Medoro files NI 43-101 gold resource estimate report on Marmato Project

Marmato Project hosts 7.5 million ounces gold measured and indicated plus 2.2 million ounces inferred

TORONTO, April 22 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announces that it has now filed the NI 43-101 technical report in respect of the resource estimate for its Marmato Project in Colombia (the "Technical Report"), announced in its news release dated March 8, 2010. The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The deposit currently has a measured and indicated resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t gold and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t gold, plus additional silver resources, all as set out in the Technical Report (see the table below, which summarizes the resource estimate). The Marmato Project resource estimates are based on over 80,000 metres of diamond drilling in 379 holes and using a cutoff grade of 0.3 g/t gold. The Technical Report has been filed on SEDAR and is also available on the Company's website at www.medororesources.com.

The Company is currently conducting an exploration and infill drilling program on the Marmato Project, which is designed to expand and upgrade the resources at Marmato. Approximately 12,000 metres have been drilled to date.

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

    -------------------------------------------------------------------------
                   TOTAL MARMATO INFERRED MINERAL RESOURCES
    -------------------------------------------------------------------------
                                            GOLD                 SILVER
    -------------------------------------------------------------------------
    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
    -------------------------------------------------------------------------
    

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and infill drilling program at its Marmato Project to upgrade and expand its gold resources there.

On March 31, 2010, Medoro signed an asset purchase agreement to acquire all the assets of Frontino Gold Mines Limited, an historical producing underground gold mining operation. This acquisition is scheduled to close by July 31, 2010, subject to certain conditions including legal and technical due diligence and requisite regulatory approvals.

Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.

Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.com.

Qualified Persons

Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the Technical Report, entitled "Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic of Colombia" dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101 and has prepared or reviewed the preparation of the information which forms the basis of the scientific and technical disclosure in respect of the Marmato Project properties contained in 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 authorities. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Marmato Project, please refer to the Technical Report.

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.

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, jhick@medororesources.com; Linda Dorrington, Director, Investor Relations, (416) 603-4653, ldorrington@medororesources.com

Organization Profile

MEDORO RESOURCES LIMITED

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890