Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

October 18, 2010 07:00 ET

Medoro Announces Additional Drilling Results

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today diamond drilling results from a further 19 drill holes from its exploration and in-fill drilling program at the Marmato gold project in Colombia. Highlights included Hole MT-1282 which intersected 215.5 metres (m) at an average gold grade of 1.0 grams per tonne (g/t), and Hole MT-1283A which reported a 37.2 metre interval grading 3.9 g/t gold.

Serafino Iacono, Interim President and CEO of Medoro, commented, "We are very pleased with the consistently good results we are generating from this drill program, which demonstrate economic gold grades over significant widths. Marmato is a significant bulk tonnage gold project which is distinguished by its access to excellent infrastructure, an existing operational mine and mill, and topography which will facilitate the construction of a large tonnage, open pit mining operation."

Other significant results (greater than 10 gram-metres) are summarized below.

Hole From To Length Au Ag
MT- (m) (m) (m) (g/t) (g/t)
1269A 125.8 147.2 21.4 1.1 17.6
and 156.0 184.0 28.0 1.1 15.3
and 206.0 257.0 51.0 0.6 2.9
and 300.5 345.0 44.5 1.1 5.5
and 351.7 411.0 59.3 1.0 5.9
and 418.0 478.0 60.0 0.8 6.0
  including 426.0 436.0 10.0 2.6 10.4
1276 284.0 296.0 12.0 1.0 8.9
1277 326.0 343.0 17.0 0.7 3.3
1278 48.8 78.0 29.2 0.9 11.2
and 126.3 143.3 17.0 2.8 13.9
1282 71.0 159.0 88.0 0.4 5.6
and 180.4 395.9 215.5 1.0 4.9
1283 104.0 134.0 30.0 0.4 3.6
and 166.0 231.6 65.6 0.8 5.2
1283A 178.0 246.0 68.0 1.0 5.7
and 259.0 296.2 37.2 3.9 8.2
  including 267.8 282.2 14.4 4.5 17.6
and 315.5 421.5 106.0 0.5 3.4
  including 321.0 334.0 13.0 1.5 17.0
and 365.0 388.8 25.8 0.8 2.7
1285 137.2 159.0 21.8 1.6 5.8
and 226.0 267.5 41.5 2.2 12.5
1287 283.6 313.0 29.4 0.5 1.7
and 365.3 390.5 25.2 0.7 4.3
1289 210.2 228.1 17.9 0.7 4.7
and 235.9 254.5 18.6 2.1 2.3
1290 283.0 299.1 16.1 2.0 3.6
  including 283.0 287.8 4.8 6.3 7.7
and 305.8 354.7 48.9 0.6 5.0
  including 321.9 335.7 13.8 1.4 11.7
and 363.0 401.0 38.0 0.7 2.9
1292 194.0 292.0 98.0 1.0 5.8
  including 212.0 258.0 46.0 1.5 8.2
1298 4.1 38.5 34.4 0.5 4.3
and 119.5 136.1 16.6 1.5 8.9
and 187.7 215.0 27.3 0.4 1.3
1303A 68.0 98.5 30.5 1.8 10.3
The drill holes were inclined at 45 to 75 degrees from horizontal and the intersection lengths do not represent the true widths. 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 cut to 20.0 g/t. No significant intercepts in holes MT-1280, 1281, 1291, 1294 and 1303 were found.

In addition to the long widths of low grade mineralization, several drill holes also contain high grades of gold and silver in both veins and in porphyry with veinlets, with gold values of up to 72.8 g/t over 1.3 metres and silver values of 88.0 g/t over 0.8 metres.

The total number of metres drilled to date is 46,870 in 136 holes, including 23 holes for which the company is awaiting assay results and 12 holes which are currently being drilled. 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 a single gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The Marmato Project is the subject of a Technical Report dated March 5, 2010 prepared by Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado which currently has a measured and indicated mineral resource of approximately 245 million tonnes at an average gold grade of 1.0 g/t containing 7.5 million ounces of gold plus 76 million tonnes grading 0.9 g/t containing approximately 2.2 million ounces of gold classified as inferred resources.

Scott Wilson of Scott E. Wilson Consulting, Inc. and SRK Consulting have been retained by the company to update the current resource estimate and assess potential open pit mining scenarios and will further focus the current drilling program and facilitate the preparation of a pre-feasibility study.

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 a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.

Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.

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.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor 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

  • Medoro Resources Ltd.
    Peter Volk
    Vice President & General Counsel
    (416) 603-4653
    (416) 360-7783 (FAX)
    www.medororesources.com