Rusoro Mining (RML.v); we REALLY don't like late filing of insider trades, vlady

Man attacked by vampire bat

Hey, Agapov you dumbass...you know the best way of getting rid of any shady business family talk around you and your company? DON'T ACT LIKE A SHADY BUSINESS FAMILY.

Here below are the insider transactions filed by Vladimir Agapov yesterday (oh wow...today's Thanksgiving too...hoping we wouldn't notice, you diphead?). They go back to a veeeery late filed September 8th and are all sales. In total the dude has blown out one million, four hundred and fifty-nine thousand shares of Rusoro (RML.v) and only now decides to inform the public. WTF? They add up to CAD$769,000 in gross receipts, by the way. All direct ownership shares too, so the sell orders could only have come directly from you.

This humble corner of cyberspace slaps avoid like the plague on this stock as from today. Fool me once, shame on you, fool me twice.............

Insider name: Agapov, Vladimir Pavlovich
Issuer name: Rusoro Mining Ltd.
Nature of transaction	Number	Price	Trans date	File date
10 - Acquisition or disposition in the public market	-5000	0.4700	08/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-75000	0.4600	09/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-100000	0.4500	10/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4500	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-7000	0.4700	14/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4700	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4700	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-2000	0.4800	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	15/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4900	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4800	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4900	16/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-20000	0.4600	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-8500	0.4600	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-8500	0.4600	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-4000	0.4600	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-10000	0.4700	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-8000	0.4700	17/09/2009	25/11/2009
10 - Acquisition or disposition in the public market	-22500	0.6000	16/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-8500	0.6000	16/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5900	17/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5900	18/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	18/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5900	18/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	19/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	19/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5900	19/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	19/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	20/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	23/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5700	23/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5800	23/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-40000	0.5700	23/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-80000	0.5700	23/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-80000	0.5700	24/11/2009	25/11/2009
10 - Acquisition or disposition in the public market	-80000	0.5800	24/11/2009	25/11/2009

Revealed! Rusoro CEO André Agapov's secret double life!

YOU BE THE JUDGE!

Reader 'SM' sent over a link to this post on Stockhouse by Lexluthor2. Lex says:

I can swear this either him or his younger brother in the video playing the guitar.

Well Lex, on further investigation IKN can confirm your smart observation. Indeed, the guitarist in the band Los Colorados is in fact André Agapov, CEO and head honcho of Russky-Canucky-Venezuelan..y gold mining company Rusoro Mining (RML.v). So sit back and enjoy the multi-talented Agapov as he rocks da house on this cover version of Hot'N'Cold by Kate Perry.

Fabulous stuff, André, we're proud of you.

George Salamis, President of Rusoro (RML.v), talks to IKN

Nice teeth, nice tie, nice arty photo. Whatever happened to

grimy, dirty unkempt geologists, anyway?

As I mentioned yesterday I was mystified, even taking into account "The Venezuela Factor", that the very positive news release from Rusoro (RML.v) wasn't greeted with more enthusiasm by the market. So being a humble corner of cyberspace that doesn't mope around and prefers to actually do things, yesterday afternoon I got in contact with George Salamis, President of RML.v, and asked him a few questions about the PR (as having once done a longer interview with the dude and all that). Below is the Q&A I had with him. Enjoy.

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IKN: What does this scoping study mean to Rusoro?

George Salamis: The Choco 10 expansion scoping study means a lot to us and clearly defines our value to be unlocked. To me, an alternate headline for this morning’s press release would read: “Attention to all mining investors and gold-lovers: Projected NPV’s for Choco 10 alone shown to be triple our current market capitalization”. This isn’t fiction, this is fact. The outcome of this scoping study shows that the combination of an expanded Choco 10 mine and a fully developed Increible 6 gold deposit creates an immense value driving opportunity for our shareholders. These two deposits, together, are company-makers by anyone’s measure. Gold deposits capable of sustaining 500,000 ozs per year, at a relatively low forecasted operating cost and non-nosebleed capital expenditure levels, are extremely rare. There aren’t many large undeveloped gold deposits left on the planet that come with sub-$300 million construction price-tags, as anyone at Barrick, Gold Fields, Anglo Gold or Goldcorp would attest to.

IKN: Personally I found it very positive news, however market reaction was rather flat on Tuesday. Any thoughts about that?

