TORONTO, Oct. 19 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that the company was notified on or around July 12, 2007 that
Neil Woodyer, a director and the Chair of the company's audit committee, had
transferred his interest in 21,428 common shares for no consideration to a
Woodyer family trust. He also transferred all 214,285 options in his name to
the same trust. Mr. Woodyer now holds no shares or options in Medoro.
On or around September 10, 2007 the company was also notified of the
transfer of shares by Giuseppe Pozzo, a director and the President and Chief
Executive Officer of the company. Mr. Pozzo transferred 71,428 common shares
to a company controlled by him; as a result there has been no change in
Mr. Pozzo's beneficial holding of Medoro.
In addition, the company granted stock options to its employees on
January 9, 2007, May 25, 2007, and September 24, 2007. On January 9, 2007, the
Company granted 80,000 stock options, exercisable until January 9, 2012 at an
exercise price of $0.53; on May 25, 2007, the Company granted 100,000 stock
options, exercisable until May 25, 2012 at an exercise price of $0.80; and on
September 24, 2007, the Company granted 77,000 stock options exercisable until
September 24, 2012 at an exercise price of $0.70.
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 nine 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/Robin
Birchall), +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: Peter Volk, General Counsel & Secretary, (416)