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

Medoro Resources Ltd.

May 06, 2011 16:30 ET

Medoro Resources Announces Resignation of Officer

TORONTO, ONTARIO--(Marketwire - May 6, 2011) - Medoro Resources Ltd. (TSX:MRS)(TSX:MRS.WT) announced today that Juan Manuel Pelaez, its President, Colombian Operations, has resigned, effective immediately, to pursue other business interests.

Serafino Iacono, Interim President and Chief Executive Officer, said "We would like to thank Juan Manuel for his service and support to the Company as we established ourselves in Colombia. We wish him well in his future endeavours."

About Medoro Resources Ltd.

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

The Company recently announced the execution of an arrangement agreement with Gran Colombia Gold Corp. to merge the two companies and create a leading Colombia-focused gold production and exploration company. The arrangement is subject to Medoro securityholder approval, approval of the Supreme Court of Yukon, and the receipt of required regulatory, stock exchange and third party approvals.

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.

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.

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