TORONTO, Jan. 11 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce that, effective January 7, 2010, it has appointed Linda Dorrington as its Director, Investor Relations to develop and implement its investor communications and marketing program in support of the Company's growth strategy.
"Medoro began an exciting transformation in the last quarter of 2009 with a change in leadership, a focused strategy to acquire and consolidate gold assets in Colombia and a successful fundraising of over $100,000,000. The appointment of Linda Dorrington rounds out our management team and will allow Medoro to communicate more effectively with its shareholders," said John Hick, Chief Executive Officer of Medoro.
Nelson Lee will continue as the Chief Financial Officer and Peter Volk will become a Vice President of the Company, effective January 4, 2010, while continuing as General Counsel. In addition Medoro is pleased to announce the following appointments to its Head Office management team: Carlos Pinglo as Vice President, Finance, effective November 9, 2009 and Joanne Sanci as Secretary and Legal Counsel, effective January 4, 2010.
Ms. Sanci replaces Peter Volk who has resigned as Secretary of Medoro and Anthony Zaidi who has resigned as Associate General Counsel and Assistant Secretary of Medoro. Mr. Zaidi will continue to assist the company in a consulting capacity.
"We have significant plans to advance Medoro in the near future and these appointments complete our Head Office team and place us on a sound footing for growth," added Mr. Hick.
The investor relations agreement with Linda Dorrington, through her consulting company, 1795631 Ontario Inc, an Oakville-based company, has an indefinite term and may be terminated by either party in accordance with the terms of the agreement. Pursuant to the terms of the agreement, 1795631 will be paid a monthly fee of $8,900 and is eligible to participate in Medoro's bonus plan after a three-month provisionary period. Upon execution of the agreement, Linda Dorrington, the Principal of 1795631, was granted options to purchase 200,000 common shares of Medoro pursuant to Medoro's stock option plan, subject to regulatory approval. The options are exercisable at a price of $0.51 per share (the closing market price on the date prior to the date of grant) for a period of five (5) years.
Except for the options granted to Linda Dorrington to purchase 200,000 common shares of Medoro in connection with the investor relations agreement, neither 1795631 or its Principal, Linda Dorrington, has any interest, directly or indirectly, in Medoro or its securities, or any rights or intent to acquire such an interest.
Following the appointment of Ms. Sanci, Medoro granted to her, on January 5, 2010, options to purchase 300,000 common shares of Medoro, subject to regulatory approval. The stock options were granted pursuant to Medoro's stock option plan for a period of five years, and are exercisable at a price of $0.54 per share, the closing market price on the date prior to the date of grant. Medoro has also granted options to a new employee of the Company on January 8, 2010 to purchase 50,000 common shares of Medoro, subject to regulatory approval. The stock options were granted pursuant to Medoro's stock option plan for a period of five years, and are exercisable at a price of $0.51 per share, the closing market price on the date prior to the date of grant.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration and development company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia. The Company owns the rights to interests in the Zona Alta in the Marmato region, located in Colombia, and recently announced the execution of: (i) a non-binding letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A.; and (ii) a support agreement regarding an offer to acquire the securities of Colombia Gold plc, each of which has properties located in the Marmato District of Colombia. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in other gold exploration areas outside of South America. Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.comwww.sedar.com.
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, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MEDORO RESOURCES LIMITED
For further information: For further information: John Hick, President & CEO, (416) 603-4653, firstname.lastname@example.org; Linda Dorrington, Director, Investor Relations, (416) 603-4653, email@example.com