Medoro Resources Ltd.
TSX VENTURE : MRS

Medoro Resources Ltd.

May 29, 2009 08:49 ET

Medoro Resources Announces 2009 First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today results for the three months ended March 31, 2009. For the first quarter, Medoro reported a net loss of $0.6 million or $0.01 per share as compared to a net loss of $2.2 million or $0.04 per share in the first quarter of the previous year. The decrease in the net loss was due to a $1.2 million decrease in the foreign exchange loss primarily related to the future income tax liabilities and a decrease in operating expenses of $0.2 million. The decrease in operating expenses is the result of the reduced activity in the Mali operations. As at March 31, 2009 the company had cash and short-term investments of $1.3 million and no debt.

The company continues with its objective of bringing the Lo Increible properties in Venezuela to the production stage and continues negotiating with the Venezuelan People's Power Ministry of Environment to obtain the permits required to start exploitation activities. The company's ability to advance this project further will be constrained by the availability of funding and it is actively pursuing alternatives such as seeking strategic partners and obtaining equity financing.

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.

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