Escondoro Resources Ltd.

Escondoro Resources Ltd.
Plexmar Resources Inc.

Plexmar Resources Inc.

March 13, 2008 10:14 ET

Escondoro Resources Ltd. Announces the Filing of an Amended and Restated Prospectus in Connection With its Initial Public Offering

QUEBEC CITY, QUEBEC--(Marketwire - March 13, 2008) - (TSX VENTURE:PLE) -

Escondoro Resources Ltd. ("Escondoro" or the "Corporation") is pleased to announce that it has filed an amended and restated prospectus (the "Prospectus") with the securities regulatory authority in each of the provinces of Quebec, Ontario, Alberta and British Columbia (the "Securities regulatory authorities") in connection with an initial public offering (the "IPO") of units (the "Units") at a price of $0.40 per Unit, each Unit consisting of one common share of Escondoro and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one common share of Escondoro at a price of $0.60 at any time prior to 5:00 p.m. (Montreal time) on the date that is 24 months following the closing of the IPO. Pursuant to its IPO, Escondoro intends to issue $3,000,000 of Units. A receipt from the Securities regulatory authorities was obtained for the Prospectus. The Corporation has appointed Canaccord Capital Corporation to act as agent with respect to the IPO.

The closing of the IPO is subject to customary conditions and is expected to occur on or about March 31st, 2008.

The TSX Venture Exchange Inc. (the 'Exchange') has conditionally approved the listing of the Corporation's issued and outstanding common shares and the common shares and common share purchase warrants comprised in the Units distributed under the Prospectus, which listing will be subject to Escondoro fulfilling all of the requirements of the Exchange.

With its registered office located in Quebec City, Escondoro is a mining exploration corporation focused in Ecuador. After the closing of the IPO, the business of the Corporation will pertain to the exploration of its mining properties. Pursuant to an Option and Joint Venture Agreement entered into with Plexmar Resources Inc. (TSX VENTURE:PLE) and its subsidiary, Plexmar Ecuador S.A., the Corporation's subsidiary, Sadcoecuador S.A., was granted an exclusive option to acquire up to an undivided 60 % interest in 24 mining concessions (the "Escondida project") in Ecuador.

The Escondida project covers approximately 85,000 hectares (850 km2) and borders Aurelian Resources Inc.'s large land package on the western flank and north of Corriente Resources Inc. concessions.

The Units of Escondoro have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to or for the account or benefit of any U.S. person.

You are also invited to consult the Prospectus which is available on the SEDAR Website at A copy of the Prospectus may be obtained by contacting the person named below.


This news release contains certain forward-looking statements. These statements relate to future events or Escondoro's future economic performance, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect the corporation's accomplishments, economic performance or results when considered in light of the content or implications of statements made by Escondoro. Actual events or results could be significantly different. Escondoro undertakes no obligation, and does not intend, to update these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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