AN EMERGING MID-TIER GOLD 1 PRODUCER Forward-looking Statements - - PowerPoint PPT Presentation

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AN EMERGING MID-TIER GOLD PRODUCER

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This presentation may contain forward-looking statements relating to the future performance of Rusoro Mining Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company’s filings with the appropriate securities commissions.

Forward-looking Statements

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12 Month Highlights

• Production: Exploration company to junior gold producer in 12 months
• M&A: Acquired two operating gold mines for average of $73 per ounce
• Organic Growth: increased gold resources by 20% in 12 months; total

resources now stand at 7.10 Moz Au M&I and 7.07 Moz Au Inferred

• Focus on Costs: Significantly lowered cash costs at Choco 10

– Continued improvement attainable

• Development Projects: Alvarez ramp advanced by 400m, commercial

production Q1 2010

• Maintained significant exploration program: multiple drill rigs active over the

last 12 months

• First to partner with the Venezuelan Government with a Mixed Enterprise

Joint Venture Company

Rusoro has been very proactive in Venezuela…

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The Current Situation In Venezuela

From Time Magazine: Making New Friends: “After a face-to-face meeting, Venezuelan President Hugo Chavez and Russian President Dmitri Medvedev said their countries would work more closely together on energy and foreign policy” From Reuters: Russia trumpets Venezuela ties "Venezuela is now the most important partner of the Russian Federation," Medvedev said after his talks with Chavez at a state residence outside Moscow.

Chinese Investments Cuban Medical Care Oil to Central America O i l t

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The Current Situation In Venezuela

• RML proven to be able to operate in the current political environment
• Government: supportive of RML, named “Partner of Choice”, with the

formation of Isidora/Camorra “mixed enterprise” company. Actively reviewing other partnering strategies i.e.. mining projects, custom milling

• Venezuela and Russia continue to strengthen political and economic ties,

this is very positive for Rusoro Mining

Rusoro Chairman Vladimir Agapov with President Hugo Chavez

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RML Capital Structure

• Insiders, primarily the Agapov family, account for more than 22% of

the shares of Rusoro

• Gold Fields remain a significant shareholder
• Peter Hambro Mining investment in RML seen as a significant milestone,

with excellent Russian synergies between the two Companies

38% 22% 24% 16%

Goldfields Rusoro Mgmt & Insiders Institutional Individual Investors

Share Capital (millions):

Basic: 391.5 Fully Diluted : 535.6 Fully Diluted $ : $500 mil

On conversion of debt Peter Hambro will own 4% of RML

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SREP NI43-101 Resources Indicated 639 Kt @ 19.4g/t – 399,000 oz/Au Inferred 703 Kt @ 23.2g/t – 524,000 oz/Au

Resources and Reserves

Total NI43-101 Resources M&I 87 Mt @ 2.6g/t – 7,099,000 oz/Au Inferred 111.4 Mt @ 1.9g/t – 7,072,000 oz/Au Drilling 3437 Holes / 501,000m 30 ounces per metre drilled

ISIDORA NI43-101 Resources P&P 179,447 Mt @ 32.10g/t – 185,085 oz/Au M&I 470,000 Mt @ 20.41g/t – 334,000 oz/Au Inferred 99,000 Mt @ 14.13g/t – 45,000 oz/Au Drilling 247 Holes / 48,800m CHOCO 10 NI43-101 Resources Measured 2.6 Mt @ 2.9g/t – 243,000 oz/Au Indicated 56.3 Mt @ 2.5g/t – 4,440,000 oz/Au Inferred 42.9 Mt @ 2.2g/t – 3,020,000 oz/Au Drilling 2058 Holes / 224,000m INCREIBLE 6 NI43-101 Resources Indicated 23.5 Mt @ 2.11g/t – 1,590,000 oz/Au Inferred 17.5 Mt @ 1.95g/t – 1,100,000 oz/Au Drilling 499 Holes / 83,000m Current UG Development Alvarez Ramp = 400m Diamond Drilling 568 holes / 151,000m

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Peer Review/Comps

Three times the median, well ahead of peers….

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 KGI EET AGI JAG SMF ARZ RBI HRG IMZ GAM RML

Junior Producers

Total Oz Au (Resources - ,000) 11/30/2008

Median 4,837,000 oz

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Peer Review/Comps

Undervalued regardless of the region of operations….

