Last checked at 18 Sep 2007 07:00
Attention Business Editors:
Medoro Resources Announces Completion of its Acquisitions in Mali
TORONTO, Sept. 17 /CNW/ - Medoro Resources Ltd. announced today that it has exercised its option under the previously announced agreement to acquire rights to seven of the nine gold exploration and exploitation areas in the Republic of Mali.
On completion of the acquisition, Medoro paid US$2,090,000 and issued 5,200,000 of its common shares to acquire all of the issued and outstanding shares of African Gold Resources, S.A., a Panamanian company which holds the options to acquire the properties.
Medoro has assumed the obligations of African Gold Resources S.A. under the various option arrangements with the current property holders, including cash payments totaling US$224,000 and a one time payment of US$9.00 per ounce of measured gold resources and US$4.00 per ounce of indicated gold resources. If any of the individual properties contains an aggregate of 500,000 ounces or more of measured and indicated gold resources, then Medoro will be obliged to pay Gold Resources a one-time payment of US$6.00 per ounce of measured gold resources and US$4.00 per ounce of indicated gold resources.
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 seven gold exploration areas in the Republicof Mali. Additional information on the company can be found by visiting the company's website at www.medororesources.com. Medoro's Nominated Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney), +44 (0) 20 7050 6500.
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For further information: Nelson Lee, Chief Financial Officer at (416)603-4653, nlee(at)medororesources.com(MRS. MRL)
MEDORO RESOURCES LTD