Document:

Exhibit 4.11

 

FORM 51-102F3

Material Change Report

 

	
  ITEM
  1.

  	
   

  	
  NAME
  AND ADDRESS OF COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Rusoro
  Mining Ltd. (the “Issuer”)

  
	
   

  	
   

  	
  2164
  – 1055 Dunsmuir Street

  
	
   

  	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
   

  	
  V7X
  1B1

  
	
   

  	
   

  	
   

  
	
  ITEM
  2.

  	
   

  	
  DATE
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  June 10,
  2008

  
	
   

  	
   

  	
   

  
	
  ITEM
  3.

  	
   

  	
  NEWS
  RELEASE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Issued
  June 10, 2008 and distributed through the facilities of Marketwire.

  
	
   

  	
   

  	
   

  
	
  ITEM
  4.

  	
   

  	
  SUMMARY
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Issuer announced that Peter Hambro Mining Plc has
  agreed to make an investment in the Issuer and its affiliates as part of its
  US$80,000,000 senior securites exchangeable loan, with the remainder of the
  loan being funded by a syndicate.

  
	
   

  	
   

  	
   

  
	
  ITEM
  5.

  	
   

  	
  FULL
  DESCRIPTION OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Issuer announced that Peter Hambro
  Mining Plc (“PHM”) has agreed to make a strategic US$20 million investment in
  the Issuer and its affiliates (collectively the “Rusoro Group”) as part of a
  larger US$80 million senior secured exchangeable loan (the “Loan”),
  exchangeable into shares of the Issuer at C$1.25 per share. The remainder of
  the Loan will be funded by a syndicate including funds which are investment
  managed by BlackRock Investment Management International Limited, GLG
  Partners Limited and Lansdowne Partners Limited as well as Endeavour Mining Capital
  Corp. (collectively, the “Lenders”). The Issuer will act as a guarantor of
  the Loan. Proceeds from the Loan will be used for regional consolidation
  opportunities approved by the Lenders and for general corporate purposes. PHM
  has also entered into an option agreement with the other Lenders which gives
  PHM the right to acquire from them at a price of C$2.20 per share, the shares
  of the Issuer which such other Lenders may receive upon exchange of their
  Loan (the “Option Agreement”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PHM, the second largest Russian gold
  mining company, along with a syndicate of institutional investors described
  above, has agreed to provide the Rusoro Group with the US$80 million Loan.
  The principal terms of the Loan include: 10% annual coupon payable
  semi-annually, 2 year term, exchangeable at any time at C$1.25 per common
  share of the Issuer, pro-rata participation in future equity fundings for the
  term of the Loan (subject to prepayment or exchange), and secured by share
  pledges over the Issuer’s principal assets including Choco 10. The Lenders
  have also entered into the Option Agreement (described above) with PHM. The Loan will be
  drawn down today and be made available in two tranches. US$28 million will be
  available immediately for general corporate

  

 

 

	
   

  	
   

  	
  purposes, with the remaining
  US$52 million made available once pre-agreed strategic milestones are met.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Exchange of PHM’s US$20 million loan
  into shares would give PHM an interest of approximately 4.0% of the partially
  diluted shares in the Issuer, being the common shares currently in issue plus
  the aggregate of the shares to be issued on exercise of the exchange right by
  PHM in respect of its Loan participation, but excluding any shares that PHM
  could receive pursuant to the Option Agreement. Full exercise of the Option
  Agreement would give PHM an interest of approximately 14.2% of the partially
  diluted shares in the Issuer (being calculated on the same basis as above,
  but allowing for full exercise of the Option Agreement and full exchange of
  the Loan).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PHM has two principal operating mines in the Amur region in the Russian Far
  East. In 2007, PHM’s total attributable gold production was c.297,000
  ounces and PHM continues to be one of the industry’s lowest cost producers
  with a cash operating cost at Pokrovskiy, one of its principal operating
  mines, of US$143 per ounce (as at Dec. 31 2007). PHM has offices in
  London, Moscow and Blagoveschensk and PHM’s shares are traded on the AIM
  market of the London Stock Exchange under the symbol POG.

  
	
   

  	
   

  	
   

  
	
  ITEM 6.

  	
   

  	
  RELIANCE ON SUBSECTION 7.1(2) OR
  (3) OF NATIONAL INSTRUMENT 51-102

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Not
  Applicable.

  
	
   

  	
   

  	
   

  
	
  ITEM
  7.

  	
   

  	
  OMITTED
  INFORMATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  There
  are no significant facts required to be disclosed herein which have been
  omitted.

  
	
   

  	
   

  	
   

  
	
  ITEM
  8.

  	
   

  	
  EXECUTIVE
  OFFICER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contact:

  	
  George
  Salamis, President

  
	
   

  	
   

  	
  Telephone:

  	
  604.632.4044

  
	
   

  	
   

  	
   

  
	
  ITEM
  9.

  	
   

  	
  DATE
  OF REPORT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  June 20,
  2008

  

 

2Exhibit 4.12

 

FORM 51-102F3

Material Change Report

 

	
  ITEM
  1.

  	
   

  	
  NAME
  AND ADDRESS OF COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Rusoro
  Mining Ltd. (the “Issuer”)

  
	
   

  	
   

  	
  2164
  – 1055 Dunsmuir Street

  
	
   

  	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
   

  	
  V7X
  1B1

  
	
   

  	
   

  	
   

  
	
  ITEM
  2.

