Medoro Resources Ltd.

Medoro Resources Ltd.

September 20, 2010 07:00 ET

Medoro Announces Appointment of Interim Chief Executive Officer

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) has announced that Serafino Iacono has been appointed interim Chief Executive Officer and a director of Medoro.

Mr. Iacono replaces John W. W. Hick, who has resigned, as Chief Executive Officer and a director of Medoro.

Mr. Iacono has over twenty years of experience in capital markets and public companies and has raised more than two billion dollars for numerous natural resource projects internationally. He co-founded Medoro and previously served as a director of the company from February 24, 2004 to August 18, 2009 and currently is the Executive Co-Chairman and a director of each of Gran Colombia Gold Corp. and Pacific Rubiales Energy Ltd. Mr. Iacono was also a co-founder of Bolivar Gold Corp. and is involved in numerous resource and business ventures in Colombia.

"The board is delighted that Mr. Iacono has joined Medoro as interim Chief Executive Officer. Mr. Iacono brings to Medoro considerable knowledge and years of experience in the mining industry and was the driving force for Medoro's move into Colombia," said Robert Metcalfe, the independent Chairman of Medoro, on behalf of the board.

The board wishes to thank Mr. Hick for his contribution to the company and wishes him well in his future endeavours.

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 has a 5% interest in the Frontino Gold Mines assets through a joint venture with Gran Colombia Gold Corp., which operates the joint venture and holds the other 95%. The 5% interest is a carried interest for one year, during which time Medoro has a back-in right option to increase its interest to 50% by paying 50% of the net purchase price, Finders Fees and any capital expenditures incurred by the joint venture up until the exercise of such option, plus a premium of 25% thereon. If Medoro does not exercise its back-in right, its 5% interest would be a participating interest subject to dilution if Medoro does not contribute it ongoing share of expenditures. The Frontino Gold Mines assets cover a large land position of 2,907 hectares in the northeast of the Department of Antioquia, Colombia.

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 and by reviewing the Company's profile on SEDAR at

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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.

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