TORONTO, Jan. 13 /CNW/ - Further to the statement issued earlier today by Frontino Gold Mines Limited ELO through its liquidator and legal representative, Luis Fernando Alvarado, Medoro Resources Ltd. (TSX-V: MRS) confirms his remarks that Medoro is in negotiations to acquire Frontino. Mr. Alvarado has been appointed by the Colombian government by the Superintendencia de Sociedades (as the arbiter of the liquidation process), and is supported by the Colombian government, the Ministry of Mines and Energy, the Ministry of Social Protection and Colombia's Presidency.
The Frontino mine has been in continuous operation since 1852 and is one of the largest gold mining operations in Colombia, located in the Segovia - Remedios mineral district, approximately 227 kms from Medellin. Frontino Gold Mines Limited ELO has been in liquidation since September 2004.
Medoro will provide further information on these negotiations as they develop.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration and development company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia. The Company owns the rights to interests in the Zona Alta in the Marmato region, located in Colombia, and recently announced the execution of: (i) a non-binding letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A.; and (ii) a support agreement regarding an offer to acquire the securities of Colombia Gold plc, each of 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 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.comwww.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.
SOURCE MEDORO RESOURCES LIMITED
For further information: For further information: John Hick, President & CEO, (416) 603-4653