Wednesday, 3rd December 2008 (232 views)

Rusuro Mining has published its financial results for July to September 2008, noting that during this period gold production at its newly purchased mine in Venezuela commenced.

The Isidora gold mine in Bolivar State produced 4,722 ounces of gold during September, with the company expecting output to increase considerably over the coming months.

Meanwhile, production at the firm's Choco 10 mine reached 22,082 ounces for the quarter, although this was lower than forecast due to unforeseen delays, Rusuro stated.

Furthermore, the company said that financial instability in Venezuela had affected its financial results but it is expecting this situation to improve.

Rusuro also completed its acquisition of El Callao Gold Mining and Drake-Bering Holdings shares during the quarter.

The publication of financial results follows news from the mining firm that it has increased the grade by 47 per cent at the San Rafael/El Placer Project and the Days Vein in Venezuela following new resource estimates.

 

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