Medoro Announces Completion of Private Placements


    TORONTO, June 25 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today that it has completed two brokered private placements (together, the
"Offering") of an aggregate of 68,700,000 common shares of the company for
aggregate gross proceeds of C$9,000,000. The Offering consisted of one private
placement of 57,500,000 common shares at a price of C$0.12 per share for gross
proceeds of C$6,900,000 and one private placement of 11,200,000 common shares
at a price of C$0.1875 per share for gross proceeds of C$2,100,000.
    GMP Securities L.P. acted as agent on both private placements. For its
services in connection with the Offering, the agent received a cash commission
equal to 6% of the gross proceeds of the Offering and compensation options
exercisable to acquire up to 3,450,000 common shares at an exercise price of
C$0.12 per share and up to 672,000 common shares at an exercise price of
C$0.1875 per share. The compensation options expire on June 25, 2012.
    All shares issued as part of the Offering, including shares issued upon
exercise of the compensation options, are subject to a four-month hold period
expiring on October 26, 2009. The funds raised by the Offering will
principally be used for the company's 2009 exploration and drilling program in
Venezuela, for the performance of due diligence investigations and procedures
on potential or announced acquisition targets in Colombia, as well as for
other general and corporate purposes.
    The Offering was made in compliance with the rules of the TSX Venture

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company recently announced the execution of an arrangement
agreement to acquire the securities of Colombia Goldfields Ltd., 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 eleven gold exploration areas in the Republic of Mali. Additional
information on Medoro Resources can be found by visiting the company's website

    This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. This press release is not an offer of securities for
sale into the United States or Canada. No offering of securities shall be made
in the United States or Canada except pursuant to registration under the US
Securities Act of 1933, as amended, or an exemption therefrom.

    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.

    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

    %SEDAR: 00020446E

For further information:

For further information: Peter Volk, General Counsel & Secretary, (416)

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