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Friday, 16th January 2009 (1287 views)

Rusoro Mining has announced that it reached record quarterly gold production of 38,868 ounces during the fourth quarter of 2008.

The company also achieved record low cash costs over the last three months of the year of $358 (£241) per ounce at its Choco 10 mine.

Rusoro Mining purchased the Choco 10 operations in November 2007 and has confirmed that the Ministry of Basic Industries and Mining has approved a technical, financial and environmental study for its Increible 6 gold project.

George Salamis, Rusoro president, stated: "We will continue with a number of initiatives that are on-going and the company believes that it can maintain and even further reduce some operational cash costs at the mines."

Based in Vancouver, Rusoro Mining has reported that it has become cash positive at the Choco 10 mill and now plans to continue to consolidate its gold assets in Venezuela.

The Russian-funded firm is a junior gold producer with a sizeable land position in the Bolivar state mining region of southern Venezuela, including the Choco 10 and Isidora mines near the town of El Callao.

 

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