Medoro Resources Announces Drilling Results



    TORONTO, July 16 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today further diamond drilling results from its Lo Increible gold properties
located in the El Callao mining district in Venezuela. Highlights include
Hole 348 at El Tapon which intercepted 11.9 metres at a gold grade of
16.5 grams per tonne (g/t). Additionally, holes 327 and 310 at El Tapon had
intercepts of 7.0 metres grading 25.0 g/t and 15.3 metres at a grade of
9.0 g/t respectively.
    The program, consisting of 94 holes totalling 16,000 metres at La Cruz
(25), La Sofia (18), El Tapon (30), Tibaire (1), La Loca (10) and Los Gritos
(10), was designed to expand and upgrade current resources.
    Significant intervals (exceeding 10 gram-metres) are summarized below.

    
    -------------------------------------------------------------------------
    Hole No.         From         To     Interval      Grade        Zone
                      (m)         (m)      (m)         (g/t)
    -------------------------------------------------------------------------
    LI08_270         34.9        36.0      1.1         11.4       El Tapon
    LI08_279         39.7        50.0     10.3          2.0       El Tapon
    LI08_285        134.3       143.2      8.9          4.3       El Tapon
    and             178.4       190.5     12.1          1.6       El Tapon
    LI08_294        133.5       136.5      3.0          3.5       El Tapon
    and             191.0       206.0     15.0          6.9       El Tapon
    and             208.5       225.0     16.5          1.7       El Tapon
    LI08_298          4.0         7.0      3.0          4.1       El Tapon
    and              16.0        23.1      7.1         11.0       El Tapon
    LI08_302        149.2       159.8     10.6          2.2       El Tapon
    LI08_308         35.0        41.1      6.1          4.7       El Tapon
    LI08_310         43.9        46.0      2.1          5.1       El Tapon
    and              97.7       113.0     15.3          9.0       El Tapon
    LI08_312        155.5       161.0      5.5          2.0       El Tapon
    and             167.0       173.0      6.0          2.4       El Tapon
    and             176.5       195.0     18.5          4.5       El Tapon
    LI08_314         89.7        92.0      2.3         15.9       El Tapon
    LI08_316        192.4       197.0      4.6          2.6       El Tapon
    LI08_319        140.0       158.9     18.9          5.0       El Tapon
    and             168.9       179.8     10.9          4.1       El Tapon
    LI08_325-B      186.6       191.0      4.4          5.7       El Tapon
    and             202.5       211.5      9.0          1.2       El Tapon
    LI08_327        189.0       196.9      6.9         25.0       El Tapon
    LI08_334        170.0       188.0     18.0          2.6       El Tapon
    LI08_342        154.1       165.5     11.4          7.3       El Tapon
    and             203.3       207.0      3.7          3.6       El Tapon
    LI08_347-B      204.4       220.0     15.6          8.3       El Tapon
    LI08_348        167.7       174.0      6.3          4.3       El Tapon
    and             180.3       182.5      2.2         16.9       El Tapon
    and             185.0       196.9     11.9         16.5       El Tapon
    and             200.6       206.0      5.4          7.0       El Tapon
    LI08_355         49.0        52.7      3.7          5.5       El Tapon
    and              61.9        66.0      4.1         10.0       El Tapon
    -------------------------------------------------------------------------
    LI08_263         24.1        27.3      3.2          6.5       La Cruz
    and              31.1        33.5      2.4          4.5       La Cruz
    and              45.5        50.0      4.5          4.3       La Cruz
    and              59.7        65.1      5.4          2.7       La Cruz
    LI08_287-B      174.3       181.5      7.2          2.0       La Cruz
    and             186.0       201.6     15.6          2.5       La Cruz
    LI08_290        184.6       188.5      3.9          4.3       La Cruz
    LI08_295        159.1       165.5      6.4          3.5       La Cruz
    and             187.4       195.5      8.1          1.2       La Cruz
    and             198.0       201.5      3.5          3.0       La Cruz
    LI08_304        244.2       246.5      2.3          4.3       La Cruz
    LI08_315          0.0        18.0     18.0          3.8       La Cruz
    LI08_318          0.0         7.4      7.4          3.0       La Cruz
    and              15.7        24.5      8.8          4.1       La Cruz
    and              46.2        63.3     17.1          4.6       La Cruz
    and              89.5        93.5      4.0          2.7       La Cruz
    LI08_321        198.0       203.3      5.3          3.9       La Cruz
    LI08_329         91.3        97.5      6.2          4.4       La Cruz
    LI08_330        144.9       155.0     10.1          1.6       La Cruz
    LI08_333        280.6       295.1     14.5          3.1       La Cruz
    LI08_349         87.5       101.3     13.8          3.1       La Cruz
    LI08_351        159.3       163.5      4.2          2.8       La Cruz
    and             171.0       176.5      5.5          2.4       La Cruz
    LI08_354          0.0        18.0     18.0          6.5       La Cruz
    LI08_363         91.4        93.5      2.1          7.8       La Cruz
    and             160.9       163.6      2.7          6.9       La Cruz
    LI08_366         10.5        18.9      8.4          2.9       La Cruz
    -------------------------------------------------------------------------
    LI07_211-B       94.0       102.4      8.4          3.9       La Loca
    LI08_301         87.4        92.2      4.8          3.4       La Loca
    LI08_307        128.0       140.7     12.7          2.4       La Loca
    LI08_317        130.4       140.0      9.6          4.0       La Loca
    and             146.0       150.8      4.8          2.8       La Loca
    LI08_324        108.7       117.1      8.4          5.1       La Loca
    and             118.7       122.8      4.1          3.7       La Loca
    -------------------------------------------------------------------------
    LI08_332          5.0         9.0      4.0          4.4       La Sofia
    LI08_336          5.0        15.0     10.0          1.7       La Sofia
    LI08_343         20.6        28.7      8.1          1.8       La Sofia
    LI08_350         90.6        92.8      2.2          8.5       La Sofia
    LI08_358        144.0       146.1      2.1          6.2       La Sofia
    -------------------------------------------------------------------------
    LI07_235         94.7        98.4      3.7          3.8       Los Gritos
    LI08_272         72.9        76.0      3.1          3.3       Los Gritos
    LI08_278        159.8       163.6      3.8          4.1       Los Gritos
    LI08_291         75.9        77.2      1.3         27.3       Los Gritos
    -------------------------------------------------------------------------
    Intervals approximate true width. Grades are uncut
    -------------------------------------------------------------------------
    