  	
   

  	
  DATE
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  May 22,
  2008

  
	
   

  	
   

  	
   

  
	
  ITEM
  3.

  	
   

  	
  NEWS
  RELEASE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Issued
  May 22, 2008 and distributed through the facilities of Marketwire.

  
	
   

  	
   

  	
   

  
	
  ITEM
  4.

  	
   

  	
  SUMMARY
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Issuer announced its drill results for all outstanding
  holes from 2007 and additional results from the first quarter of 2008.

  
	
   

  	
   

  	
   

  
	
  ITEM
  5.

  	
   

  	
  FULL
  DESCRIPTION OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Please
  see attached news release.

  
	
   

  	
   

  	
   

  
	
  ITEM 6.

  	
   

  	
  RELIANCE ON SUBSECTION 7.1(2) OR
  (3) OF NATIONAL INSTRUMENT 51-102

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Not
  Applicable.

  
	
   

  	
   

  	
   

  
	
  ITEM
  7.

  	
   

  	
  OMITTED
  INFORMATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  There
  are no significant facts required to be disclosed herein which have been
  omitted.

  
	
   

  	
   

  	
   

  
	
  ITEM
  8.

  	
   

  	
  EXECUTIVE
  OFFICER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contact:

  	
  George
  Salamis, President

  
	
   

  	
   

  	
  Telephone:

  	
  604.632.4044

  
	
   

  	
   

  	
   

  
	
  ITEM
  9.

  	
   

  	
  DATE
  OF REPORT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  June 2,
  2008Exhibit 4.13

 

FORM 51-102F3

Material Change Report

 

	
  ITEM
  1.

  	
   

  	
  NAME
  AND ADDRESS OF COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Rusoro
  Mining Ltd. (the “Issuer”)

  
	
   

  	
   

  	
  2164
  – 1055 Dunsmuir Street

  
	
   

  	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
   

  	
  V7X
  1B1

  
	
   

  	
   

  	
   

  
	
  ITEM
  2.

  	
   

  	
  DATE
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  May 15,
  2008

  
	
   

  	
   

  	
   

  
	
  ITEM
  3.

  	
   

  	
  NEWS
  RELEASE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Issued
  May 15, 2008 and distributed through the facilities of Marketwire.

  
	
   

  	
   

  	
   

  
	
  ITEM
  4.

  	
   

  	
  SUMMARY
  OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Issuer announced the appointment of Mr. Matias
  Herrero as Vice President Finance and the appointment of Gary Warnecke as
  interim Chief Financial Officer as of May 15, 2008.

  
	
   

  	
   

  	
   

  
	
  ITEM
  5.

  	
   

  	
  FULL
  DESCRIPTION OF MATERIAL CHANGE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Issuer announced the appointments of Mr. Matias Herrero to the position
  of Vice President of Finance and Mr. Gary Warnecke as interm Chief
  Financial Officer, effective immediately. Both Mr. Herrero and
  Mr. Warnecke bring many years of financial expertise in the mining
  industry to the Issuer’s executive management team.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mr. Herrero
  is a CPA and a former audit manager with Pricewaterhousecoopers (PwC).  At PwC he worked in the mining division
  working with Canadian mining companies operating in Latin America.  He has previously held several senior
  finance positions in the natural resource industry, most recently as
  Corporate Controller for TSX listed Pacific Rubiales Energy Corp. a large oil
  and gas producer in Colombia.  His role
  at Pacific Rubiales included working with financial advisors Endeavour
  Financial in overseeing compliance to bring the Issuer public, complete a
  merger with Pacific Status Energy and gain a listing on the TSX main
  board.  Mr. Herrero is fluent in
  Spanish and his very strong compliance and financial reporting background
  will play a leading role in coordinating the Issuer’s Venezuelan and Canadian
  financial departments.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mr. Warnecke
  is also a CPA and formerly maintained an accounting practice in the Eastern
  United States which specialized in advising and managing North American
  financial concerns for Russian and western European based clients.  Mr. Warnecke, who is fluent in
  Russian, left his accounting practice to become Chief Financial Officer of
  GRIF Management, a private company which provided financial management
  services to the Oil and Gas Industry in Russia.  In 2006 Mr. Warnecke moved to
  Venezuela to work with Grupo Agapov and was an essential part of the team
  that brought Grupo Agapov public as Rusoro Mining Ltd.  More recently Mr. Warnecke has been
  working as the Issuer’s Internal Auditor and will lead the transition team
  put in place to merge the Issuer’s Venezuelan operations since the
  acquisition of Gold Fields Venezuelan assets.

  
	
   

  	
   

  	
   

  
	
  ITEM 6.

  	
   

  	
  RELIANCE ON SUBSECTION 7.1(2) OR
  (3) OF NATIONAL INSTRUMENT 51-102

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Not
  Applicable.

  

 

 

	
  ITEM
  7.

  	
   

  	
  OMITTED
  INFORMATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  There
  are no significant facts required to be disclosed herein which have been
  omitted.

  
	
   

  	
   

  	
   

  
	
  ITEM
  8.

  	
   

  	
  EXECUTIVE
  OFFICER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contact:

  	
  George
  Salamis, President

  
	
   

  	
   

  	
  Telephone:

  	
  604.632.4044

  
	
   

  	
   

  	
   

  
	
  ITEM
  9.

  	
   

  	
  DATE
  OF REPORT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  May 26,
  2008

  

 

2

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