Marlowe Regulatory News (MRL)

23 Nov 2007 07:00

Medoro Resources Announces Completion of Private Placement

TORONTO, Nov. 22 /CNW/ - Medoro Resources Ltd. announced today that it has completed a private placement of 3,308,809 units at a price of $0.68 per unit, for gross proceeds of $2,249,990.36. Each unit consists of one common share of the company and one common share purchase warrant exercisable at a price of $1.00 for a period of two years from the date of closing.

All securities issued as part of this placement are subject to a four-month hold period. The funds will be used for general corporate and working capital purposes, which may include costs associated with expanding exploration opportunities.

In accordance with applicable AIM requirements, information regardingdirectors and officers of the company who have participated in the privateplacement is set out below: Director/ Units Common Common % of Common Common Officer purchased Shares Shares total Share Share pursuant purchased held post issued Purchase Purchase to the pursuant private capital Warrants Warrants private to the placement post purchased held post placement private private pursuant private placement placement to the placement private placement J.F. Arata 73,500 73,500 234,214 0.404% 73,500 73,500 M. de la Campa 147,411 147,411 149,197 0.257% 147,411 147,411 G. Pozzo 147,058 147,058 432,771 0.746% 147,058 147,058 N.B.: All securities noted above are held in companies over which the applicable director or officer exercises direction or control.

The private placement is being made in compliance with the rules of the TSX Venture Exchange. Application has also been made for the common shares issued pursuant to the private placement and the common shares issuable upon exercise of the warrants to be admitted to AIM. It is anticipated that the common shares will be admitted to trading on AIM as of November 27, 2007.

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 nine 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/Robin Birchall), +44 (0) 20 7050 6500.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

For further information: Peter Volk, General Counsel and Secretary, (416) 603-4653, pvolk(at)medororesources.com (MRS. MRL)