TORONTO, Aug. 29 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today results for the three and six-months periods ended June 30, 2008. For
the second quarter, Medoro reported a net loss of $3.0 million or $0.03 per
share as compared to a loss of $1.0 million or $0.02 per share in the second
quarter of last year. For the six months ended June 30, 2008 the company
reported a loss of $5.2 million or $0.07 per share as compared to a loss of
$2.0 million or $0.04 per share in the same period last year.
The 2008 loss in the quarter largely reflects general and administrative
costs of $0.8 million to support the increased exploration activities compared
to the previous year, a non-cash charge of $0.5 million for stock-based
compensation upon granting 1,832,000 stock options in the quarter and foreign
exchange loss of $0.7 million primarily attributable to non-cash future income
tax liabilities. At June 30, 2008 the company had cash and short-term
investments of $6.3 million and no debt.
The company has completed its 2008 diamond drilling program at its Lo
Increible gold property in Venezuela and is now compiling the data for the
purposes of updating its resource estimate, which it expects to release in the
forth quarter of this year. The drilling program at its Sindo property in
Mali, which commenced in May, is expected to resume shortly following a short
break due to the annual rainy season in Mali.
Complete financial statements and Management's Discussion and Analysis
are available on the company's website as well as the SEDAR website at
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 Medoro Resources 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
For further information:
For further information: Robert Doyle, Chief Executive Officer at (416)