Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

April 30, 2009 17:52 ET

Medoro Resources Announces 2008 Year-End Results

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today results for the year ended December 31, 2008. For the year ended December 31, 2008, Medoro reported a net loss of $14.0 million or $0.17 per share as compared to a net loss of $1.5 million or $0.03 per share in the previous year. The 2008 increase in net loss of $12.5 million was primarily a result of the write-down of the company's Mali properties in the amount of $10.7 million, an increase in operating costs of $0.9 million, an increase in foreign exchange loss of $4.7 million and an increase in future income tax recovery of $3.9 million. Net loss for the fourth quarter ended December 31, 2008 was $8.3 million or $0.09 per share compared to net income of $1.0 million or $0.02 per share in the previous year. As at December 31, 2008 the company had cash and short-term investments of $2.2 million and no debt.

The company has determined that there will not be adequate resources to continue the Mali exploration activities and the development of the Lo Increible properties. The company has decided to use available funds to fund the objective of bringing the Lo Increible properties in Venezuela to the production stage. The company is negotiating with the Venezuelan People's Power Ministry of Environment to obtain the permits required to start exploitation activities. Management intends to obtain such permits and to commence mineral exploitation in an expeditious manner.

Medoro Resources is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company 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 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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information