TORONTO, Aug. 21 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today results for the three month and six month periods ended June 30, 2009.
For the second quarter, Medoro reported a net loss of $0.5 million or $0.01
per share as compared to a net loss of $3.0 million or $0.03 per share in the
first quarter of the previous year. For the six months ended June 30, 2009 the
company reported a loss of $1.2 million or $0.01 per share as compared to a
loss of $5.2 million or $0.07 per share in the same period last year.
The decrease in the net loss for the quarter was primarily a result of a
$1.6 million decrease in operating expenses (derived from a $1.2 million
decrease in general and administrative costs and $0.4 million decrease in
stock-based compensation) and a $0.8 million decrease in other expenses,
arising primarily from a decrease in foreign exchange losses.
As at June 30, 2009 the company had cash and short-term investments of
$8.1 million and no debt.
With the completion of three equity financings, the company is focused on
the closing of the acquisitions of Colombia Goldfields and Colombia Gold plc.
Upon the closings occurring, the company will have significant interests in
the historic Marmato gold district of Colombia.
The company continues to negotiate with the Venezuelan People's Power
Ministry of Environment to obtain the permits required to start exploitation
activities at its Lo Increible properties. Once obtained, the company intends
to commence mineral exploitation in an expeditious manner.
About Medoro Resources Ltd.
Medoro Resources Ltd. 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: (i) an
arrangement agreement to acquire the securities of Colombia Goldfields Ltd.,
and (ii) and a letter of intent 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 four gold exploration areas in the Republic of
Mali. Additional information on Medoro Resources Ltd. can be found by visiting
the company's website at www.medororesources.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.
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
For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)