14th Aug 2006 07:00
Medoro Resources Announces Completing Agreements with Sargold TORONTO, Aug. 11 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)announced today that it has completed its previously announced transactionwith Sargold Resource Corporation (TSX-V: SRG), whereby the parties amendedtheir existing agreement relating to the sale by Medoro to Sargold of SardiniaGold Mines SpA. Under the amended terms, Sargold paid (euro)1.0 million topurchase 90% of the issued and outstanding shares of Sardinia Gold MinesS.p.A. Sargold also acquired for an additional (euro)1.0 million all ofMedoro's interest in SGM Ricerche, the Italian company that holds theinterests to the Monte Ollasteddu gold project. Medoro has also retained a 2%net smelter royalty on the Sardinia Gold assets, which Sargold can repurchaseby paying US$1.0 million for each 1% of the royalty purchased. Medoro Resources is a gold exploration and development company focused onacquiring properties of merit for potential joint ventures with seniorproducers. The company has acquired a 100% interest in the Lo Increible 4A and4B concessions in Venezuela. Further information is available on our websiteat www.medororesources.com. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASEFor further information: Robert Doyle, Executive Vice President, (416)603-4653, rdoyle(at)medororesources.com(MRL)ENDMEDORO RESOURCES LTDRelated Shares:
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