Es geht weiter MEDORO RESOURCES LTD NEW (WKN: A1C1
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August 19, 2010
TORONTO, ONTARIO--(Marketwire - Aug. 19, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) is pleased to announce that in connection with closing the acquisition of the assets of Frontino Gold Mines Ltd. ("Frontino", and the acquisition, the "Frontino Acquisition"), it has completed the final step in a series of three related transactions by entering into an Exploration, Development and Mine Operating Agreement and Shareholders' Venture Agreement (the "Joint Venture Agreement") with Gran Colombia, S.A. ("Gran Colombia") which has resulted in Medoro having a 5% joint venture interest in Frontino, with the remaining 95% interest being held by Gran Colombia Gold, all as previously announced by Medoro on August 18, 2010.
Pursuant to the terms of the asset purchase agreement (the "Frontino Acquisition Agreement") in respect of the acquisition of the Frontino Acquisition, the Frontino Acquisition purchase price was COP380,000,000,000 (approximately US$200,000,000) in cash, of which COP15,000,000,000 was paid on March 31, 2010 as a deposit. After the market close on August 17, 2010, Zandor Capital S.A. ("JVCo"), then a wholly-owned subsidiary of Medoro, entered into a convertible promissory note (the "Convertible Note") with Gran Colombia pursuant to which Gran Colombia lent COP365,000,000,000 to JVCo so that JVCo could complete the second step in the transaction by closing the Frontino Acquisition on August 18, 2010, as previously announced. In connection with completing the final step in this transaction today, Gran Colombia exercised its conversion right pursuant to the Convertible Note and Medoro and Gran Colombia entered into the Joint Venture Agreement whereby Medoro's interest in JVCo became 5% and Gran Colombia's interest 95% (including, among other things, the back-in right pursuant to which Medoro has the right to increase to a 50% interest in the joint venture), all as described in Medoro's press release issued on August 18, 2010.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and infill drilling program at its Marmato Project to upgrade and expand its gold resources there in anticipation of developing a large tonnage open pit gold mine there.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects, and transactions involving Medoro and JVCo. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Medoro Resources Ltd.
John Hick
President & CEO
(416) 603-4653
or
Medoro Resources Ltd.
Linda Dorrington
Director, Investor Relations
(416) 603-4653
(416) 360-7783 (FAX)
www.medororesources.com
TSX VENTURE: MRS
Other Recent News
September 8, 2010
Medoro Intersects 120.50 Metres of 1.043 g/t Au and 57.90 Metres of 2.221 g/t Au at Its Marmato Project in Colombia
Further good gold grades over significant widths continue to confirm the resource potential at Marmato
TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) is pleased to announce drill results from a further 20 drill holes from its exploration and in-fill drilling program at the Marmato Project in Colombia. These results continue to provide further confidence in Medoro's geological resource model. These drill holes are part of the ongoing approximately 100,000 metre drilling program, which is aimed at expanding and upgrading the current measured and indicated gold resource estimate of 7.5 million ounces, with an additional 2.2 million ounce inferred resource estimate.(1)
Highlighted intersections include the following holes:
--------------------------------------------------
From To Intersection Grade g/t Grade g/t
Drill Hole (metres) (metres) (metres) Au Ag
--------------------------------------------------
MT-1262 72.60 130.50 57.90 2.221 11.6
--------------------------------------------------
and 354.72 430.00 75.28 1.375 5.1
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MT-1272 344.50 465.00 120.50 1.043 7.2
--------------------------------------------------
MT-1274 42.00 104.00 62.00 1.197 5.2
--------------------------------------------------
Note: gold grades cut to 20.0 g/t
All of the above holes were planned as either in-fill holes or step-out holes and were drilled from surface in the Zona Alta and Echandia areas of the Marmato Project.
John Hick, President and CEO of Medoro, commented: "We are very pleased with the consistently good results from this drilling program, which demonstrate good gold grades over significant widths. The results continue to confirm our interpretation of the deposit. Marmato is a significant bulk tonnage gold project in Colombia which is distinguished by its access to excellent infrastructure, an existing operational mine and mill and topography which will allow for the construction of bulk tonnage mine."
