Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

August 18, 2009 17:50 ET

Medoro Announces Board Appointments and Resignations

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2009) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today that it has accepted the resignations of Serafino Iacono and Jose Francisco Arata as directors of Medoro, effective as of today's date, to allow for a more independent board of directors. In their place, the board has appointed Robert J. Metcalfe and Augusto Lopez.

Although Mr. Iacono and Mr. Arata (who also resigned his position as Executive Vice President, Exploration) have resigned from the board of directors, they will continue to be involved with the company and have each entered into a consulting agreement to assist Medoro in implementing its investment strategy in Colombia.

Robert J. Metcalfe has been counsel to Metcalfe, Blainey & Burns LLP since January 2001. Prior to that, he was a senior partner with the law firm Lang Michener LLP for 20 years and President and Chief Executive Officer of Armadale Properties (office building construction and land development) for seven years. He currently serves as a director of telematics corporation Air IQ Inc., natural resources corporation NXA Inc., intellectual property company ION Inc. of England, and clean-tech corporation Envirotower Inc. Mr. Metcalfe is also a former director of Radiant Energy Corporation, numerous natural resource corporations, including Central Patricia Gold Mines Limited, Iron Bay Trust Inc., Faraday Resources (Uranium) Ltd. and Chimo Gold Mines Inc., as well as Canada Lanes Company Limited, the largest real estate corporation in Canada, and past director and chairman of CN Tower Limited.

Augusto Lopez is the former President of Bavaria S.A., Colombia's largest producer of beverages, and sits on the boards of numerous Canadian, Colombian and Latin American enterprises involved in the securities, television, airline, cellular and banking industries, among others. He currently serves as a director of Pacific Rubiales Energy Corp. Mr. Lopez has also received many governmental and professional citations, both within Colombia and throughout
the world.

The appointments of Messrs. Metcalfe and Lopez remain subject to shareholder approval.

Medoro also announced that on July 29, 2009 it granted options to purchase 10,550,000 common shares of Medoro to its directors, officers, employees and consultants, subject to regulatory approval. The stock options were granted pursuant to Medoro's stock option plan and are exercisable at a price of $0.65 per share, the closing market price on the date prior to the date of grant, for a period of five years.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company recently announced the execution of an arrangement agreement to acquire the securities of Colombia Goldfields Ltd., which has properties located in the Marmato District of Colombia. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in eleven gold exploration areas in the Republic of Mali. Additional information on Medoro Resources Ltd. can be found by visiting the company's website at www.medororesources.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.

Contact Information

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