GS: Indeed, this scoping study news was extremely positive; Net Present Values in the $450 million to $740 million range depending on gold prices, projected rates of return above 50%. All very positive news and certainly the Choco 10 expansion scoping study has presented the most economically robust forecast of any mining project that I’ve ever been a part of.

Someone said the other day that Rusoro had become the Rodney Dangerfield of the mining world, “….Can’t get no respect”! I had a good chuckle from this analogy. What I can say from experience is that once the magnitude of this scoping study news is allowed to simmer in the market, this perception will change.

One unnamed journalist was brave enough to mention Km88, Las Cristinas and our Choco 10 scoping study, in the same sentence no less, in a question to me this morning, as in “Your scoping results are good, but surely what you have at Choco 10 and Increible 6 doesn’t stack up to Crystallex’s Las Cristinas gold project”. Well surely it does stack up to Las Cristinas and any other undeveloped world-class ore-body. I reminded said misguided journalist that 1) on an annualized production basis, during our projected life-of-mine schedule, we are projected to produce a lot more gold – 2 to 3 times more - compared to what’s forecasted at Cristinas or any of the other Km88 gold deposits, 2) our estimated head-grades are easily twice that of Las Cristinas and 3) at Choco 10, we’d be expanding off of a mine that already exists and is successfully producing gold now, whereas Cristinas would involve a completely new build, from scratch, at about twice the CAPEX estimated compared to our Choco 10 expansion.

Don’t get me wrong, I think Las Cristinas is a great ore-body, also world-class. Crystallex’s management have done a great job of advancing it to feasibility as did Placer Dome before them (a shameful plug for my old alma mater who also did some excellent work down there). The mining world has this warped fascination with the trials and tribulations of Km88 and I guess it’s because of the 15 plus years of controversy and excessive turf battles surrounding these projects. It’s always frustrating to witness the investor focus on Km88 and related negativity, in contrast to the great things that we have done in the El Callao district at Choco and Increible (and Isidora) during the last year on the gold production and operational end; increasing gold production, lowering costs, many positive changes meriting positive attention.

IKN: Is the growth time schedule to reach 500,000oz Au production feasible right now?

GS: This time schedule is achievable, however we’d have to hit the mark, timewise, on everything that needs to be done in terms of feasibility, permitting and financing for the Choco 10 expansion to 500,000 ozs or more of annual production. This includes resource to reserve conversion by doing detailed in-fill drilling, new resource estimates, detailed engineering studies, environmental studies, etc. We have a lot on our plates and by spelling all this out in a few sentences, I am by no means trivializing the task at hand. Fortunately, Choco 10 is an existing mine located on a permitted mine site, thus we’d expect that permitting the mine and mill expansion would not involve any significant hurdles. And then there’s financing, whereby one could potentially envisage the inclusion of some debt financing, given that our aim is to produce a bankable feasibility study in the end of the day. One should expect that it would be a lot easier to finance a new mine expansion under management with a proven production track record, a proven track record in working successfully with relevant permitting authorities and an outfit who has the Venezuelan government as a significant partner at one of their other gold mines. Anyway, one step at a time Otto, first we start with the in-fill drilling campaign and then move on from there.

IKN: What of Venezuela? All the world is hearing about nationalizations, expropriated properties and companies etc. The general view is that Venezuela is running out of finances and will take over any foreign company that dares to make a profit. Does this concern you?

GS: This is not of concern to us, but it is of obvious concern to mining investors who attribute such a considerable discount to our stock, relative to other gold producers. This is sad really, because the Venezuelan government has been extremely cooperative with us, be it in the management of our 50/50 mining joint venture with them, Venrus, or in the permitting of new projects. When we have had minor disputes in the past with the government, we have always resolved them quickly and amicably. In the entire history of our existence, we cannot point to one incident where we feel the Venezuelan government has short changed Rusoro or have tried to seize assets from us. I can’t see it happening, ever. Can I state this any more categorically? We don’t see nationalization or expropriation as a significant risk for Rusoro and its shareholders. As I’ve said before the perception of political risk, for us, resides only in the market.

IKN: We know that "the Russian connection" is strong in Rusoro, especially with the recent additions of two more Russian nationals to the management team. The perception is also that Russians have an advantage in running a business in the Venezuela of Hugo Chávez. How much do you agree or disagree with that?

