TORONTO, Jan. 21 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced today that it has added Messrs. Keith Morrison, Mario Caron and J. Randall Martin to its board of directors, effective immediately. This follows the retirement of Messrs. Michael Beckett and Giuseppe Pozzo, who have served as directors and contributed to the board for a number of years and the closing of the acquisition of Colombia Goldfields, where Mr. Martin was Vice Chairman and CEO.
"We are delighted to augment the Medoro board with these new directors," said John Hick, CEO of Medoro Resources. "The Company has undergone an exciting transformation in recent months and is currently finalizing a three-stage acquisition and consolidation process in the Marmato region of Colombia. We believe that these new directors will bring additional mining and public company expertise and experience to the board as we develop our assets in Colombia."
Mr. Morrison, a geophysicist, is currently CEO and a director of Gedex Inc., a private exploration technology firm. He has over 25 years of experience in both senior management and director capacities in various private companies. Mr. Morrison has extensive experience in strategy, finance, exploration, technology, global operations, capital markets and corporate development in the area of geoscience. He co-founded various companies, including Quantec Geoscience Limited, a company which provides geophysical services to the mining industry, and QGX Limited, a leader in mineral exploration work in Mongolia. Mr. Morrison currently serves as chairman of the board of TSX listed Aeroquest International Limited, a global provider of airborne geophysical survey services. Mr. Morrison holds a degree in Applied Science and Engineering Geophysics from Queen's University and is a graduate of the University of Toronto Rotman School of Business ICD Program. He is a member of the Institute of Corporate Directors, Association of Professional Geoscientists' of Ontario, Prospectors and Developers Association, Society of Exploration Geophysicists and the Canadian Society of Exploration Geophysicists.
Mr. Caron, a mining engineer, is currently President, CEO and a director of TSX-V listed Axmin Inc., an exploration and development Company active in Africa. He has held numerous senior executive and board positions and has extensive experience in exploration, project development, mining operations and capital markets with companies operating internationally. He has held positions with Tiberon Minerals Ltd., the developer of a tungsten mine in Vietnam, Defiance Mining Corporation, which brought the Tasiast gold project in Mauritania to feasibility and Eden Roc Mineral Corp., a gold producer in Cote d'Ivoire. Mr. Carron received his Bachelor of Engineering, Mining at McGill University and is a member of the Quebec Order of Engineers and the Association of Professional Engineers of Ontario.
Mr. Martin is a mining engineer with over 30 years experience and is currently chairman and CEO of RNC (Management) Ltd. a private mining, energy and forestry company located in Nicaragua. Mr. Martin is also a director and member of the executive committee of Norteak Madera S.A. a forest management company also located in Nicaragua. Previously, Mr. Martin was vice-chairman and CEO of Colombia Goldfields Ltd. prior to its merger with Medoro Resources. Prior to that Mr. Martin was chairman and CEO of RNC Gold from its inception until its amalgamation with Yamana Gold. Mr Martin is a graduate from the Krumb School of Mines at Columbia University in the City of New York.
"The board and management of Medoro wish to thank Messrs. Beckett and Pozzo for their long service and significant contributions to the Company," said John Hick. Both of Messrs. Beckett and Pozzo have agreed to continue to provide consulting services to Medoro as requested, with Mr. Pozzo continuing to assist with the farm-out of the Company's former exploration assets in Mali, West Africa.
Medoro also announced that on January 19, 2010, in connection with their appointment as directors, it granted options to purchase 400,000 common shares of Medoro to each of Messrs. Caron, Morrison and Martin, subject to regulatory approval. The stock options were granted pursuant to Medoro's stock option plan for a period of five years, and are exercisable at a price of $0.54 per share, the closing market price on the date prior to the date of grant. The appointment of the new directors is subject to regulatory approval.
ABOUT MEDORO RESOURCES LTD.
Medoro Resources Ltd. is a gold exploration and development company focused on delivering shareholder value through the consolidation and development of gold projects in Colombia. The Company owns the rights to interests in the Zona Alta and Echandia properties in the Marmato region, located in Colombia, and has a non-binding letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A., which owns the operating underground mine and mill on the Zona Baja property, also located in the Marmato region. 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 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: John Hick, President & CEO, (416) 603-4653, firstname.lastname@example.org; Linda Dorrington, Director, Investor Relations, (416) 603-4653, email@example.com