Mr. Andre Agapov reports

RUSORO RECEIVES FINAL PERMITS TO COMMENCE OFFSHORE GOLD SALES AND BEGIN MINING ACTIVITIES AT THE 100% OWNED INCREIBLE 6 PROJECT

The permit to initiate the offshore portion of gold sales from Rusoro Mining Ltd.'s operations has been received and will be effective Nov. 1, 2010. The permit was issued through the Central Bank of Venezuela (CBV) and has authorized the sale of approximately 50 per cent of the gold produced from the Choco 10 and Isidora mines from Aug. 11, 2010, through Sept. 30, 2010, and signals the implementation of the country's new gold sale directive. Going forward authorizations for future offshore gold sales will be granted automatically through the CBV.

Andre Agapov, president and chief executive officer of the company, stated: "This is a significant development for Rusoro in our quest to move forward with the planned expansion at our Venezuelan operations. Our ability to sell a significant portion of our production off shore will afford the company a great deal of flexibility with the expansion capital requirements as we move forward."

Rusoro is also extremely pleased to report that the Ministry of the People's Power for the Environment (MinAmb) has issued the authorization to affect natural resources for the company's Increible 6 gold project. The permit is the final step in the permitting process toward the commencement of mining activities at Increible 6, which is located six km from Rusoro's Choco mill.

Concerning the inclusion of the Increible 6 project into the company's production profile, vice-president of exploration Greg Smith comments: "The inclusion of the soft oxidized saprolite from Increible 6 in our current mining operations will have an immediate impact on our gold production. In 2009, supplementing the hard rock being processed with oxidized material increased the tonnage processed and production two fold and we expect that bringing Increible 6 on line will have a similar positive impact."

With the permitting process completed the company will now accelerate surface activities at the project which includes the upgrading of existing roads, keeping the company on track for the shipment of mineralized material from Increible 6 to the Choco mill in 2010.

The Increible 6 deposit consists of 1,587,000 ounces indicated (23.5 million tonnes at 2.11 grams per tonne (g/t) Au) and 1.1 million ounces inferred (17.5 million tonnes at 1.95 g/t Au) (see news in Stockwatch on Nov. 15, 2007), which Rusoro has advanced through discovery, delineation and now development.

Increible 6, along with Choco 10, was the subject of a scoping study (PA), which evaluated the expansion options at the existing and operating Choco mill. The PA is detailed in a report dated June 2, 2009, and titled "Technical report on the preliminary assessment of the expansion of production at Choco 10, Bolivar state, Venezuela." The PA outlined favourable economics for a significant expansion to 20,000 tonnes per day which would result in production of an average of 558,000 ounces Au per year at a cash cost of $331 (U.S.) per ounce Au over the 12-year life of mine. The PA results were reported in Stockwatch on May 19, 2009, which is available on SEDAR. A feasibility study is currently under way and scheduled to be completed in the first quarter of 2011.

Qualified person

Mr. Smith, PGeo, the vice-president, exploration of the company, is the qualified person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical and scientific information within this news release.