VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/28/08 -- Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or the "Company"), is pleased to report its financial results for the quarter ended June 30, 2008. The Company's Q2 consolidated financial statements and management's discussion and analysis (MD&A) for the three and six months periods ended June 30, 2008 have been filed on SEDAR (www.sedar.com).

All amounts set out in the Company's financial statements and MD&A are unaudited and in United States dollars, unless otherwise stated.

Q2 2008 Highlights

- On June 10, 2008, the Company closed an $80 million syndicate financing led by Peter Hambro Mining Plc. The proceeds were raised for asset acquisitions and for corporate development projects.

- On July 8, 2008, the Company closed the acquisition of 100% of the outstanding shares of El Callao Gold Mining Ltd. and Drake-Bering Holdings B.V. (the "Hecla-Venezuela" Acquisition) in consideration of $20 million paid in cash and $5 million paid by the issuance of 4,273,504 common shares of the Company. The main assets being acquired with the Hecla-Venezuela Acquisition are the Block B - Isidora mining leases and the La Camorra mill facility in Bolivar State, Venezuela (the "Hecla-Venezuela" assets).

- On July 4, 2008 the Company entered into an agreement with the Venezuelan Ministry of Mines and Basic Industries ("MIBAM") to establish a mixed enterprise (the "Mixed Enterprise") to carry on with gold exploration, development and mining of the Hecla-Venezuela assets. The Mixed Enterprise will be owned 50% by the Company and 50% by Empresa Minera Nacional ("EMN"), a company owned by MIBAM. The Mixed Enterprise is expected to be created within 6 months of the date of the agreement with MIBAM. None of the Company's existing assets, such as the Choco 10 mine, are to be contributed to the Mixed Enterprise.

- During Q2 2008, all Venezuelan operations, development and exploration projects were hit by higher than expected costs due to the depreciation of the U.S.-dollar-to-Venezuela-bolivar exchange rate from 4.98 during Q1 2008 to 3.51 bolivars per dollar during Q2 2008. Steps are underway to mitigate this situation by changing the nature and currency of some of the major mining, development and exploration contracts.

- Some mine fleet equipment ordered in Q4, 2007, started to arrive on site at Choco 10 mine towards the latter part of Q2 2008 and is being readied for trials and production.