TORONTO, Jan. 15 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce that infill drilling is now underway at Zona Alta of the Marmato gold property in Colombia. Three drills are currently working at the project with a further two drills expected to be up and running by the end of January.
"We are pleased with the rapid mobilization of drills to Zona Alta and expect that this exploration program will result in an increase in both the quality of existing resources and total resources on this property," said John Hick, CEO of Medoro Resources Ltd. "We are continuing with the consolidation of the neighbouring properties at Marmato; Echandia and Zona Baja, owned by Colombia Gold plc and Mineros Nacionales, respectively. Once Medoro owns these additional properties, the Company will continue exploration and development work on them also."
Medoro acquired the Zona Alta property from Colombia Goldfields in October 2009. The drilling program is designed to both upgrade and increase existing resources on the property. The current NI 43-101 compliant resource estimate includes a measured and indicated gold resource of 2.3 million ounces (88.2 million tonnes at an average grade of 0.82 g/t), and an additional inferred gold resource of 1.0 million ounces (27.6 million tonnes at an average grade of 1.21 g/t). The Marmato district is one of the historically most prolific gold producing regions in Colombia.
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.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; Linda Dorrington, Director, Investor Relations, (416) 603-4653, firstname.lastname@example.org