TORONTO, April 23 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has entered into an option agreement to acquire rights
to nine gold exploration and exploitation areas totaling more than 1,200
square kilometres in two major Birrimian greenstone belts in Mali.
The properties are generally characterized by the presence of primary and
secondary gold occurrences, and regional soil anomalies also coincident with
radiometric potassium anomalies, a favorable geological context similar to
Eight properties are located in the Bougouni Region, Southern Mali, where
the producing Morila (Randgold Resources-Anglo Gold Ashanti) and Syama
(Resolute Resources) gold mines are located.
- Kekoro exploration permit (135 km(2)) in a geological context similar
to the Morila gold mine, located 30 kilometres to the southeast;
- Samaya research permit (51 km(2)) representing the western extension
of the mineralized structural trend currently being explored drilled
by African Gold Group;
- Kangare' research permit (153 km(2)) within the major Yanfolila
corridor that extends further South into Guinea, where the gold
deposits of Bale', Foulaboula, Kalaka, Kalana, Kobada, and Kodieran
are also located, as well as the Bambadala Nord exploration permit
(101 km(2)) which cuts across this shear zone;
- Balandougou research permit (93.8 km(2)) located adjacent to the
Manalo property being explored by Delta Exploration;
- Niaouleni exploration permit (36.5 km(2)), Nimissila research permit
(239 km(2)) and Dubasso exploration permit (204Km(2));
One property is located in the Kenieba region of western Mali, where the
Sadiola (Anglo Gold Ashanti), Yatela (Anglo Gold Ashanti), Loulo and Yalea
(Randgold Resources) gold mines are located.
- Bantanko research permit (189 km(2)) is located in a similar
geological context to the Loulo property (Randgold Resources).
The areas were selected using the SISMIN database on the country's
mineral properties, available at the Documentation Centre of the Ministry of
Natural Resources of Mali. This data included airborne geophysics,
soil/regolith geochemistry, mineral occurrences, and geological maps. All
information relating to the properties and interests have been taken from the
Medoro has agreed to pay US$720,000 for the option to acquire all of the
issued and outstanding shares of African Gold Resources, S.A., a Panamanian
company, which has options to acquire the nine properties; if Medoro exercises
this option, it will pay an additional US$2,430,000 and issue 6,000,000 shares
to Gold Resources S.A., the current shareholder of African Gold Resources.
Medoro will also assume African Gold Resources' obligations under the various
option arrangements it has entered into with the current holders of the
properties, including cash payments totaling US$224,000 and a one time payment
of US$9.00 per ounce of measured gold resources and US$4.00 per ounce of
indicated gold resources. The agreement also provides that if any of the
individual properties contains an aggregate of 500,000 ounces or more of
measured and indicated gold resources, then Gold Resources will receive a
one-time payment of US$6.00 per ounce of measured gold resources and US$4.00
per ounce of indicated gold resources.
Commenting on the options, Giuseppe Pozzo, President and CEO of Medoro,
stated "We believe that it is important to diversify ourselves geographically
and are excited by the geological potential of these properties."
Closing of the acquisition is conditional upon satisfactory due diligence
and preparation of technical reports and receipt of requisite regulatory
Medoro Resources is a gold exploration and development company focussed
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. Additional information on Medoro Resources can be
found by visiting the company's website at www.medororesources.com.
For further information:
For further information: Jose Francisco Arata, (416) 603-4653,