TORONTO, April 7 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced today that Mr. Carlos Pinglo has been appointed Chief Financial Officer of Medoro, effective April 6, 2010. Prior to his appointment as Chief Financial Officer, Mr. Pinglo acted as Vice President, Finance of Medoro.
The Company also announced the resignation of Mr. Nelson Lee as Chief Financial Officer of Medoro. Recognizing Medoro's need for a full-time Chief Financial Officer as it implements its growth strategy in Colombia, Mr. Lee has resigned in order to focus on his role as Sr. Vice President, Financial of Pacific Rubiales Energy Corp. The board wishes to thank Mr. Lee for his significant contributions to the Company.
Mr. Pinglo has over 20 years of experience in corporate finance, strategic planning, financial reporting and mergers and acquisitions in both Latin America and Canada. Prior to joining Medoro, Mr. Pinglo served as Finance Manager at Maple Leaf Foods Inc. and was Corporate Controller at Silver Eagle Mines Inc. and Excellon Resources Inc.
"The board is delighted with Carlos Pinglo's promotion to Chief Financial Officer. Mr. Pinglo has worked hard on our Colombian integration strategy and brings to his new position considerable knowledge and experience as the Company expands its business in Colombia," said John Hick, Chief Executive Officer of Medoro.
Medoro also announced the appointment of Ms. Cheryl Bennett as Controller, effective April 6, 2010.
The Company also announced that on April 6, 2010, it granted to certain officers options to purchase an aggregate of 950,000 common shares of Medoro, subject to regulatory approval. The options were issued pursuant to Medoro's stock option plan and are exercisable for a period of five years at a price of $0.62 per share, being the closing market price on the date prior to the date of grant.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and infill drilling program at its Marmato Project to upgrade and expand its gold resources there.
On March 31, 2010, Medoro signed an asset purchase agreement to acquire all the assets of Frontino Gold Mines Limited. This acquisition is scheduled to close by July 31, 2010, subject to certain due conditions including legal and technical due diligence and requisite regulatory approvals.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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; Linda Dorrington, Director, Investor Relations, (416) 603-4653