Medoro Resources Ltd.

Medoro Resources Ltd.

August 21, 2009 16:30 ET

Medoro Resources Announces 2009 Second Quarter Results

TORONTO, ONTARIO--(Marketwire - Aug. 21, 2009) - Medoro Resources Ltd. (TSX VENTURE:MRS) announced today results for the three month and six month periods ended June 30, 2009. For the second quarter, Medoro reported a net loss of $0.5 million or $0.01 per share as compared to a net loss of $3.0 million or $0.03 per share in the first quarter of the previous year. For the six months ended June 30, 2009 the company reported a loss of $1.2 million or $0.01 per share as compared to a loss of $5.2 million or $0.07 per share in the same period last year.

The decrease in the net loss for the quarter was primarily a result of a $1.6 million decrease in operating expenses (derived from a $1.2 million decrease in general and administrative costs and $0.4 million decrease in stock-based compensation) and a $0.8 million decrease in other expenses, arising primarily from a decrease in foreign exchange losses.

As at June 30, 2009 the company had cash and short-term investments of $8.1 million and no debt.

With the completion of three equity financings, the company is focused on the closing of the acquisitions of Colombia Goldfields and Colombia Gold plc. Upon the closings occurring, the company will have significant interests in the historic Marmato gold district of Colombia.

The company continues to negotiate with the Venezuelan People's Power Ministry of Environment to obtain the permits required to start exploitation activities at its Lo Increible properties. Once obtained, the company intends to commence mineral exploitation in an expeditious manner.

About Medoro Resources Ltd.

Medoro Resources Ltd. 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: (i) an arrangement agreement to acquire the securities of Colombia Goldfields Ltd., and (ii) and 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 four gold exploration areas in the Republic of Mali. Additional information on Medoro Resources Ltd. can be found by visiting the company's website at

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.

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