Tolima Gold Corp.

April 01, 2011 18:32 ET

Tolima Gold Corp. Announces Acquisition of Mining Properties From Medoro Resources

TORONTO, ONTARIO--(Marketwire - April 1, 2011) - Tolima Gold Corp. ("Tolima Gold"), a Canadian privately-owned company, is pleased to announce today that it has entered into a binding letter of intent with Medoro Resources Colombia Inc. ("Medoro Colombia"), a wholly-owned subsidiary of Medoro Resources Ltd., a TSX listed company, pursuant to which Medoro Colombia will assign to Tolima Gold beneficial rights to 36 mining concessions, exploitation licenses and applications for mining concessions in the areas known as "Oro Fino", "La Campana", "San Bartolome" and "El Salto", located in the Antioquia and Caldas Departments of Colombia. In exchange for such assignment, Tolima will issue 5,000,000 common shares to Medoro Colombia.

About Tolima Gold Corp.

In addition to the 36 mining concessions to be assigned from Medoro Colombia, Tolima Gold is also the beneficial holder of 22 mining properties in the Tolima Department and has just completed a private placement for aggregate gross proceeds of C$15,000,000 which will be used to advance exploration and development of both the current Tolima Gold properties and the mining properties to be assigned by Medoro.

Contact Information

  • Andrew DeFrancesco
    (416) 362-4441
    or
    Lisa-Marie Iannitelli
    (416) 362-4441