Rusoro Mining ...In the News
4-30-2007 Rusoro Mining ( RML.V ) (C$2.93, 147.9M SO, 176.5M FD, C$433.3M MCap, http://www.rusoro.com)
On April 30, 2007, Rusoro reported results for 32 holes of a 40 hole, 10,000-meter diamond drill program at the San Rafael/El Placer Project (SREP) in southeastern Venezuela. This drilling was part of an in-fill program designed by the Company’s engineering consultants, Micon International, to further test the continuity of the main gold mineralized blocks. Highlights include:
* In-fill drilling program has confirmed the existing interpretation with grades consistent to previous drilling (averaging 16 to 20 g/t Au), being encountered in all holes targeted at the central portions of the interpreted ore blocks.
* Drilling outlined a significant new gold mineralized structure 20 to 40 metres north of the targeted blocks.
* The Company will immediately design a drill program to define the limits of this new zone both in strike and to depth.
* Based on the highly positive nature of the in-fill drilling the Company plans to complete a 1.8 kilometre ramp which will provide access to the main ore bodies 180 metres below surface. The ramp will provide all of the necessary access for future mining operations.
Detailed drilling and underground sampling will continue to evaluate the potential economics of the SREP zones. Preliminary engineering including the location, orientation, and angle of the ramp has been completed by Rusoro staff. A mining contractor has been hired who has completed initial site visits and a review of the existing layout. Equipment requirements have been determined and their purchase is underway.
The Company’s main goal is to concurrently build this ramp and complete the underground development at SREP, while continuing the comprehensive expansion and upgrade of the Company’s centrally located Emilia mill facility. The Emilia Mill Facility project is on schedule for completion in Q4 2007 with the Company aiming to start commercial production in early 2008.
Our Comments: Some folks appear to be "selling on news" (perhaps some earlier Mena shareholders, are sitting on high returns), but make no mistake; there is nothing bad about these results. The highlights above perhaps didn't help any by failing to mention that the company hit several very high grade intercepts, including 71.25 g/t gold over three meters, and two intercepts near 50 g/t over two meters--those are thick enough to mine underground with little mining dilution. And it's also significant that RML hit in every hole. RML hasn't taken off for us yet, but it is producing very positive results so--barring a political torpedo from out of the dark--we think the selling will dry up at some point and the share price will head north. Sharply.
my opinion:
can take some time but rocket is intialised....