TORONTO, May 29 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today results for the three months ended March 31, 2009. For the first
quarter, Medoro reported a net loss of $0.6 million or $0.01 per share as
compared to a net loss of $2.2 million or $0.04 per share in the first quarter
of the previous year. The decrease in the net loss was due to a $1.2 million
decrease in the foreign exchange loss primarily related to the future income
tax liabilities and a decrease in operating expenses of $0.2 million. The
decrease in operating expenses is the result of the reduced activity in the
Mali operations. As at March 31, 2009 the company had cash and short-term
investments of $1.3 million and no debt.
The company continues with its objective of bringing the Lo Increible
properties in Venezuela to the production stage and continues negotiating with
the Venezuelan People's Power Ministry of Environment to obtain the permits
required to start exploitation activities. The company's ability to advance
this project further will be constrained by the availability of funding and it
is actively pursuing alternatives such as seeking strategic partners and
obtaining equity financing.
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 eleven 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
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.
For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)