Rusoro Mining Reports its 2009 Financial Results

Rusoro Mining Ltd. ("Rusoro" or the "Company") (TSX VENTURE:RML) is pleased to
report its financial results for the year ended December 31, 2009. The Company's
audited consolidated financial statements and management's discussion and
analysis ("MD&A") for the year ended December 31, 2009 have been filed on SEDAR
(www.sedar.com).


All amounts set out in the Company's consolidated financial statements are
audited and in United States dollars, unless otherwise stated. 


The following is a synopsis of the year ended December 31, 2009 and related
information. For detailed information regarding Rusoro's 2009 year-end, please
refer to the audited consolidated financial statements and related MD&A which
have been filed on SEDAR at www.sedar.com and can be found on the Company's
website at www.rusoro.com.


The Company's highlights for 2009 were:



--  Cash cost per ounce sold of $338 (2008: $649). 

--  Record gold production of 150,460 ounces of gold (2008: 99,663 ounces). 

--  Completed a scoping study to evaluate the potential for gold production
    expansion of the Choco 10 gold mine ("the Choco Mine") operation to a
    production rate of up to 20,000 tonnes per day by sourcing gold
    resources and reserves from the Choco Mine and the near-by Increible 6
    deposit. The scoping study results were reported in the news release
    dated May 19, 2009, which is available on SEDAR at www.sedar.com The
    data and conclusions of the scoping study form the basis for a
    feasibility study which was initiated during 2009. 

--  Initiated a pre-feasibility study at the San Rafael and El Placer
    mineral titles ("SREP") which is on schedule for completion in Q2 2010. 

--  Advanced construction of the Alvarez underground ramp which will provide
    access to the main mineralized areas in the contiguous SREP concessions.
    Subsequent to December 31, 2009, the Company completed construction of
    the Alvarez underground ramp and has now intercepted the main
    mineralized zone and begun test sampling. 

--  Purchased $20 million of the principal amount and related accrued
    interest of the convertible loan for $17.8 million. The remaining
    principal amount of $60 million is due in June 2010. 

--  As at December 31, 2009 gold inventories comprise 56,076 ounces of
    finished gold (dore form), 3,068 ounces of gold in process and 19,435
    ounces of gold in stockpile.



Financial result for 2009:

The Company's revenue for 2009 was $72.4 million from 104,036 ounces of gold
sold at a realized price of $696 per ounce (2008: $70.3 million from 97,582
ounces sold at $720 per ounce). 


Net loss for the year was $16.3 million (2008: $72.2 million). Main contributors
to the loss were $9.4 million general and administrative (2008: $19.7 million),
$6.8 million stock-based compensation (2008: $22.8 million), $13.0 million in
interest on convertible loan (2008: $7.1 million) and $11.0 million impairment
of mineral properties (2008: $19.3 million). The Company recognized a $0.9
million income tax recovery (2008: $11.6 million) and income from mining
operations of $22.8 million (2008: loss of $11.2 million).




                    -------------------------------------------------------
                               12 Months Ended              12 Months Ended
                             December 31, 2009            December 31, 2008
                    -------------------------------------------------------
                    Choco   Isidora      Total     Choco  Isidora     Total
---------------------------------------------------------------------------
                                                                           
Ore tonnes
 mined
 ('000 t)           2,374        31      2,405     2,363      0.3     2,363
Ore tonnes
 milled                                                                    
 ('000 t)           2,056        35      2,091     2,394      0.7     2,395
                                                                           
Average grade
 (g/t)               1.97     24.63       2.35      1.44    28.00      1.45
Average
 recovery
 rate (%)              90%       90%        90%       87%      90%       87%
                                                                           
Gold produced
 (ounces) (1)     125,714    24,746    150,460    99,163      500    99,663
                                                                           
