TORONTO, April 30 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today results for the year ended December 31, 2008. For the year ended
December 31, 2008, Medoro reported a net loss of $14.0 million or $0.17 per
share as compared to a net loss of $1.5 million or $0.03 per share in the
previous year. The 2008 increase in net loss of $12.5 million was primarily a
result of the write-down of the company's Mali properties in the amount of
$10.7 million, an increase in operating costs of $0.9 million, an increase in
foreign exchange loss of $4.7 million and an increase in future income tax
recovery of $3.9 million. Net loss for the fourth quarter ended December 31,
2008 was $8.3 million or $0.09 per share compared to net income of $1.0
million or $0.02 per share in the previous year. As at December 31, 2008 the
company had cash and short-term investments of $2.2 million and no debt.
The company has determined that there will not be adequate resources to
continue the Mali exploration activities and the development of the Lo
Increible properties. The company has decided to use available funds to fund
the objective of bringing the Lo Increible properties in Venezuela to the
production stage. The company is negotiating with the Venezuelan People's
Power Ministry of Environment to obtain the permits required to start
exploitation activities. Management intends to obtain such permits and to
commence mineral exploitation in an expeditious manner.
Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company 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 can be found by
visiting the company's website at www.medororesources.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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.
For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)