"Furthermore, the underground gold mine in Zona Baja gives us the advantage of being able to drill previously inaccessible areas and to drill deeper areas of the deposit, which is open to depth, more efficiently. The underground part of the program has now started with one rig, and another three rigs will be added in September. The gold zone is open to the southeast and the northwest and to depth, and we look forward to further expanding the resources in these areas as the drilling program progresses," he added.
This drilling program commenced in January 2010 and is scheduled to finish in mid-2011. The drilling program will include both surface and underground drilling. There are now 10 drill rigs in operation on surface, plus one more underground. Another three underground drill rigs are already in Colombia and should be at site before the end of September, which will bring the total number of rigs to 14.
The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The Marmato Project currently has a measured and indicated mineral resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t Au, and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t Au, plus additional silver resources, all as set out in the NI 43-101 technical report(1) in respect of the Marmato Project resource estimate, which was filed on SEDAR on April 22, 2010 (the "Technical Report"; see the Company's press release dated April 22, 2010).
The table below sets out the full drilling results for the 20 drill holes referred to in this press release representing a total of 7,080 m of drilling. A total of 82 drill holes have been completed and reported on to date for a total of 27,946 m of drilling. All of the results to date, together with a map showing the locations of the drill holes, are available on the Company's website at www.medororesources.com.
The total number of metres drilled to date is 37,235 m in 108 holes, including twin holes, 16 holes for which the Company is awaiting assay results and 10 drill holes which are currently in progress.
Medoro Announces Appointment of Interim Chief Executive Officer
Medoro Resources Ltd. (TSX VENTURE:MRS) has announced that Serafino Iacono has
been appointed interim Chief Executive Officer and a director of Medoro.
Mr. Iacono replaces John W. W. Hick, who has resigned, as Chief Executive
Officer and a director of Medoro.
Mr. Iacono has over twenty years of experience in capital markets and public
companies and has raised more than two billion dollars for numerous natural
resource projects internationally. He co-founded Medoro and previously served as
a director of the company from February 24, 2004 to August 18, 2009 and
currently is the Executive Co-Chairman and a director of each of Gran Colombia
Gold Corp. and Pacific Rubiales Energy Ltd. Mr. Iacono was also a co-founder of
Bolivar Gold Corp. and is involved in numerous resource and business ventures in
Colombia.
"The board is delighted that Mr. Iacono has joined Medoro as interim Chief
Executive Officer. Mr. Iacono brings to Medoro considerable knowledge and years
of experience in the mining industry and was the driving force for Medoro's move
into Colombia," said Robert Metcalfe, the independent Chairman of Medoro, on
behalf of the board.
The board wishes to thank Mr. Hick for his contribution to the company and
wishes him well in his future endeavours.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with
a primary emphasis on Colombia. The Company operates the producing Mineros
Nacionales gold mine located in Zona Baja at Marmato and is conducting an
exploration and in-fill drilling program at its Marmato Project to upgrade and
expand its gold resources there.
Medoro has a 5% interest in the Frontino Gold Mines assets through a joint
venture with Gran Colombia Gold Corp., which operates the joint venture and
holds the other 95%. The 5% interest is a carried interest for one year, during
which time Medoro has a back-in right option to increase its interest to 50% by
paying 50% of the net purchase price, Finders Fees and any capital expenditures
incurred by the joint venture up until the exercise of such option, plus a
premium of 25% thereon. If Medoro does not exercise its back-in right, its 5%
interest would be a participating interest subject to dilution if Medoro does
not contribute it ongoing share of expenditures. The Frontino Gold Mines assets
cover a large land position of 2,907 hectares in the northeast of the Department
of Antioquia, Colombia.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in
Venezuela where it is continuing its efforts to obtain an exploitation permit to
allow development of these gold properties when circumstances in Venezuela
allow. Medoro owns interests in gold exploration properties in Mali in respect
of which it is seeking possible joint venture partners to further explore these
properties.
Additional information on Medoro Resources Ltd. can be found on the Company's
website at www.medororesources.com and by reviewing the Company's profile on
SEDAR at www.sedar.com.
