TORONTO, Sept. 17 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has exercised its option under the previously
announced agreement to acquire rights to seven of the nine gold exploration
and exploitation areas in the Republic of Mali.
On completion of the acquisition, Medoro paid US$2,090,000 and issued
5,200,000 of its common shares to acquire all of the issued and outstanding
shares of African Gold Resources, S.A., a Panamanian company which holds the
options to acquire the properties.
Medoro has assumed the obligations of African Gold Resources S.A. under
the various option arrangements with the current property holders, 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.
If any of the individual properties contains an aggregate of 500,000 ounces or
more of measured and indicated gold resources, then Medoro will be obliged to
pay Gold Resources a one-time payment of US$6.00 per ounce of measured gold
resources and US$4.00 per ounce of indicated gold resources.
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 seven gold exploration areas in the
Republic of Mali. Additional information on the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney), +44
(0) 20 7050 6500.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
For further information:
For further information: Nelson Lee, Chief Financial Officer at (416)