GS: The Russian connection is strong in Rusoro and, indeed, having Russians working side by side with our senior Venezuelan management is a definite advantage. In addition to the recent Russian executive management appointments, we employ a lot of very skilled Russian mining engineers, metallurgists and geologists on the ground in Venezuela, in addition to a few Cuban professionals. So “yes” Otto, I strongly agree. We would not have made the tremendous strides that we have in gold mining, in Venezuela, without this.

IKN: I was sent a report with a call recommending RML today that contained the following extract.



Rusoro today released the results of a Preliminary Assessment, also known in the mining industry as a Scoping Study, completed by top-tier mining consultant Micon International. The Study uses US$700/oz gold for its base case, which we will also use in our assumptions, as Rusoro receives a 15-17% discount to the world spot price from the Venezuelan government.



So the question is, is it true RML is paid at a discount to spot for gold produced?

GS: We do indeed sell our gold at a discount to spot gold rates as other producers, past and present, have done in Venezuela for the past several years. This discount is imposed on sales by the numerous licensed gold buying entities who we do business with in-country. Our audited financial statements show these discounts as a cost of sales. This is a fact of life for all of those who produce gold in Venezuela.

IKN: When can we expect 1q09 results, George?

GS: Soon.

IKN: Thanks George.

GS: No problem

More thoughts about Rusoro (RML.v)

Rusoro workforce seen as they take a
mid-morning cigarette break and leisurely stroll

Very interesting mailbag Chez Otto between yesterday and this morning, as it seems there are plenty others out there looking at RML.v right now and I had plenty of received comments (thank you) about the Trading Post section of yesterday. So let's just sum up here what I think on the stock right now.

• Check out the latest inside trades. Interesting, no?

Apr 23/09	Apr 13/09	Salamis, George	Direct Ownership	Common Shares	10 - Acquisition in the public market	5,000	$0.470
Apr 23/09	Apr 15/09	Agapov, Andre Vladimir	Direct Ownership	Common Shares	10 - Acquisition in the public market	50,000	$0.480
Apr 23/09	Apr 14/09	Agapov, Andre Vladimir	Direct Ownership	Common Shares	10 - Acquisition in the public market	23,000	$0.485
Apr 23/09	Apr 14/09	Agapov, Andre Vladimir	Direct Ownership	Common Shares	10 - Acquisition in the public market	27,000	$0.470

• As for the results to come we're about to get the YE'08 filing but what we'll need to zoom in on are the 4q08 numbers and not the whole year. This because the 4q08 quarter's production was stronger, costs lower and also RML wasn't benefitting from the elevated parallel rate for dollars over Bolivares Fuertes (VEF) in earlier quarters.

• I think 4q08 is going to look pretty good, but maybe the real deal will be shown in the company's 1q09 quarterly that we'll get in maybe a month's time (an estimate based on typical filing times). Jungledrums tell me that the company has been working full tilt and costs are down, too. That VEF rate is really helping the company now, too.
  

• Even without the GRZ buyout, RML is expanding quickly as its own generic projects are on track, it seems. This of course means that the net revenues won't make it to the bottom line as yet, because they're busy investing what they make. Therefore I personally will be far more interested in the company's EBIT number than the final bottom line or EPS number. You should be, too.

So there you have it; the reasons why I like RML.v right now. You MUST DYODD on this one, dudettes and dudes, because we're talking about a stock in Venezuela, we're talking owners generally unloved by the Canadians (which is reflected in warranted or unwarranted press..you be the judge) and we're talking the recent court case where the beaky guy went against RML and gave his reasons loudly and clearly. In other words, this is by no means a risk free trade. For the record I do not own right now but may pick up a few shares in the next couple of days and will inform in the Trading Post series if I do. It's certainly very high on my shopping list but on the other hand I won't be chasing any prices. Here's the RML 12 month chart.

Andre Agapov and things

Well, I think we all need to read this story in The Vancouver Sun today. Thank you reader RO for passing this on. I'm going to paste the first half and leave the link so you can read the second half over at the original source, and then read it through myself a third time while sipping the morning java.

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Vancouver mining company CEO linked to Thai bank collapse

By David Baines, Vancouver SunMarch 14, 2009

The chief executive officer of a Vancouver-based junior mining company that is closely associated with Vancouver mining magnate Frank Giustra has been accused by the Thai government of plundering millions of dollars from the now-defunct Bangkok Bank of Commerce, according to documents obtained by The Vancouver Sun.

