Mazorro Resources Inc.

Mazorro Resources Inc.

May 29, 2009 16:00 ET

Mazorro Resources Announces Private Placement Offering

OTTAWA, ONTARIO--(Marketwire - May 29, 2009) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) announces that it intends to raise up to a maximum of $160,000 by way of a non-brokered private placement of units.

Each unit will consist of one common share and one common share purchase warrant (the "Units"). Each Unit will be offered at a price of $0.08 per Unit. The warrants will be exercisable for a period of one year from the closing of the offering at a price of $0.12 per common share. This offering would give rise to the issuance of a maximum of 2,000,000 Units. Directors and officers of the Company are expected to participate in the private placement for a total amount of approximately $24,000.

All securities issued in the offering will be subject to a four month hold period from the closing date of the offering. Completion of this offering is subject to TSX Venture Exchange acceptance.

The funds raised pursuant to the offering will be used to fund the Company's commitments for Mexican property interests and for general working capital requirements. The Company is continuing to negotiate with Oro Gold Resources Ltd. to amend the terms of the Cimarron property agreements.

Mazorro presently has approximately 15.5 million common shares outstanding and is a tightly held junior mining exploration company targeting gold, silver and copper deposits in the western Mexican state of Sinaloa, around the port city of Mazatlan. Mazorro is focussing on a region offering social and political stability in a country offering a favourable investment climate to foreign investors.

Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the time and success of future exploration, development and production activities and the timing and amount of expenditures.

Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mazorro Resources Inc.
    Andre Audet
    Interim President & CEO