased to announce that it has formally completed landmark agreements with MIBAM to custom mill ore from various Minerven operations in the El Callao district and to officially begin processing the ore being developed at the Isidora Mine.
• A series of contracts will allow Rusoro to process ore at Choco 10 for Minerven. The ore will include sands, tailings and other sources being evaluated from their various operations. The contracts have established that 2,000,000 tonnes of gold bearing tailings and sands are available from Minerven for contract milling. The contract between the Venezuelan government and a foreign mining company represents the first of its kind in Venezuela.
• A formal agreement with the government was also completed to process 50,000 dry tonnes of ore mined from Isidora at the Choco 10 mill, as part of the recently announced JV between Rusoro Mining and Mibam/Minerven.
• Production from underground at Isidora was officially re-initiated during the month of August, with over 2200 tonnes of high grade ore, grading in excess of 30g/t, ready for shipment to Choco 10 for processing.
Rusoro President, George Salamis stated, "The company is very pleased to have concluded these agreements and officially become a partner with the Venezuelan government. The company expects to build on this precedent setting relationship and looks forward to developing additional revenue generating agreements in the near term".
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