Purchase of Medoro Resources Common Shares by CEO and President
28 Oktober 2010 - 1:00PM
Marketwired
Medoro Resources Ltd. (TSX: MRS) announced today that its Interim
Chief Executive Officer and President, Serafino Iacono, has
purchased 600,000 common shares of the Company, at an average price
of $1.70 per share, on the open market on October 27, 2010. Since
his appointment as Interim Chief Executive Officer and President of
the Company in late September 2010, Mr. Iacono has purchased an
aggregate of 700,000 common shares of the Company.
Mr. Iacono commented, "My investment in Medoro reflects my
commitment and confidence in the company's strategy and our
objective to develop the Marmato deposit."
Medoro Resources is presently focused on developing the Marmato
deposit and has retained SRK Consulting to look at mining options
and a related mineable resource estimate. The Company will continue
to update the market on developments at Marmato.
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 in-fill
drilling program at its Marmato Project to upgrade and expand its
gold resources there. Medoro also has a 5% interest in the Frontino
Gold Mines with an option to increase its interest to 50%.
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 on
the Company's website at www.medororesources.com and 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.
Contacts: Medoro Resources Ltd. Peter Volk Vice President &
General Counsel (416) 603-4653 (416) 360-7783 (FAX)
www.medororesources.com