Last checked at 30 Nov 2006 07:00
Medoro Resources Announces 2006 Third Quarter Results
TORONTO, Nov. 29 /CNW/ - Medoro Resources Ltd. announced today results for the quarter ended September 30, 2006.
For the quarter, Medoro reported net earnings of $495,000 or $0.01 per share as compared to a loss of $4.1 million or $0.23 per share in the third quarter of last year. The current net earnings largely reflects the gain on the sale investments of $1,464,000 and interest income, foreign exchange gains and other income of $344,000 partially offset by corporate and operating costs of $1,313,000 whereas the prior year period included a $3.5 million investment writedown. For the nine months ended September 30, 2006 the company reported a loss of $349,000 or $0.01 per share as compared to a loss of $5.0 million or $0.31 per share for the same period last year. At September 30, 2006 the company had cash and short-term investments of $15.8 million and no debt. Complete financial statements are available on the Company's website or on SEDAR at www.sedar.com.
At the Lo Increible property, the company has been conducting a 10,000-metre drilling campaign designed to provide the basis for reclassifying the existing historical resources and identify additional reserves and resources. The first phase of drilling will be in-fill drilling at the La Cruz, La Sofia and El Tapon prospects on 12.5 and 25-metre spacing with the objective of upgrading the existing 390,000 ounces of indicated resources and 505,000 of inferred resources respectively. Included in this phase will be a number of deep holes to test the down-dip potential of the mineralization at the three prospects. Initial drill results are expected in the near future.
Medoro Resources is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. Further information is available on our website at www.medororesources.com.
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For further information: Robert Doyle, Executive Vice President, (416) 603-4653, rdoyle(at)medororesources.com (MRS.)
MEDORO RESOURCES LTD