Marlowe Regulatory News (MRL)

29 Jan 2008 07:00

Medoro Resources Announces Drilling Results

TORONTO, Jan. 29 /CNW/ - Medoro Resources Ltd. announced today further diamond drilling results from its Lo Increible gold properties located in the El Callao mining district in Venezuela. Highlights include Hole 07-247 at El Tapon which had multiple intercepts including 14.8 metres at a gold grade of 15.1 grams per tonne (g/t) and 11.5 metres grading 9.5 g/t.

The program, consisting of 15 holes at La Cruz, five holes at La Sofia, six holes at El Tapon, four holes at Tibaire, two at Los Gritos and six holes at the new La Loca zone, was designed to expand and upgrade current resources. A review of structural data for both the La Sofia and El Tapon zones is currently in progress, aimed at obtaining a better understanding of the geological control of high grade shoots which may be located at fold hinges or shear intersections.

Significant intervals (exceeding 10 gram-metres) are summarized below. ----------------------------------------------------------------------- Hole No. From To Interval Grade Zone (m) (m) (m) (g/t) ----------------------------------------------------------------------- LI07_203 166.3 171.2 4.9 3.8 La Cruz LI07_209 20.0 33.2 13.2 4.0 La Cruz LI07_218 86.5 96.6 10.1 1.2 La Cruz LI07_229 27.0 38.0 11.0 3.8 La Cruz LI07_232 38.5 42.0 3.5 2.9 La Cruz LI07_236 179.3 183.6 4.3 6.1 La Cruz LI07_240 195.8 206.9 11.1 5.5 La Cruz LI07_248 30.0 33.0 3.0 3.7 La Cruz and 75.0 81.0 6.0 4.1 La Cruz ----------------------------------------------------------------------- LI07_228 57.0 65.9 8.9 2.7 La Sofia LI07_233 73.5 80.0 6.5 3.4 La Sofia LI07_239 122.4 129.0 6.6 2.5 La Sofia ----------------------------------------------------------------------- LI07_201 132.9 140.4 7.5 2.5 El Tapon and 181.8 188.5 6.7 1.7 El Tapon LI07_215 101.5 104.9 3.4 3.0 El Tapon LI07_241 139.3 141.6 2.3 5.2 El Tapon LI07_247 105.3 109.5 4.2 5.3 El Tapon and 115.0 117.9 2.9 13.0 El Tapon and 127.6 139.0 11.5 9.5 El Tapon and 141.0 155.8 14.8 15.1 El Tapon ----------------------------------------------------------------------- LI07_205 86.4 92.4 6.1 8.6 La Loca LI07_208 75.5 78.9 3.4 11.3 La Loca LI07_211-B 94.0 102.5 8.5 3.9 La Loca LI07_217 99.5 108.0 8.5 2.9 La Loca ----------------------------------------------------------------------- Intervals approximate true width. Grades are uncut. -----------------------------------------------------------------------

These results confirm that La Cruz continues at depth and also extend the structure further to the east. Infill drill holes at La Sofia and El Tapon confirm the current geological model and extend mineralization to the northeast. At La Loca, the reported holes intersected a NS-striking structure that has been confirmed to extend vertically for at least 100 metres over a strike extent of at least 150 metres.

In 2008, the company is planning a further 28,000 metres of diamond drilling to add resources outside of the existing zones, test potential of near-surface mineralization at La Cruz, define high-grade shoots along the La Cruz structure and provide additional information in the more structurally complex areas.

At the Lo Increible properties, gold mineralization occurs as lode-gold shear-hosted quartz-carbonate veins. Mineralization is associated to the east-northeast to east trending Lo Increible shear, and it shares with the nearby Choco 10 mine similar lithologies, structural features and style.

The company currently has three drill rigs on the property, of which one is dedicated to upgrading the resources at the La Cruz, La Sofia and El Tapon zones. The second rig is evaluating three additional prospects, among others, that have been identified within Lo Increible 4A and 4B - Tibaire, La Lapa, La Loca and Los Gritos.

Dr Mike Armitage C.Eng. C. Geol. is the Qualified Person for this project and is independent of the company. He has conducted the verification for this project. Medoro has used Triad Laboratories in Venezuela as the primary laboratory. Split HQ core samples of 4 to 5 kg were crushed and pulverized to 250 grams. A 50 gram sample was split for fire assay analysis using AAS finish, and gravimetric finish if Au was greater than 2.0 g. A comprehensive quality control program, which includes blanks, standards duplicates and cross checks was employed. This QC program included the use of certified standard reference samples.

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 Republic of 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.

Glossary: AAS: Atomic Absorption Spectrometer. Split HQ: A standard form of core size. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

For further information: Jose Francisco Arata, (416) 603-4653 (MRL)