Purchase of Medoro Resources Common Shares by CEO and President
TORONTO, ONTARIO -- (Marketwire) -- 10/28/10 -- Medoro Resources Ltd. (TSX: MRS) announced today that its Interim Chief Executive Officer and President, Serafino Iacono, has purchased 600,000 common shares of the Company, at an average price of $1.70 per share, on the open market on October 27, 2010. Since his appointment as Interim Chief Executive Officer and President of the Company in late September 2010, Mr. Iacono has purchased an aggregate of 700,000 common shares of the Company.
Mr. Iacono commented, 'My investment in Medoro reflects my commitment and confidence in the company's strategy and our objective to develop the Marmato deposit.'
Medoro Resources is presently focused on developing the Marmato deposit and has retained SRK Consulting to look at mining options and a related mineable resource estimate. The Company will continue to update the market on developments at Marmato.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines 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 where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
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.
Contacts:
Medoro Resources Ltd.
Peter Volk
Vice President & General Counsel
(416) 603-4653
(416) 360-7783 (FAX)
www.medororesources.com