Andre Agapov, a Russian national who is now living in London, is CEO and a director of Rusoro Mining Ltd., which is based in Vancouver and trades on the TSX Venture Exchange.

In a request for assistance issued to the U.S. government in March 2002, Thai authorities named Agapov as a co-conspirator along with Krekkiat Jalichan, the bank's former managing director, and Jalichan's former adviser, Rakesh Saxena, as well as numerous others, in a scheme to defraud the Bangkok Bank of Commerce of hundreds of millions of dollars in the mid-1990s.

Giustra, who has become fabulously wealthy promoting mining deals throughout the world, and his right-hand man, Gordon Keep, have had a close business and financial relationship with Rusoro, initially through their publicly traded merchant-banking firm, Endeavour Financial Corp., and more recently through their private financial advisory firm, Fiore Capital Corp. In an interview this week, Keep said he became aware of the allegations against Agapov in a report done by a private investigation firm at the request of a U.S. investment banking company about three years ago. He said the report addressed the allegations, but because it is confidential, he declined to provide details. He said he also made other inquires, but once again declined to provide details. "The net result is that I felt comfortable dealing with Andre," he said, adding that, as far as he can determine, Agapov has acted appropriately as a senior officer and director of Rusoro.

Giustra declined to discuss the matter.

Thailand's current position with respect to its charges against Agapov is not clear. Several years have passed, and there have been frequent regime changes in Thailand. Agapov was out of the country last week and could not be reached for comment. It is clear, however, that Thailand has been pressing its cases against the other accused. Last September, Jalichan was convicted on corruption charges relating to the bank scandal and sentenced to 20 years in prison. Last week, he was convicted on more charges and handed an additional 20-year sentence. At least four other people implicated in the scandal have also been imprisoned.

Continues here

If it were me......

........in a hostile bidding war to take over a company, and the stock of the company I wanted to buy out was fairly tightly held but still at an ostensible discount to the price I was offering, I'd probably run the stock up some, buying small bits wherever posisble, then let the stock dump from a short-term high to rattle holders into either selling to me or submitting to my bid.

Just thinking out loud during the last hour of the trading year. Move along now, nothing to see here.

DYODD, dude.

I know why the caged bird sings

Dec. 30 (Bloomberg) -- Rusoro Mining Ltd., a Russian-funded company buying gold deposits in Venezuela, expects tostart production of the precious metal at its Increible-6 minein the second quarter after securing government approval. The company will revise its production forecast for nextyear after Venezuela´s government approved technical andenvironmental studies for the mine, Chief Executive OfficerAndre Agapov said today in a phone interview.

Venezuela´s Official Gazette announced the mine´s approval on Dec. 23. “It’s fantastic news,” Agapov said of the decision. “Itchanges our projections for 2009,” he said, without providing further information on the Vancouver-based company´s forecasts.

Rusoro is the government’s preferred partner to also setup a joint venture to exploit Las Cristinas, which hasVenezuela’s biggest known gold deposit, Agapov said Nov. 14.The company already operates the Choco10 mine in Venezuela andhas a “lot of common ground´´ with the government, he said.

The company is attempting to take over Gold Reserve Inc.,which has rights to exploit the Brisas gold mine in the LatinAmerican nation. The company wants to create a joint venturewith Venezuela to develop the mine, Agapov said.

Rusoro rose 6 cents, or 9.7 percent, to 68 Canadian centstoday in Toronto. It has fallen 58 percent this year.

“We’re trying to be very proactive,” Agapov said of the offer for Gold Reserve. “It looked like we were the only interested party, and we took advantage of it. If 2009 is a similar story, we’ll be even more proactive.”

Rusoro, Gold Reserve, Crystallex, Gold, Venezuela, Brisas, Las Cristinas, Bloomberg and Inca Kola News

Andre Agapov and a serious bow-tie

Yeah, a whole range of fave raves in the title line, and all because of this little report out of (the rapidly improving) Bloomie Venezuela. They even get to name a decent source of information for once. I may have missed on the Ecuador story (and I'll write a longer post on that tomorrow), but this one is coming to pass as seen.

This is off the wires, so no link as yet (but it's kosher). Once the story makes it to the open internet I'll add.

UPDATE MONDAY AM: Rusoro bids for GRZ. Still doubt?

Enjoy.

