Medoro Resources Ltd.
TSX : MRS
TSX : MRS.WT

Medoro Resources Ltd.

April 19, 2011 22:52 ET

Medoro Announces Additional Drilling Results

TORONTO, ONTARIO--(Marketwire - April 19, 2011) - Medoro Resources Ltd. (TSX:MRS)(TSX:MRS.WT) is pleased to announce diamond drilling results from a further 52 drill holes totalling 19,894 metres from its surface and underground drilling program at the Marmato gold project in Colombia.

Highlights include hole MT-1376 which returned multiple economic mineralized intersections, with the best being 1.6 grams per tonne (g/t) gold and 11.2 g/t silver over 229.5 metres. This intersection is the best seen to date and proves the presence of economic mineralization to the south of the Echandia main mining area. The deepest intersection returned 1.1 g/t gold over 101.4 metres from a depth of 502.6 metres, extending the known mineralization down-dipclose to the current bottom of the preliminary open pit (see Attachment 1). Other highlights include hole MT-1331, which returned 2.3 g/t gold over 97 metres and MT-1343A, which reported an uncut gold grade of 18.3 g/t over 6.3 metres. One of the underground holes, MT-1366 intersected 79.2 metres down hole grading 1.7 g/t gold and 8.7 g/t silver from a depth of 252.4 metres. This hole extends the economic mineralization more than 100 metres below the current bottom of the preliminary open pit. (See attachment 1).

Serafino Iacono, Interim President and CEO of Medoro, commented, "We are encouraged by the success of our ongoing drilling program which continues to fill in voids in the current resource estimate and push the boundaries of the open pittable resource defined in our 43-101 Technical Report announced on January 6, 2011.

Surface Drill Holes

A total of 41 new holes totalling 17,221 metres were drilled as in-fill holes within or immediately adjacent to the limits of the open pit resource. The significant results (greater than 20 gram-metres) are summarized below.

Drill
Hole
From
(m)
To
(m)
Length
(m)
Au Grade
(g/t)
Ag Grade
(g/t)
MT-1331188.4285.296.82.316.1
and292.0368.276.21.06.4
and494.0549.555.51.14.7
MT-134044.956.711.81.814.1
and176.8198.922.11.16.1
and368.8412.944.12.37.5
and520.2599.178.90.51.8
MT-1343-A24.966.441.50.74.2
and73.8134.260.40.61.9
and234.9255.020.10.53.1
and305.7312.06.33.817.1
MT-1345-A109.0184.775.70.311.6
and218.8301.482.60.43.7
and405.5423.417.91.29.1
MT-135373.5106.733.21.08.4
MT-1353-A76.0115.039.01.07.2
and353.0477.5124.50.82.7
MT-1354118.0150.032.01.49.6
and239.0331.092.01.25.5
MT-1356566.0575.09.02.42.7
MT-1362165.0213.948.90.63.3
and233.0255.622.60.91.9
MT-1364132.0218.086.00.85.0
and240.8284.343.51.79.1
MT-1365-A41.5101.259.80.97.3
and207.0232.925.91.27.2
MT-137375.6119.043.41.714.5
and307.0341.034.00.91.3
and435.0456.021.01.14.9
MT-137668.695.026.41.09.1
and196.5426.0229.51.611.2
and439.3453.314.02.36.5
and502.6604.0101.41.13.8
The drill holes were inclined at -45 to -75 degrees from horizontal and the intersection lengths do not represent true width. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t.

Underground Drill Holes

A total of 11 new holes totalling 2,673 metres were drilled as in-fill holes within the limits of the open pit resource. The significant results (greater than 20 gram-metres) of in-fill drill holes drilled within the limits of the open pit resource or immediately below it are summarized below.

Drill
Hole
From
(m)
To
(m)
Length
(m)
Au Grade
(g/t)
Ag Grade
(g/t)
MT-1288214.3248.233.90.72.4
and268.0318.050.00.84.1
MT-136678.894.015.21.32.9
and252.3331.579.21.58.7
MT-136784.0130.546.50.54.0
MT-1372138.0268.5130.51.43.7
and275.4450.1174.60.51.6
MT-13756.064.058.00.84.8
and97.5140.743.20.52.6
and163.0204.341.30.96.9
and216.3255.939.60.75.6
MT-137857.171.514.42.210.3
MT-13799.061.052.00.83.0
MT-138097.0134.837.80.32.5
MT-13838.048.040.01.12.0
The drill holes were inclined at -75 to 40 degrees from horizontal and the intersection lengths do not represent true width. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t.

The total number of metres drilled to date is 82,827 in 232 holes, including 19 holes for which the company is awaiting assay results and 10 holes which are currently being drilled. A further 159 holes are planned for 2011 of which 32 remain from surface and 127 are planned from underground. All of the results to date, together with a map showing the locations of the drill holes, are available on Medoro's website at www.medororesources.com.

The Marmato Project is the subject of a Technical Report prepared by SRK Consulting (UK) Ltd. announced on January 6, 2011 showing a measured and indicated mineral resource of approximately 226 million tonnes at an average gold grade of 0.9 g/t containing 6.6 million ounces of gold plus 116 million tonnes grading 0.9 g/t containing approximately 3.2 million ounces of gold classified as inferred resources at a cut-off grade of 0.3 g/t. Measured and indicated silver resources amounted to 37 million ounces plus a further 22 million ounces classified as Inferred resources based on silver grades of 5.1 and 5.9 g/t respectively. The complete Technical Report is available on sedar.com as well as the company's website.

SRK have commenced a Preliminary Economic Assessment, the results of which are expected to be released shortly.

Qualified Person

Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

In the case of the drilling results referred to herein, the samples were prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample preparation facility in Medellin, Colombia, and were assayed at their laboratory in Santiago, Chile. Gold was assayed by fire assay with atomic absorption spectrophotometer ("AAS") finish. Samples over 10 g/t were assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 100 g/t were assayed by fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with its primary being the development of a large-scale, open-pit gold mine at Marmato in Colombia. Medoro also has a 5% interest in the former Frontino Gold Mines properties in Colombia with an option to increase its interest to 50%. Elsewhere, Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela as well as interests in gold exploration properties in Mali.

On April 13, 2011, the company announced that has entered into an arrangement agreement to merge with Gran Colombia Gold Corp. to create a leading Colombian-focused gold production and exploration company. The combined company will benefit from the current production and expansion potential at the Gran Colombia gold mine (formerly known as the Frontino gold mine) together with the large-scale highly prospective Marmato gold development project, both located on the mid-Cauca gold belt in the vicinity of Medellin, Colombia.

Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.

To view Attachment 1, please visit the following link: http://media3.marketwire.com/docs/MRSA1.pdf

Contact Information

  • Medoro Resources Ltd.
    Peter Volk
    Vice President & General Counsel
    (416) 603-4653