Medoro Resources Completes Private Placement
January 19 2005 - 2:02AM
UK Regulatory
Medoro Resources Completes Private Placement
TORONTO, Jan. 18 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced
today that it has completed a private placement of 7,692,307 shares at a price
of $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 been
advised that Gold Fields now holds 12,692,307 shares or 13.4% of Medoro's
currently issued and outstanding shares. The funds will be used in part to
help defray costs associated with due diligence currently being carried out by
the company on a potential opportunity elsewhere in Europe. Commenting on this
transaction, Giuseppe Pozzo, President of Medoro stated "We are encouraged by
Gold Fields' continuing support of and interest in our company."
The company remains committed to its strategy of acquiring properties of
merit which can be joint ventured with, and funded by, senior gold companies.
Following the sale of most of its Sardinian properties, the company currently
has two remaining properties - Monte Ollasteddu in Sardegna and Pestarena in
northwestern Italy.
At Monte Ollasteddu, Gold Fields has advised the company that it is ready
to commence an Induced Polarization (IP) survey as soon as necessary
permissions are received. The purpose of this program will be to provide more
focussed targets for subsequent drilling.
Although the recently announced sale of properties and this private
placement have restored Medoro's financial position, the company has decided
to initiate a search for a joint venture partner for its Pestarena property
rather than use its own resources to explore this early-stage prospect.
Medoro has applied for 7,692,307 common shares of the Company to be
admitted to trading on the Alternative Investment Market of the London Stock
Exchange. These shares will also be listed on the TSX Venture Exchange.
Medoro Resources is a gold exploration and development company focussed
on gold opportunities in Italy and elsewhere in Europe.
For further information: Peter Volk, (416) 603-4653,
info(at)medororesources.com
(MRL.)
END
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