Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

June 25, 2009 06:45 ET

Medoro Announces Execution of Lock-Up Agreements in Respect of Colombia Goldfields Acquisition

TORONTO, ONTARIO--(Marketwire - June 25, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Medoro Resources Ltd. (TSX VENTURE:MRS) announced today that it has entered into voting and lock-up agreements with certain directors and executive officers (and an affiliate of an executive officer) of Colombia Goldfields Ltd. in connection with its previously announced proposed acquisition of all of the outstanding common shares of Colombia Goldfields. Pursuant to the lock-up agreements, the directors and executive officers have agreed, among other things, to vote all of their Colombia common shares and options in favour of the proposed acquisition.

The directors and executive officers collectively hold (or exercise control or direction over) an aggregate of 17,465,000 Colombia Goldfields common shares and securities convertible into Colombia Goldfields common shares, representing approximately 13% of the outstanding Colombia Goldfields common shares (on a fully-diluted basis).

A copy of the arrangement agreement in connection with the Proposed Acquisition has been filed under Medoro's profile on SEDAR and is available at www.sedar.com.

Medoro Resources 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 can be found by visiting the company's website at www.medororesources.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not an offer of securities for sale into the United States or Canada. No offering of securities shall be made in the United States or Canada except pursuant to registration under the US Securities Act of 1933, as amended, or an exemption therefrom.

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.

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