TORONTO, Aug. 18 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today that it has accepted the resignations of Serafino Iacono and Jose
Francisco Arata as directors of Medoro, effective as of today's date, to allow
for a more independent board of directors. In their place, the board has
appointed Robert J. Metcalfe and Augusto Lopez.
Although Mr. Iacono and Mr. Arata (who also resigned his position as
Executive Vice President, Exploration) have resigned from the board of
directors, they will continue to be involved with the company and have each
entered into a consulting agreement to assist Medoro in implementing its
investment strategy in Colombia.
Robert J. Metcalfe has been counsel to Metcalfe, Blainey & Burns LLP
since January 2001. Prior to that, he was a senior partner with the law firm
Lang Michener LLP for 20 years and President and Chief Executive Officer of
Armadale Properties (office building construction and land development) for
seven years. He currently serves as a director of telematics corporation Air
IQ Inc., natural resources corporation NXA Inc., intellectual property company
ION Inc. of England, and clean-tech corporation Envirotower Inc. Mr. Metcalfe
is also a former director of Radiant Energy Corporation, numerous natural
resource corporations, including Central Patricia Gold Mines Limited, Iron Bay
Trust Inc., Faraday Resources (Uranium) Ltd. and Chimo Gold Mines Inc., as
well as Canada Lanes Company Limited, the largest real estate corporation in
Canada, and past director and chairman of CN Tower Limited.
Augusto Lopez is the former President of Bavaria S.A., Colombia's largest
producer of beverages, and sits on the boards of numerous Canadian, Colombian
and Latin American enterprises involved in the securities, television,
airline, cellular and banking industries, among others. He currently serves as
a director of Pacific Rubiales Energy Corp. Mr. Lopez has also received many
governmental and professional citations, both within Colombia and throughout
The appointments of Messrs. Metcalfe and Lopez remain subject to
Medoro also announced that on July 29, 2009 it granted options to
purchase 10,550,000 common shares of Medoro to its directors, officers,
employees and consultants, subject to regulatory approval. The stock options
were granted pursuant to Medoro's stock option plan and are exercisable at a
price of $0.65 per share, the closing market price on the date prior to the
date of grant, for a period of five years.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration and development company
focused on acquiring properties of merit for potential joint ventures with
senior producers. The company recently announced the execution of an
arrangement agreement to acquire the securities of Colombia Goldfields Ltd.,
which has properties located in the Marmato District of Colombia. Medoro also
holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela
and interests in eleven gold exploration areas in the Republic of Mali.
Additional information on Medoro Resources Ltd. can be found by visiting the
company's website at www.medororesources.comwww.medororesources.com.
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
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
For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)