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Rusoro Mining Up, Away From Yr Lows As Set To Meet Venezuela Nationalization Decrees

Rusoro Mining (RML.V) is up 1.5 cents at 11 cents and has touched a day high 12 cents - taking it away from near a year low 9 cents - with more than 6 million shares traded.

This comes as Bloomberg reported Venezuelan President Hugo Chavez ordered the nationalization of the gold industry and gave companies 90 days to form joint ventures with the state as he seeks to boost control over the nation's metals producers. The Bloomberg report noted Rusoro Mining, a Vancouver-based company that produces 100,000 ounces a year of gold, said on Aug. 30 that it would transfer its assets to a joint venture controlled by state oil company Petroleos de Venezuela SA (PDVSA).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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