19th Jan 2005 07:01
Medoro Resources Completes Private Placement TORONTO, Jan. 18 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announcedtoday that it has completed a private placement of 7,692,307 shares at a priceof $0.13 per share for proceeds of $1,000,000 with Orogen Holding (BVI)Limited, a wholly-owned subsidiary of Gold Fields Ltd. The company has beenadvised that Gold Fields now holds 12,692,307 shares or 13.4% of Medoro'scurrently issued and outstanding shares. The funds will be used in part tohelp defray costs associated with due diligence currently being carried out bythe company on a potential opportunity elsewhere in Europe. Commenting on thistransaction, Giuseppe Pozzo, President of Medoro stated "We are encouraged byGold Fields' continuing support of and interest in our company." The company remains committed to its strategy of acquiring properties ofmerit which can be joint ventured with, and funded by, senior gold companies.Following the sale of most of its Sardinian properties, the company currentlyhas two remaining properties - Monte Ollasteddu in Sardegna and Pestarena innorthwestern Italy. At Monte Ollasteddu, Gold Fields has advised the company that it is readyto commence an Induced Polarization (IP) survey as soon as necessarypermissions are received. The purpose of this program will be to provide morefocussed targets for subsequent drilling. Although the recently announced sale of properties and this privateplacement have restored Medoro's financial position, the company has decidedto initiate a search for a joint venture partner for its Pestarena propertyrather than use its own resources to explore this early-stage prospect. Medoro has applied for 7,692,307 common shares of the Company to beadmitted to trading on the Alternative Investment Market of the London StockExchange. These shares will also be listed on the TSX Venture Exchange. Medoro Resources is a gold exploration and development company focussedon gold opportunities in Italy and elsewhere in Europe. For further information: Peter Volk, (416) 603-4653,info(at)medororesources.com (MRL.) ENDRelated Shares:
Marlowe