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Medoro Resources Announces Completion of Private Placement
Nov. 3, 2009 (Canada NewsWire Group)
TORONTO, Nov. 3 /CNW/ -- Medoro Resources Ltd. (TSX-V: MRS) ("Medoro" or the "Company") announced today the closing of its private placement of 128,700,000 special warrants representing the initially announced offering of 125,000,000 special warrants plus the agents' exercise of a portion of their over-allotment option to arrange for the purchase of an additional 3,700,000 special warrants. The special warrants were issued at a price of $0.80 per special warrant for aggregate gross proceeds of $102,960,000.
The offering was made through a syndicate of agents led by GMP Securities L.P. and including Canaccord Capital Corporation, Thomas Weisel Partners Canada Inc., Haywood Securities Inc., Salman Partners Inc. and TD Securities Inc. For their services in connection with the offering, the agents received a cash commission equal to 5.5% of the gross proceeds of the offering. The funds raised, net of fees and expenses, will be used principally for exploration, drilling, debt repayment, social work related to the Zona Alta of the Marmato Mountain acquired in its recently completed acquisition of Colombia Goldfields, and for working capital and general corporate purposes.
Each special warrant entitles the holder thereof to receive one unit of the Company on the exercise or deemed exercise of the special warrant, each unit being comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of the Company at a price of $1.25 for a period of two years following the closing date.
The special warrants issued pursuant to the offering, and the securities issuable upon the exercise thereof are, or will be, as the case may be, subject to a four month hold period in Canada commencing on the closing date and expiring on March 4, 2010, except where the distribution thereof is qualified by a prospectus. The Company shall use its reasonable best efforts to obtain a receipt for such (final) prospectus within 60 days of the closing date.
The offering was made in compliance with the rules of the TSX Venture Exchange.
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Wertpapier: MEDORO RESOURCES LTD NE |
TORONTO, March 8 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce a new National Instrument 43-101 compliant resource estimate for its Marmato Project of measured and indicated resources containing 7.49 million ounces of gold and inferred resources containing 2.23 million ounces of gold. In addition, there is an estimated M&I resource of 48 million ounces of silver and an estimated inferred resource of 13.4 million ounces of silver (see the summary table below).
Medoro's Marmato Project includes three individual properties - Zona Alta, Echandia and Zona Baja - all of which were recently acquired by the Company through its purchase of the companies owning these properties. These individual properties are held under different licenses but are contiguous and are all part of the same geological system.
The updated resource estimates discussed in this press release cover the combined areas of Zona Alta, Echandia and Zona Baja. Resource estimates for each of the three separate areas were prepared and disclosed previously (see press release dated February 22, 2010). We are now able to consolidate the mineral deposit and have made this new resource estimate comprising a single project, the Marmato Project, rather than summing the individual resource estimates for the three properties.
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MARMATO MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
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MEASURED RESOURCES
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GOLD SILVER
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Cut off
grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 37,222 1.04 1,242 7.99 9,559
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INDICATED RESOURCES
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0.30 Gold 207,887 0.93 6,249 5.75 38,398
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TOTAL MARMATO MEASURED AND INDICATED MINERAL RESOURCES
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0.30 Gold 245,109 0.95 7,490 6.09 47,956
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TOTAL MARMATO INFERRED MINERAL RESOURCES
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GOLD SILVER
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Cut off
grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 75,810 0.92 2,232 5.51 13,432
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The estimates are based on over 80,000 meters of diamond drilling in 379 holes and using a cutoff grade of 0.3 g/t Au.
"We are particularly pleased with this new resource estimate because the total M&I resource estimate of 7.49 million ounces of gold represents an increase of approximately 700,000 ounces over what was previously reported for the total M&I resources on the three individual properties. This is a result of the Company's successful consolidation strategy at Marmato," said John Hick, CEO of Medoro.
"As our substantial infill and exploration drilling program progresses, we expect further increases in resources. In addition, we are currently anticipating gold production from our underground Mineros Mine at Marmato to be about 25,000 ounces in 2010," he added.
The Company is currently conducting an exploration and infill drilling program aimed at further expanding and upgrading these gold resources. With 5 drills currently working, approximately 5,100 metres have been drilled since January 15, 2010. The first batch of assay results from this drilling program should be available for release shortly. Next steps include a scoping study to consider the possibility of a large scale open pit mine at Marmato, and a study of the potential for cost and/or production improvements at the Mineros underground mine located on Zona Baja.
http://www.stockhouse.com/Breaking-Financial-News/...ntino-Gold-Mines
Posted on: Tue, 06 Apr 2010 16:25:00 EDT
TORONTO, April 6 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS.V) announced today that on Monday, April 5, 2010, the Minister of Mines and Energy, Sr. Hernan Martinez, on behalf of the Colombian Government, issued a press release supporting Medoro's recently announced proposed acquisition of Frontino Gold Mines Limited. The release stated:
"Bogota, April 5 (SP). The National Government wishes to inform as follows:
On March 31, Frontino Gold Mines Limited, currently in mandatory liquidation, and the mining company Zandor Capital, a subsidiary of the Canadian company Medoro Resources, entered into a promise of sale, which will allow for a resolution of the serious problems faced by (Frontino) and for the clearance of the obstacles that compromised its viability.