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Venezuela Gold Projects May Be Joined, Rusoro Says (Update1)
2008-12-12 23:42:33.830 GMT

(Adds Gold Reserve comments from 11th paragraph.)

By Steven Bodzin
Dec. 12 (Bloomberg) -- Two Venezuelan mines containing about $25 billion worth of gold most likely will be developed as a single project, according to Andre Agapov, chief executive officer of Rusoro Mining Ltd.

The projects, known as Las Cristinas and Brisas and controlled by Crystallex International Corp. and Gold Reserve Inc., are “one ore body, and it would be naive to think it would be more than one company” involved in development, Agapov said in a telephone interview from London. He suggested a Russian miner would get the job.

The mines have been in limbo since both Toronto-based Crystallex and Gold Reserve of Spokane, Washington, failed toget needed environmental permits in April. On Nov. 14, Agapov said that Rusoro was Venezuela’s “preferred partner” to develop the site. Agapov considers his Vancouver-based company Russian because he and the other founders are Russian.

“Only a Russian mining company can afford” to remedy problems at the site, Agapov said today. “Which company, I don’t know, but it’s the only way it’s going to be resolved,” he said. “I see resolution in the first half of 2009.”

Government Take-Over

Venezuela’s Mining and Basic Industries Minister Rodolfo Sanz said Nov. 5 that the country would take over the mines and administer them.

Rusoro, which has taken part in Russian diplomatic} missions to Venezuela, already operates the country’s Choco10 mine.

At Las Cristinas and Brisas, “it would be naive to believe it will be two ownerships, two permits. That will never work” for Venezuela’s mining and environment ministries, Agapov said today.

Together, the two mines contain more than 31 million ounces of proven and probable reserves, valued at more than $25 billion at today’s price.

Gold futures for February delivery fell $6.10, or 0.7 percent, to $820.50 an ounce in New York. The price reached a record of $1,033.90 on March 17.

Rusoro gained 5 cents, or 16 percent, to 36 Canadian cents in Toronto Stock Exchange trading.

Agapov declined to comment on a report on mining blog Inca Kola News that his company may try to take over Gold Reserve after being rebuffed in September. “They’re perfectly positioned for some transaction,” he said. “I don’t know if it will happen or not. It’s the end of the year. Maybe some brave ones will step in.”

Shares Jump

Gold Reserve President Douglas Belanger said he knew nothing about any attempt to take over his company and said today’s 30 percent surge in the share price was most likely the result of rising gold prices and the stock being worth half the company’s breakup value.

“There are no bids, not that we’re aware of,” he said. “We wouldn’t comment anyway.”

Gold Reserve rose 9 cents to 39 cents. It has plunged 92 percent in the past year.

Belanger said he recently converted non-trading Class B shares into sellable Class A shares because the stock’s value had dropped enough that he could trade out of the Class B stock without tax liability.

“It was just simple accounting, a chance to clean something up that had been around for years,” he said in a phone interview. “If I had converted them at $10, I would have had about $9.70 taxable income. I just took advantage of the low price.”

He also said the company’s debt remains outstanding and hasn’t been bought back. Crystallex spokesman Richard Marshall didn’t immediately return a call seeking comment. The stock declined 1 cent, or 7.1 percent, to 13 cents in New York. It has fallen 94 percent in the past year.

Related Post
Why Gold Reserve (GRZ) may about about to sell out to Rusoro (RML.v)

30 million ounces of gold; a real problem for any Russian millionaire

No jokes in Spanish about salami, please

But fear ye not! Because although being handed 30m oz of gold on a plate may be a real problem for any aspiring miner, Andre Agapov of Rusoro (RML.v) says he's broad-shouldered enough to take on this grave responsibility.

I may be scathing of Bloomberg some (!) of the time, but every now and again they come out with a gem of a report. That happened today with this note linked here. Go read all of "Rusoro Says It Is 'Preferred Partner' for Gold Mine" by Stewart Bailey but don't miss this killer line from the interview he got from Agapov;

"Gold Reserve and Crystallex had to find common ground and approach the ministry and they would have gotten their permit a long time ago.'' The delay "is causing us problems. People are losing faith. I'm willing to make it my problem and solve the situation.''

So, RML.v wants to muscle in and steal the concessions with the help of the Venezuelan gov't (which will happen), but the delay the victims have been experiencing with getting permits to mine is a big problem for Rusoro! File this in the "you can't make this shit up" file. Truly wonderful.