Gold Resource Estimates at Medoro's Marmato Project Increase to 7.5 Million
Ounces Measured and Indicated and 2.2 Million Ounces Inferred

TORONTO, March 8 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce a new National Instrument 43-101 compliant resource estimate for its Marmato Project of measured and indicated resources containing 7.49 million ounces of gold and inferred resources containing 2.23 million ounces of gold. In addition, there is an estimated M&I resource of 48 million ounces of silver and an estimated inferred resource of 13.4 million ounces of silver (see the summary table below).

Medoro's Marmato Project includes three individual properties - Zona Alta, Echandia and Zona Baja - all of which were recently acquired by the Company through its purchase of the companies owning these properties. These individual properties are held under different licenses but are contiguous and are all part of the same geological system.

The updated resource estimates discussed in this press release cover the combined areas of Zona Alta, Echandia and Zona Baja. Resource estimates for each of the three separate areas were prepared and disclosed previously (see press release dated February 22, 2010). We are now able to consolidate the mineral deposit and have made this new resource estimate comprising a single project, the Marmato Project, rather than summing the individual resource estimates for the three properties.

    

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      MARMATO MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
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                             MEASURED RESOURCES
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                                            GOLD                 SILVER
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    Cut off
     grade       Type     Tonnes      Grade     Ounces      Grade     Ounces
     g/t Au                (000s)    g/t Au      (000s)    g/t Ag      (000s)
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    0.30         Gold     37,222       1.04      1,242       7.99      9,559
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                             INDICATED RESOURCES
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    0.30         Gold    207,887       0.93      6,249       5.75     38,398
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           TOTAL MARMATO MEASURED AND INDICATED MINERAL RESOURCES
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    0.30         Gold    245,109       0.95      7,490       6.09     47,956
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                  TOTAL MARMATO INFERRED MINERAL RESOURCES
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                                            GOLD                 SILVER
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    Cut off
     grade       Type     Tonnes      Grade     Ounces      Grade     Ounces
     g/t Au                (000s)    g/t Au      (000s)    g/t Ag      (000s)
    -------------------------------------------------------------------------
    0.30         Gold     75,810       0.92      2,232       5.51     13,432
    -------------------------------------------------------------------------

    

The estimates are based on over 80,000 meters of diamond drilling in 379 holes and using a cutoff grade of 0.3 g/t Au.

"We are particularly pleased with this new resource estimate because the total M&I resource estimate of 7.49 million ounces of gold represents an increase of approximately 700,000 ounces over what was previously reported for the total M&I resources on the three individual properties. This is a result of the Company's successful consolidation strategy at Marmato," said John Hick, CEO of Medoro.

"As our substantial infill and exploration drilling program progresses, we expect further increases in resources. In addition, we are currently anticipating gold production from our underground Mineros Mine at Marmato to be about 25,000 ounces in 2010," he added.

The Company is currently conducting an exploration and infill drilling program aimed at further expanding and upgrading these gold resources. With 5 drills currently working, approximately 5,100 metres have been drilled since January 15, 2010. The first batch of assay results from this drilling program should be available for release shortly. Next steps include a scoping study to consider the possibility of a large scale open pit mine at Marmato, and a study of the potential for cost and/or production improvements at the Mineros underground mine located on Zona Baja.

Qualified Person:

Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the NI 43-101 technical reports for each of the three properties (collectively, the "Technical Reports" all of which are filed on SEDAR and available on the Company's website) as follows: "Technical Report, Medoro Resources Ltd., Marmato Project, Mineros Nacionales, Zona Baja Property, Department of Caldas, Republic of Colombia" dated as of January 20, 2010; "Technical Report, Colombia Goldfields Ltd., Marmato Project, Zona Alta Property, Department of Caldas, Republic of Colombia", dated October 14, 2009; and "Technical Report, Medoro Resources Ltd., Marmato Project, Echandia Property, Department of Caldas, Republic of Colombia" dated November 9, 2009. The Company will file a NI 43-101 technical report in support of the technical information in this press release within 45 days.

For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the properties, please refer to the Technical Reports.

Mr. Wilson is an independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorizes. Mr. Wilson verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases, reviews of assay certificates and a review of check and replicate assays.

Sample Preparation, Assays, QA/QC

The samples were prepared by Inspectorate America Corporation (ISO 9001:2000 and 9002:2004 certified) at sample preparation facilities in Medellin, Colombia, and Reno Nevada, and were assayed at their laboratories in Reno and Lima, Peru. Gold was assayed by fire assay with gravimetric or atomic absorption spectrophotometer ("AAS") finish. Silver was assayed by AAS finish or analyzed by ICP with a suite of multi-elements. Additional laboratories used were SGS Lakefield Research Ltd. in Medellin, Colombia (preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada (analysis) using the same analytical methods. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato. The Company owns the rights to interests in the adjoining Zona Alta, Zona Baja and Echandia properties in the Marmato region of the Department of Caldas, located in Colombia. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in other gold exploration areas outside of South America. Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.com.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00020446E

For further information: For further information: John Hick, President & CEO, (416) 603-4653; Linda Dorrington, Director, Investor Relations, (416) 603-4653

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