This press release contains forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. Actual results
may differ materially from those currently anticipated. Investors are cautioned
that such forward-looking statements involve risks and uncertainties. Important
factors that could cause actual results to differ materially from those
expressed or implied by such forward looking statements are detailed from time
to time in the company's periodic reports filed with the British Columbia
Securities Commission and other regulatory authorities. The company has no
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
By: Matthew Hill
27th October 2010
TORONTO (miningweekly.com) - Toronto-based Medoro Resources, which graduated to the TSX main board last week, could become a takeover target, but it first needs to overcome ownership problems at its Colombian Marmato gold project an analyst said on Wednesday.
Medoro has been working to consolidate 143 different concessions at Mamato to create one property it hopes to develop into an openpit mine. Some of the concessions already have small-scale artisanal operations, which poses a challenge.
"I'm sure a lot of majors would look at them, but they have to sort out ownership issues there," Wellington West Capital Markets analyst Ryan Walker said.
AngloGold Ashanti, which owns the La Colosa deposit some 100 km south of Marmato, could be a leading candidate.
The gold major said it does not comment on market speculation.
"AngloGold Ashanti controls the best land position in Colombia. We are drilling at our Colosa deposit with a resource of more than 12-million ounces and are working toward a feasibility study on our Gramalote joint venture, both of which are exciting prospects," spokesperson Stewart Bailey said.
In September, AngloGold raised $1,6-billion through selling shares and issuing debt, which it used to eliminate its hedge book.
Gramalote is a joint venture with Canada's B2Gold. AngloGold owned 10,2% of the Vancouver-based junior.
Walker said Medoro had a multi-million ounce project at Marmato which was lower grade, at around one-gram pre ton, though it would likely become an open pit mine.
Marmato has a measured and indicated resource of some 7,5-million ounces of gold with an average grade of 0,95 g/t. Medoro plans to complete a scoping study on the project by the end of the year.
"There's definitely potential there," Walker noted.
"They have to take into consideration these small scale miners that are on their properties," he added.
In a presentation posted to its website this week, Medoro said it had purchased 104 out of 143 legal concessions at Marmoto, located 120 km south of Medellin in Caldas state.
It estimated buying the remaining concessions would cost $10-million, and would make the acquisitions over time to preserve jobs.
As for the artisanal miners – both legal and otherwise – Medoro has made a conscious decision to allow them to continue to operate until it is ready to build a mine and offer them alternative employment, the company said.
Medoro is already operating a mine at Marmoto, called Mineros Nacionales. Last year, the operation produced 25 000 ounces of gold at an average grade of 3,5 g/t.
The company also has a joint venture with Gran Columbia at the Frontino project in Columbia, which produced 55 000 ounces of gold at an average grade of 10,4 g/t last year.
According to the joint-venture agreement, Medoro holds a 5% stake in Frontino, with a one-year option to increase its ownership to 50%.
To do so, it had to pay 50% of the purchase price to Gran Columbia ($100-million), as well as to pay for the capital spent to date, plus a 25% premium. Gran Colombia will be the operator.
Medoro was trading down 2,3% at $1,69 a share on Wednesday late morning, giving it a market capitalisation of C$237-million.
October 28, 2010
Purchase of Medoro Resources Common Shares by CEO and President
TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) - Medoro Resources Ltd. (TSX:MRS) announced today that its Interim Chief Executive Officer and President, Serafino Iacono, has purchased 600,000 common shares of the Company, at an average price of $1.70 per share, on the open market on October 27, 2010. Since his appointment as Interim Chief Executive Officer and President of the Company in late September 2010, Mr. Iacono has purchased an aggregate of 700,000 common shares of the Company.
Mr. Iacono commented, "My investment in Medoro reflects my commitment and confidence in the company's strategy and our objective to develop the Marmato deposit."
Medoro Resources is presently focused on developing the Marmato deposit and has retained SRK Consulting to look at mining options and a related mineable resource estimate. The Company will continue to update the market on developments at Marmato.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the company's profile on SEDAR at www.sedar.com.
von einer fusion von medoro und gran colombia gold aus, mit anschließender übernahme von seafield reources!
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