$0 $50 $100 $150 $200 $250 HRG RML IMZ EET JAG SMF KGI ARZ AGI RBI GAM

Junior Producers

Enterprise Value Per Oz Au (Resources)

11/30/2008 Median $ 64/oz

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Production Highlights

• Production Forecast for Q4: 30,000 oz Au
• Production Forecast for 2009: 165k oz Au
• Production from Increible 6 to commence in 1st

half of 2009

• Commercial Production at SREP in Q1 2010
• Other sources of ore and tailings being examined

for custom milling in the El Callao and El Dorado districts

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Production And Development Focus

El Callao District

Production and Development: Choco 10, Isidora & Increible 6

El Dorado District

Development: SREP Deposits, Alvarez Ramp, & Emilia

Cuyuni/Km 88 Districts

Exploration: Valle Hondo and Yuruan Projects

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Choco 10

• Vastly improved mill performance and through-put achieved.
• Milling record of 231,593 tonnes in July 2008
• Capital Expenditures: Over $20M in new mining equipment spent in the last 6 months
• New haulage contract structured with primary contractor, will reduce mining costs
• Collective agreement with the unions established – Workers and Ministry pleased
• Issues from previous operators with small miners addressed
• Previous water issues resolved and new waste dump fully permitted

10,000 oz per month target run-rate well within range

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Choco 10 / Increible 6 3D Models

Choco 10 3D Model Increible 6 3D Model

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Development Highlights Increible 6

• Engineering completed for roads, waste dumps and pit designs
• New road construction connecting Increible 6 to Choco 10 underway
• Mine permitting nearing completion - Reserve and condemnation drilling complete
• Ore to be trucked to Choco 10, 8km away, for processing
• Gold production from surface oxides at Increible 6 during the 1st half of 2009

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Scoping and Feasibility: Choco 10 – Increible 6

• Previous scoping study done by Gold Fields

demonstrated positive economics on production of 350,000 oz/yr operation at Choco 10, using a gold price of $550/oz

• Rusoro/MICON evaluating production

scenarios well in excess of 350,000 oz/yr, using higher through-put rates, including feed from neighboring Isidora & Increible 6

• Key Study Factors:

1) Gold resources not limiting - large and accessible 2) Limits on water availability for expanded production 3) Power grid capacity 4) Tailings expansion capacity

• Scoping study due for completion in Q4,
• 2008. Feasibility to be initiated in 2009

An opportunity to vault RML to Intermediate Producer Status….

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Mina Isidora: Our newest Gold Mine

• Successfully recommenced underground

production at Isidora after 3 month shut- down under previous ownership

• Ore from underground is currently being

processed at Choco 10, 6km away

• Potential to lower cut-off grade from 16 g/t

to 10 g/t due to shorter trucking distance (+100 km under Hecla ownership vs 6km to Choco 10)

• Aggressive underground ore development

underway

• Underground exploration program planned,

exploration potential is excellent

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Mina Isidora 3D Model

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Development Highlights SREP/Alvarez Ramp

• Completed surface work and portal at the Alvarez Ramp
• Over 200m of underground ramp advance through difficult saprolite into fresh rock
• SREP mining permit received – Updated resource estimation completed
• SREP will produce at annualized rate of 80,000 oz Au per year with commercial

Production in Q1 2010

• Options to process SREP at Emilia, Camorra or Choco 10, study underway

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Exploration Highlights

• 2007: RML drilled 230,000 m
• 1st half of 2008: RML drilled 145,000 m on 8 projects
• Current drilling focus: Choco 10 oxide and feasibility, Increible 6 upgrade and

expansion, Valle Hondo and Yuruan Exploration

• Updated Resource Estimates:

1) SREP – Completed Q4 2008 2) Inc 6 – 60,000 additional assays/500 holes – Update Q1, 2009 3) Choco 10 – updated global resource by Q2, 2009

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Exploration – Increible 6

• Located in El Callao 8Km from Choco 10
• 2007/08 drilling increased previous resources

300% - Impressive organic growth

• 500 holes not included in latest resource model,

will be incorporated in updated estimate(Q1 2009)

Recent results include;

• Drilling focused on upgrading and expanding

current resources – Exploration potential remains high

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Exploration –Valle Hondo

• Several kilometre- scale targets including

Apanao (4.5Km X 1.5Km) and Arenales ( 4.0Km X 2.5Km)

• 50,000m drill program underway
• Excellent potential to expand near surface

gold zones and define the higher grade areas (up to 100g/t Au)

