2nd May 2006 07:00
Medoro's Special Committee Recommends Acquisition of Panwest TORONTO, May 1 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announcedtoday that a special committee of the board of directors has recommended thatthe shareholders vote in favour of the proposed acquisition of the shares ofPanwest Seas Corporation Ltd., as it is fair to the company's shareholders andis in the best interests of the company. As previously announced, Panwestholds the rights to the Lo Increible 4A and 4B gold exploration propertiesnear El Callao, Venezuela. The recommendation is included in the Management Information Circular forthe company's Annual and Special Meeting to be held on May 19, 2006. Thecircular includes a copy of the valuation and fairness opinion prepared byHaywood Securities Inc. As a result, and subject to the qualifications andlimitations set out in the valuation and fairness opinion, Haywood Securitiesconcluded that the transaction is fair, from a financial point of view, toMedoro's shareholders. The valuation and fairness opinion was reviewed andapproved by a special committee consisting of disinterested directors of thecompany. The proposed acquisition is subject to regulatory approval andrequires the approval of a majority of Medoro shareholders, excluding sharesheld by interested parties. For more information on the proposed acquisition, including a copy of thevaluation and fairness opinion, please see the Management InformationCircular, which has been filed on SEDAR (www.sedar.com). Medoro Resources is agold exploration and development company focused on acquiring properties ofmerit for potential joint ventures with senior producers. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE For further information: Peter Volk, Secretary, (416) 603-4653,pvolk(at)medororesources.com (MRL) ENDMEDORO RESOURCES LTDRelated Shares:
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