Medoro Resources Ltd.
TSX : MRS
TSX : MRS.WT

Medoro Resources Ltd.

February 17, 2011 19:00 ET

Medoro Files Updated NI 43-101 Resource Estimate Report on Marmato Project

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2011) - Medoro Resources Ltd. (TSX:MRS)(TSX:MRS.WT) is pleased to announce that it has now filed the NI 43-101 Technical Report in respect of the updated resource estimate for its Marmato Project in Colombia, announced in its news release dated January 6, 2011.

The Marmato deposit currently has a measured and indicated resource of approximately 6.6 million ounces of gold and an additional inferred resource of approximately 3.2 million ounces plus 37 million ounces of measured and indicated silver resources plus an additional 22 million ounces of inferred silver resources, as set out in the table below.

MARMATO MEASURED & INDICATED & INFERRED GOLD AND SILVER MINERAL RESOURCES
at cut-off grade (0.3 g/t Au)
    GOLD SILVER
  Tonnes
(mm)
Grade
(g/t Au)
Ounces
(mm)
Grade
(g/t Ag)
Ounces
(mm)
Measured Mineral Resource 34 1.0 1.1 8.2 9
Indicated Mineral Resource 192 0.9 5.5 4.6 28
Measured & Indicated Mineral Resource 226 0.9 6.6 5.1 37
Inferred Mineral Resource 116 0.9 3.2 5.9 22

The Marmato Project resource estimates are based on over 127,500 metres of diamond drilling and cross-cut samples, and using a cut-off grade of 0.3 g/t gold. In addition to 379 historical drill holes, the updated estimate reflects results from 105 drill holes of a definition drilling program carried out in 2010. The Company is currently conducting an infill drilling program on the Marmato Project with 236 holes to be drilled in 2011 the majority of which will be underground drill holes aimed at upgrading inferred mineral resources to the measured and indicated categories.

The Technical Report has been filed on SEDAR and is also available on the Company's website at www.medororesources.com.

Qualified Person:

Ben Parsons, Senior Resource Geologist with SRK Consulting (UK) Ltd. prepared the Marmato Project mineral resource estimate. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the properties, please refer to the Technical Report.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with a primary focus on developing a large-scale, open-pit gold-silver mine at Marmato in Colombia. Medoro also has a 5% interest in the former Frontino Gold Mines properties in Colombia with an option to increase its interest to 50%. Elsewhere, Medoro holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela as well as interests in gold exploration properties in Mali.

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.

Forward-looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • Medoro Resources Ltd.
    Greg DiTomaso
    Investor Relations
    (647) 436-2592