• Scoping study to be updated

VALLE HONDO NI43-101 Resources Indicated 3.5 Mt @ 0.92g/t – 103,000 oz/Au Inferred 47 Mt @ 0.89g/t – 1,344,000 oz/Au Diamond Drilling 114 holes / 13,000m

• Located 40Km SE of the town of El Dorado

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Exploration - Yuruan

• Located 40Km S of the town of El Dorado
• Completed 18,000m of drilling to date
• Results received for slightly more than half
• f the drilling to date. Highlights include;

ddh from to m Au g/t Area DY-08-39 74.00 77.00 3.00 11.39 Zona Norte DY-07-14 48.00 55.30 7.30 4.00 Zona Norte DY-08-65 23.50 32.00 8.50 6.49 Zona Central A DY-08-32 59.00 63.00 4.00 10.55 Zona Central A DY-08-73 101.80 107.50 5.70 39.10 Zona Central B DY-08-26 103.00 104.00 1.00 21.64 Zona Sur DY-08-43 96.00 97.00 1.00 15.80 Zona Sur

• The drilling has been highly successful in
• utlining a series of gold mineralized zones

including both broad gold zones in the

• xidized saprolite and structurally controlled

high grade veins.

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Where to from here…

• Focus on further cost cutting and optimizing of Choco mill and equipment
• Prove the viability of significantly expanding production at Choco 10 to
• ver 350,000 oz Au/yr in the near term
• Bring Increible 6 into the production profile at Choco 10 by mid 2009
• Further maximize high-grade gold production from the Isidora Mine
• Complete development of SREP, targeting an initial production rate of

80,000 oz Au per year by mid 2009 with commercial production Q1 2010

• Continue to build on the “mixed enterprise” initiative with the Venezuelan

government to put additional assets into play

The next 12 months will lay the ground work for our exceptional production growth profile to be realized

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Management

VLADIMIR AGAPOV, Chairman of the Board

• Mr. Agapov is the major shareholder of Rusoro and has been instrumental in dealing with the co-ordination of relations with

the Venezuela government and its various ministries

ANDRE AGAPOV, Chief Executive Officer

• Mr. Agapov has been instrumental in the advancement of the Company's Venezuelan gold projects over the past five years

and will continue to play an integral role as Rusoro's projects moves forward

GEORGE SALAMIS, President

• Mr. Salamis has over 20 years experience directing exploration, development and mining operations in many different

regions of the world including Latin America

GARY WARNECKE, Interim CFO

• Mr. Warnecke moved to Venezuela in 2006 to work with Grupo Agapov and was an essential part of the team that brought

Grupo Agapov public as Rusoro Mining Ltd. More recently Mr. Warnecke has been working as Rusoro's Internal Auditor and will lead the transition team put in place to merge the Company's Venezuelan operations since the acquisition of Gold Fields Venezuelan assets. Mr. Warnecke is a U.S. CPA.

MATIAS HERRERO, VP Finance

• Mr. Herrero is a CPA and a former audit manager with PriceWaterhouseCoopers (PwC). At PwC he specialized in working

with Canadian mining companies operating in Latin America.

JOSE MANUEL RODRIGUEZ, Venezuelan General Manager

• Formerly with state owned gold miner CVG Minerven

GREGORY SMITH, PGeo., Vice President Exploration

• Mr. Smith has 15 years of experience working in Venezuela including the delineation of more than 5 M oz of gold

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Corporate Directory

Vancouver Office 1055 Dunsmuir St Suite 2164 Four Bentall Centre PO Box 49132 Vancouver, BC V7X 1B1 Tel: 604 632-4044 Fax: 604 632-4045 Caracas Office

• Av. Francisco de Miranda

Urbanización El Rosal Torre Dozsa, Piso 6 Caracas, Venezuela Tel: 58.212.952.2222 Fax: 58.212.952.4447

Transfer Agent Pacific Corporate Trust 510 Burrard St 2nd Floor Vancouver, BC V6C 3B9 (604) 689-9853 Investor Inquires e-mail: info@rusoro.com toll free 1 800-668-0091 Share Listing TSX Venture Exchange Symbol: RML

www.rusoro.com

Russia Office Leningradskiy Prospect, 31, Bldg.3 125284, Moscow, Russia

• Tel. +7 495 956 3731

Fax + 7 495 956 3732