Total mining
 operating                                                           
 expenses
 $(000)           $28,246   $11,144    $39,390   $63,779   $  117   $63,896
 - asset
    retirement                                                              
    obligations                                                             
    accretion
    $(000)       ($   314) ($   266)  ($   580) ($   537)       -  ($   537)
 - fair value                                                              
    differential
    of inventory
    acquired
    $(000)(2)           -   ($3,603)  ($ 3,603)        -        -         -
                  ---------------------------------------------------------
Total cash costs                                                           
 $(000)(3)        $27,932   $ 7,275    $35,207   $63,242   $  117   $63,359
                  ---------------------------------------------------------
                  ---------------------------------------------------------
Total cash
 costs per                                                             
 ounce sold
 ($)(4)           $   328   $   383    $   338   $   651   $  254   $   649
                  ---------------------------------------------------------
                  ---------------------------------------------------------
Gold sold to
 the Central
 Bank of                                                                   
 Venezuela
 ("CBV")                                                               
 (ounces)               -     1,242      1,242         -        -         -
Gold sold to
 domestic                                                            
 private
 buyers                                                                  
 (ounces)          85,057    17,737    102,794    97,122      460    97,582
                  ---------------------------------------------------------
Total gold
 sold                                                                  
 (ounces)          85,057    18,979    104,036    97,122      460    97,582
                  ---------------------------------------------------------
                  ---------------------------------------------------------
Average spot gold                                                          
 price ($)            n/a       n/a    $   972       n/a      n/a   $   872
Average realized
 gold price for
 gold sold to
 the CBV ($)(5)         -   $   397    $   397       n/a        -         -
Average realized
 gold price for
 gold sold to
 domestic
 private buyers
 ($)(5)           $   698   $   703    $   699   $   720   $  734   $   720
Average realized
 gold price
 ($)(5)            $  698   $   683    $   696   $   720   $  734   $   720
                                                                           
Official exchange
 rate (BsF to US
 Dollar)              n/a       n/a       2.15       n/a      n/a      2.15
Average implicit                                                           
 exchange rate
 (BsF to 
 US Dollar)           n/a       n/a       6.12       n/a      n/a      4.37
                                                                           
---------------------------------------------------------------------------



(1) Gold production of 150,460 ounces was less than the previous guidance given
of 170,000 ounces due to factors described in the Choco Mine and Isidora Mine
sections of the MD&A. 


(2) In calculating cash costs per ounce sold the Company has excluded the
difference between the book value and fair value of inventory acquired at the
date of acquisition of the 50% interest in the Isidora Mine. 


(3) Total cash costs used in the calculation of cash costs per ounce is
calculated as mining operating expenses from the consolidated statement of
operations excluding accretion expense related to the asset retirement
obligations and expense of the fair value differential between the book value
and fair value of inventory acquired at the date of acquisition of the 50%
interest in the Isidora Mine. 


(4) Cash costs per ounce sold is a non Canadian generally accepted accounting
principles ('GAAP") measure. Total cash costs per ounce sold as shown above is
calculated by dividing the total cash costs by the gold ounces sold during the
period. Cash costs per ounce sold includes all expenditures related to the mine
such as mining, processing, administration, royalties and production taxes but
excludes reclamation, capital and exploration expenditures, adjustment to
foreign currency conversion rate and the fair value differential between the
book value and fair value of inventory acquired at the date of acquisition of
the 50% interest in the Isidora Mine. 


(5) Average realized gold price for gold sold to the CBV was impacted by payment
being received in BsF at the official exchange rate and the timing of gold
sales. Average realized gold price for sales to private buyers representing the
domestic processing industry is impacted by a discount to the spot price of gold
and the impact of payment received in BsF at the bid Implicit Rate (See
"Venezuela Currency Exchange and Gold Sales" section of the MD&A for definition
of Implicit Rate) and timing of gold sales. The impact of these items are
discussed in more detail in the "Venezuela Currency Exchange and Gold Sales"
section of the MD&A.


Outlook 

During 2010, the Company expects to produce 142,000 ounces of gold from the
Choco Mine and its 50% interest in the Isidora Mine. Total cash costs per ounce
sold for 2010 are expected to be $613 per ounce as discussed in the Outlook
section of the MD&A. Cash costs per ounce sold for 2010 are expected to increase
from 2009 due to factors described in the Outlook section of the MD&A.


Cautionary Non-GAAP Measures

Total cash costs per ounce sold is a non-GAAP measure. The Company believes
that, in addition to conventional measures, prepared in accordance with GAAP,
certain investors use the cash costs per ounce data to evaluate the Company's
performance and ability to generate cash flow. Accordingly, it is intended to
provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP as it
does not have any standardized meaning prescribed by GAAP. Data used in the
calculation of total cash costs per ounce may not conform to other similarly
titled measures provided by other precious metals companies.


ON BEHALF OF THE BOARD

George Salamis, President

Forward-looking statements: This document contains statements about expected or
anticipated future events and financial results that are forward-looking in
nature and as a result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, the regulatory process and
actions, technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential delays or
changes in plans, the occurrence of unexpected events, and the Company's
capability to execute and implement its future plans. Actual results may differ
materially from those projected by management. For such statements, we claim the
safe harbour for forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995.