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Press release from CNW Group

Rusoro announces delay in filing its annual financial statements

Tuesday, May 21, 2013

Rusoro announces delay in filing its annual financial statements

18:39 EDT Tuesday, May 21, 2013

Trading symbol (TSX-V): RML

VANCOUVER, May 21, 2013 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro") announces that filing of its annual financial statements for the year ended December 31, 2012 has been delayed, pending the issuance of an unqualified opinion by the Company's auditors.  As a result, the Company understands that a cease trade order will be issued by the British Columbia Securities Commission at the close of business on May 21, 2013.

As a result of the nationalization of the Company's ongoing operations and assets in Venezuela, the auditor was unable to obtain sufficient verification of the Company's ongoing liabilities in Venezuela to issue an unqualified opinion prior to the April 30, 2013 filing deadline.  The Company is presently working with the auditor to obtain confirmations from the outstanding creditors of the Company's Venezuelan subsidiaries following which the auditor anticipates being able to issue an unqualified opinion.

Additional information regarding the nationalization of the Company's assets in Venezuela and the Company's ongoing litigation involving the Government of Venezuela is available on SEDAR and on the Company's website at www.rusoro.com.

ON BEHALF OF THE BOARD

"Andre Agapov"

Andre Agapov, President & CEO

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.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

SOURCE: Rusoro Mining Ltd.

For further information:

Suite 3123 - 595 Burrard Street
Vancouver, BC V7X 1J1

Tel:  604-609-6110 / Fax:  604-609-6145
Website: www.rusoro.com 
E-Mail: info@rusoro.com

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