27th Apr 2006 07:00
Medoro Resources Announces 2005 Year-End Results, Lo Increible Update TORONTO, April 27 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL)announced today results for the year ended December 31, 2005, as well as anupdate on the status of its proposed acquisition of the Lo Increible 4A & 4Bexploration properties located in the El Callao area of the State of Bolivar,Venezuela. For the year ended December 31, 2005, Medoro reported a net loss of$11.0 million or $0.10 per share as compared to a loss of $10.3 million or$0.15 per share in the previous year. The 2005 loss largely reflects thewritedown of the Pestarena property and a provision for the potential non-collectability of amounts receivable. At December 31, 2005 the company hadcash and short-term investments of $5.3 million and no debt. Subsequent to theend of the year, the company completed a private placement for net proceeds of$9.3 million. As previously announced, the company has agreed to acquire the LoIncreible 4A and 4B properties, totaling 2,216 hectares, located immediatelynorth of, and adjacent to, Crystallex International Corporation's La Victoriaproperty. A new, independent NI-43-101 Technical Report prepared by MayesConsulting Ltd. dated April 24, 2006 has been received and filed on SEDAR(www.sedar.com). Highlights of this report include an indicated resource of 406,000 ouncescontained within 3.4 million tonnes grading 3.7 grams per tonne (g/t) goldplus an additional 557,000 ounces classified as inferred resource containedwithin 4.8 million tonnes at a gold grade of 3.6 g/t, all based on a 1.0 g/tcutoff. The report also highlights the excellent exploration potential of theproperty and the company intends to proceed expeditiously with the recommended15,000-metre, $2.2 million program to upgrade and expand the currentresources. Haywood Securities has been retained by the Board of Directors toprovide an independent valuation and shareholders will be asked to vote onthis acquisition at a special meeting to be held on May 19, 2006. Medoro Resources is a gold exploration and development company focused onacquiring properties of merit for potential joint ventures with seniorproducers. 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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