    The drilling at El Tapon and La Sofia has confirmed the current
geological model and extended this to the west and southeast. The
mineralization appears to be related to double plunge gentle anticlines and
synclines. El Tapon, which is roughly flat lying, remains open to the south.
    The extension drilling at La Cruz has confirmed the continuity of this
ore body at depth and also its continuation further east than previously
interpreted.
    The drilling at Los Gritos, where a resource has not yet been reported,
has demonstrated the presence of a continuous zone of quartz-carbonate veining
for approximately 350 metres along strike and to a depth of approximately
200 metres and remains open in all directions.
    The drilling at La Loca has confirmed that higher grades tend to be
associated with complex structural settings and suggested a potential link
between this prospect and the most important historical mining area in the Lo
Increible trend, Mina A.
    The company has now completed 22,000 meters of diamond drilling in 2008
and is now reviewing the results of this drilling and associated exploration
work and developing geological and mineralization 3D models, working towards
producing an updated resource estimate to be released in the fourth quarter.
    At the Lo Increible properties, gold mineralization occurs as lode-gold
shear-hosted quartz-carbonate veins. Mineralization is associated with the
east-northeast to east trending Lo Increible shear, and is hosted by similar
lithologies and structural features to the nearby Choco 10 mine.
    Dr. Mike Armitage C.Eng. C. Geol. is the Qualified Person for this
project, is independent of the company and has reviewed this press release.
    Medoro has used Actlabs Laboratories in Venezuela as the primary
laboratory. Split HQ core samples of 4 to 5 kilograms were crushed and
pulverized to 500 grams. A 30 gram sample was split for Fire Assay analysis
using AAS finish, and gravimetric finish if Au was greater than 2.0 grams per
tonne. A comprehensive quality control program, which includes blanks,
standards, field duplicates and cross checks was employed. This QC program
included the use of certified standard reference samples.

    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.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

    %SEDAR: 00020446E




For further information:

For further information: Robert Doyle, (416) 603-4653

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