Marlowe Regulatory News (MRL)

4 May 2007 14:27

Medoro Resources Announces Notice of Default

TORONTO, May 4 /CNW/ - Medoro Resources Ltd. announced today that it has filed a Notice of Default in respect of the Company's inability to file its Annual Audited Financial Statements for the year ended December 31, 2006 by the deadline of April 30, 2007. In connection with the company's inability to file the Annual Financial Statements on time, the Canadian securities regulators may issue a cease trade order. The Company has applied to applicable Canadian securities regulators requesting that if a cease trade order is issued, it be a management cease trade order (which restricts trading in the Company's securities by the Company's insiders) as opposed to an issuer cease trade order (which restricts all trading in the Company's securities).

The Company is unable to file the Annual Financial Statements on time due to delays in the integration of the Company's acquired business and for reasons relating to reporting from the Company's recently established Venezuelan office.

The Company currently expects to file the annual financial statements within the next five days. Additional information is contained in the attached Notice of Default.

Medoro Resources is a gold exploration and development company focussed on acquiring properties of merit for potential joint ventures with senior producers. Additional information on Medoro Resources can be found by visiting the Company's website at www.medororesources.com.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. NOTICE OF DEFAULT Pursuant to CSA Staff Notice 57-301 MEDORO RESOURCES LTD. 1. Medoro Resources Ltd. (the "Corporation"), a venture issuer, was required to file its financial statements for the year ended December 31, 2006 on or before April 30, 2007. 2. The Company is unable to file the Annual Financial Statements on time due to delays in the integration of the Company's acquired business and for reasons relating to reporting from the Company's recently established Venezuelan office. 3. The Corporation expects to file financial statements within the next five days. 4. June 30, 2007 is the date that is two months after the filing deadline. The Corporation understands that the securities commissions or regulators may impose an issuer cease trade order ("Issuer CTO") if the financial statements are not filed by that time. The Corporation further understands that an Issuer CTO may be imposed sooner if the Corporation fails to file its default status reports on time. 5. The Corporation intends to satisfy the requirement to issue a default status report on a bi-weekly basis by providing specified disclosure as long as it remains in default of the financial statement filing requirement. 6. The Corporation is not subject to any insolvency proceedings. 7. There is no other material information concerning the affairs of the Corporation that has not been generally disclosed.

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