Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

October 01, 2010 17:40 ET

Medoro Announces Board Appointment and Resignations

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today that it has appointed Miguel de la Campa as the Executive Director of Medoro and has added him to its board of directors, effective immediately. At the same time, Medoro announced the resignations of Mario Caron and Keith Morrison.

Mr. de la Campa has been involved in the financing and development of mining, oil and other resource projects in the United States, Latin America, Europe and Africa for the last thirty years. He was a co-founder, and a former director, of Medoro and has served or is serving as an officer and/or director of numerous public companies, including Bolivar Gold Corp., Pacific Rubiales Energy Corp. and Gran Colombia Gold Corp. Mr. de la Campa's appointments are subject to regulatory approval.

"The board is delighted that Mr. de la Campa has joined Medoro. Mr. de la Campa brings to Medoro considerable knowledge and years of experience in the mining industry and in Colombian in particular," said Serafino Iacono, the interim President and Chief Executive Officer of Medoro. 

The board wishes to thank Messrs. Caron and Morrison for their contributions to the company and wishes them well in their 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 www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.

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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