Medoro Resources Announces 2005 Year-End Results
April 27 2006 - 3:00AM
UK Regulatory
Medoro Resources Announces 2005 Year-End Results, Lo Increible Update
TORONTO, April 27 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL)
announced today results for the year ended December 31, 2005, as well as an
update on the status of its proposed acquisition of the Lo Increible 4A & 4B
exploration properties located in the El Callao area of the State of Bolivar,
Venezuela.
For the year ended December 31, 2005, Medoro reported a net loss of
$11.0 million or $0.10 per share as compared to a loss of $10.3 million or
$0.15 per share in the previous year. The 2005 loss largely reflects the
writedown of the Pestarena property and a provision for the potential
non-collectability of amounts receivable. At December 31, 2005 the company had
cash and short-term investments of $5.3 million and no debt. Subsequent to the
end of the year, the company completed a private placement for net proceeds of
$9.3 million.
As previously announced, the company has agreed to acquire the Lo
Increible 4A and 4B properties, totaling 2,216 hectares, located immediately
north of, and adjacent to, Crystallex International Corporation's La Victoria
property. A new, independent NI-43-101 Technical Report prepared by Mayes
Consulting Ltd. dated April 24, 2006 has been received and filed on SEDAR
(www.sedar.com).
Highlights of this report include an indicated resource of 406,000 ounces
contained within 3.4 million tonnes grading 3.7 grams per tonne (g/t) gold
plus an additional 557,000 ounces classified as inferred resource contained
within 4.8 million tonnes at a gold grade of 3.6 g/t, all based on a 1.0 g/t
cutoff. The report also highlights the excellent exploration potential of the
property and the company intends to proceed expeditiously with the recommended
15,000-metre, $2.2 million program to upgrade and expand the current
resources. Haywood Securities has been retained by the Board of Directors to
provide an independent valuation and shareholders will be asked to vote on
this acquisition at a special meeting to be held on May 19, 2006.
Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
For further information: Peter Volk, Secretary, (416) 603-4653,
pvolk(at)medororesources.com
(MRL.)
END
Marlowe (LSE:MRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marlowe (LSE:MRL)
Historical Stock Chart
From Jul 2023 to Jul 2024