30th Aug 2006 07:00
Medoro Resources Announces 2006 Second Quarter Results TORONTO, Aug. 29 /CNW/ - Medoro Resources Ltd. (TSX-V:MRS, AIM: MRL)announced today results for the quarter ended June 30, 2006. For the quarter ended June 30, 2006, Medoro reported a loss of $703,000or $0.02 per share as compared to a loss of $423,000 or $0.00 per share in thesecond quarter of last year. The current loss largely reflects corporate costsof $908,000, partially offset by net interest and other income of $205,000.For the six months ended June 30, 2006 the company reported a loss of $844,000or $0.00 per share as compared to a loss of $935,000 or $0.01 per share forthe same period last year. At June 30, 2006 the company had cash andshort-term investments of $15.8 million and no debt. Complete financialstatements are available on the Company's website or on SEDAR atwww.sedar.com. As previously announced, Medoro completed the acquisition of the LoIncreible 4A and 4B properties in Venezuela on July 10, 2006. Upon closing ofthe acquisition, the company also completed a private placement with GoldFields Ltd. of 2.15 million units, for additional proceeds of $3 million,bringing their ownership in the company to 9.9%. Each unit consisted of ashare and one-half of a warrant, with each whole warrant being exercisable fortwo years at a price of $2.80. On August 11, 2006, Medoro announced that ithad completed the sale of its remaining assets in Sardegna, resulting inadditional proceeds to the company of approximately $3 million. At the Lo Increible property, the company has started a 10,000-metredrilling campaign designed to provide the basis for reclassifying the existinghistorical resources and identify additional reserves and resources. The firstphase of drilling will be in-fill drilling at the La Cruz, La Sofia and ElTapon prospects on 12.5 and 25-metre spacing with the objective of upgradingthe existing 390,000 ounces of indicated resources and 505,000 ounces ofinferred resources respectively. Included in this phase will be a number ofdeep holes to test the down-dip potential of the mineralization at the threeprospects. Medoro Resources is a gold exploration and development company focused onacquiring properties of merit for potential joint ventures with seniorproducers. Further information is available on our website atwww.medororesources.com. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE For further information: Robert Doyle, Executive Vice President, (416)603-4653, rdoyle(at)medororesources.com(MRL.) ENDMEDORO RESOURCES LTDRelated Shares:
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