Medoro Resources Announces Completion of Private Placement

All securities issued as part of this placement are subject to afour-month hold period. The funds will be used for general corporate andworking capital purposes, which may include costs associated with expandingexploration opportunities.

In accordance with applicable AIM requirements, information regardingdirectors and officers of the company who have participated in the privateplacement is set out below:

    Director/        Units    Common    Common      % of    Common    Common    Officer      purchased    Shares    Shares     total     Share     Share                  pursuant purchased held post    issued  Purchase  Purchase                    to the  pursuant   private   capital  Warrants  Warrants                   private    to the placement      post purchased held post                 placement   private             private  pursuant   private                           placement           placement    to the placement                                                           private                                                         placement    J.F. Arata      73,500    73,500   234,214    0.404%    73,500    73,500    M. de la Campa 147,411   147,411   149,197    0.257%   147,411   147,411    G. Pozzo       147,058   147,058   432,771    0.746%   147,058   147,058    N.B.:  All securities noted above are held in companies over which the           applicable director or officer exercises direction or control.    

Medoro Resources is a gold exploration and development company focused onacquiring properties of merit for potential joint ventures with seniorproducers. The company holds a 100% interest in the Lo Increible 4A and 4Bconcessions in Venezuela and interests in nine gold exploration areas in theRepublic of Mali. Additional information on the company can be found byvisiting the company's website at . Medoro's NominatedAdviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/RobinBirchall), +44 (0) 20 7050 6500.

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For further information

Peter Volk, General Counsel and Secretary,(416) 603-4653,