Medoro Resources Ltd.

Medoro Resources Ltd.

October 30, 2009 16:00 ET

Medoro Completes Acquisition of Colombia Goldfields Ltd.

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today that it has completed the previously announced acquisition of all of the outstanding shares of common stock of Colombia Goldfields Ltd. by way of statutory plan of arrangement under the Business Corporations Act (Yukon). The arrangement received final approval of the Supreme Court of Yukon on October 29, 2009. Pursuant to the arrangement, holders of Colombia Goldfields common shares are entitled to receive 0.336 of a Medoro common share and 0.0108 of a Medoro share purchase warrant for each Colombia Goldfields common share. Each full warrant will be exercisable into one Medoro common share at a subscription price of Cdn$0.50 per Medoro common share for a term of two years.

"We are extremely pleased to have completed the acquisition of Colombia Goldfields, which provides us with our first interests in Colombia and represents the first step in our strategic plan to consolidate the properties in the Marmato gold district", said Mr. John Hick, newly appointed Chief Executive Officer and President of Medoro. "Upon the closing of our recently announced private placement, expected to close on November 3rd, 2009, we will be ready to commence an infill drilling program and related work on the Zona Alta of the Marmato Mountain acquired through Colombia Goldfields."

Medoro also announced today that, in connection with the arrangement, it issued 6,725,052 common shares to creditors of Colombia Goldfields in satisfaction of debt owed to such creditors in the aggregate amount of Cdn$2,792,612.80.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration and development company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia. The Company owns the rights to the Zona Alta of the Marmato Mountain, located in Colombia, and recently announced the execution of: (i) a letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A.; and (ii) a letter of intent to acquire the securities of Colombia Gold plc, each of 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 other gold exploration areas outside of South America. Additional information on Medoro Resources Ltd. can be found by visiting the company's profile on SEDAR at

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, 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.
    John Hick
    Chief Executive Officer & President
    (416) 603-4653

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