Rusoro and Vittoria Sign Service Agreement for Venezuelan Mine

20 June 2011 (Last Updated June 20th, 2011 18:30)

Rusoro Mining has entered into an agreement with Vittoria to provide mining services at its Choco Mine in Venezuela. Vittoria will provide loading, hauling and dumping of material as part of an expected 52-month mining service contract that the companies will sign in the coming weeks.

Rusoro Mining has entered into an agreement with Vittoria to provide mining services at its Choco Mine in Venezuela.

Vittoria will provide loading, hauling and dumping of material as part of an expected 52-month mining service contract that the companies will sign in the coming weeks.

During the first 16 months of the contract and up to a maximum 10 million m³ of material mined, Rusoro will pay C$0.60 per common share for the first ten months and C$0.75 per common share for the following six months.

The services will be paid at a rate of $4.80 per cubic metre of material mined in cash for the remaining 36 months.