Rusoro Provides Update On Venezuelan Arbitration

VANCOUVER, Aug. 17, 2023 - Rusoro Mining Ltd. (TSXV: RML) (the "Company" or "Rusoro") is pleased to announce that on August 14, 2023, the Company submitted to the United States District Court for the District of Delaware a statement (the "Additional Judgement Statement") setting forth the current value and certain other information concerning the Federal Court judgement issued on March 2, 2018 by the United States District Court for the District of Columbia in favor of Rusoro and against the Bolivarian Republic of Venezuela (the "U.S. Judgement"). In the Additional Judgement Statement, the Company reported the amount of the U.S. Judgement as US$1.48 billion, inclusive of federal post-judgement interest accruing from the date of the U.S. Judgement (March 2, 2018) to August 14, 2023. Because the U.S. Judgement accrues interest at a different rate than the arbitral award that the U.S. Judgement recognized (the "Award"), the current value of the U.S. Judgement does not capture the full value of the Award, which is US$1.815 billion. The Company intends to pursue any difference in value between the U.S. Judgement and the Award in other appropriate jurisdictions. Although the Delaware Court has not issued a final determination on the relative priority of the various judgements, based on the guidelines set forth by the Delaware Court on July 27, 2023, Rusoro is seventh in order of priority behind approximately US$3.5 billion in claims from other claimants.

ON BEHALF OF THE BOARD

"Andre Agapov"
Andre Agapov, President & CEO

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.

"This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Rusoro Mining Ltd. in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Rusoro's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Rusoro Mining Ltd. disclaims any obligation to update or revise any forward-looking information or statements except as may be required."

SOURCE Rusoro Mining Ltd.