The deal, approved last week by the Advisory Board composed of workers and pensioners of (Frontino), insures full payment of all pension entitlements for the life of the employee as well as the stability of the current workforce of the company.
The agreement includes, in addition to payment of all obligations of the company in liquidation, with a special emphasis on pension liabilities, social commitments of vital importance to this region and its workers; such as payment of health contributions for pensioners, a contribution destined for the financing of social projects in the area which will increase as production and the price of gold increase, as well as the possibility of equity participation in Medoro by any workers of the company who so desire.
The closing of this transaction clears the way for a better future for more than three thousand families in the municipalities of Segovia and Remedios whose livelihoods depend on gold mining. The agreement reached by these companies opens the door to an industrial modernization plan that will substantially improve the environmental, labour and industrial safety standards of the project as well as to an ambitious social management plan, as proposed by the National Government.
Frontino Gold Mines, after a fruitless search for a solution to its debt problems, went into mandatory liquidation in 2004 and, before the current negotiations, had failed to find a buyer.
These negotiations are a demonstration of investor confidence in Colombia and, moreover, will result in social advancements for the region as well for the mining industry of the country."
John Hick, CEO of Medoro stated, "We are very pleased to have the support of the Colombian Government for our acquisition of Frontino and look forward to completing the transaction and implementing our investment and social programs, which we believe will bring substantial benefit to the people of Segovia and Remedios." (Please see the Company's press release dated March 31, 2010.)
Sintraminergetica, the union representing certain of Frontino's workers, has asserted that it has filed a criminal complaint against Mr. Serafino Iacono, a significant participant in Medoro's proposed joint venture partner in its acquisition of Frontino (as discussed in Medoro's press release of March 31, 2010 referred to above), regarding statements he has allegedly made. Neither Medoro nor Mr. Iacono are aware of any such criminal complaint or of any actionable statements alleged to be made by Mr. Iacono.
TSX VENTURE: MRS
Other Recent News
August 3, 2010
Medoro Consolidates Its Issued and Outstanding Common Shares on A Three for One Basis
TORONTO, ONTARIO--(Marketwire - Aug. 3, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) is pleased to announce that it has received all requisite approvals to implement the previously announced consolidation of the issued and outstanding common shares of the Company on a three-for-one basis. The consolidation was approved at the annual and special meeting of the shareholders of the Company held on June 9, 2010 and was accepted by the TSX Venture Exchange in accordance with its policies on August 3, 2010.
The post-consolidation common shares of the Company will commence trading on the TSX Venture Exchange on August 4, 2010. The Company's name and its trading symbol, MRS, will remain unchanged.
Effective upon the implementation of the consolidation, and subject to rounding, Medoro will have approximately 140,317,404 common shares issued and outstanding. Each stock option or other security of the Company convertible into pre-consolidation common shares that has not been exercised or cancelled prior to the effective date of the consolidation will be adjusted pursuant to the terms thereof on the same exchange ratio of three-for-one and each holder of pre-consolidation convertible securities will become entitled to receive post-consolidation common shares pursuant to such adjusted terms.
No fractional common shares will be issued to shareholders as a result of the consolidation. The number of common shares issued to shareholders as a result of the consolidation will be rounded up to the nearest whole common share in the event that a shareholder would be otherwise entitled to a fractional common share representing 0.5 or more of a common share as a result of the consolidation, and will be rounded down to the nearest whole common share in the event that a shareholder would be otherwise entitled to a fractional common share representing less than 0.5 of a common share as a result of the consolidation. No compensation will be issued to shareholders as a result of rounding down.
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.
Medoro has signed an agreement with Gran Colombia Gold S.A. giving it a 5% carried interest in Frontino Gold Mines Limited (when acquired by Gran Colombia) and a right for one year from the closing of the acquisition to increase its interest in Frontino 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.
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. 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.
CONTACT INFORMATION:
Medoro Resources Ltd.
John Hick
President & CEO
(416) 603-4653
or
Medoro Resources Ltd.
Linda Dorrington
Director, Investor Relations
(416) 603-4653
www.medororesources.com