Medoro Resources Completes Private Placement
January 19 2005 - 2:01AM
PR Newswire (US)
Medoro Resources Completes Private Placement 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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