Statement re Termination of Andina Acquisition
September 01 2004 - 1:58PM
UK Regulatory
Medoro Resources Announces Termination of Andina Acquisition,
Extension of Furtei Sale Closing
TORONTO, Sept. 1 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced
today the termination of its proposed acquisition of Andina Minerals and that
it has granted Sargold Resource Corporation (TSX-V: SRG) a 5-day extension to
complete its due diligence related to the acquisition of the Furtei
operations.
On June 7, 2004, the company announced the proposed acquisition of Andina
Minerals Inc. in exchange for 25 million common shares of Medoro, with closing
subsequently extended to August 31, 2004. As a result of market conditions,
the parties have mutually agreed to terminate further discussion of a possible
transaction.
The company also announced on June 7, 2004 a proposed restructuring of
its Joint Venture whereby Sargold would acquire Medoro's entire interest in
the Furtei operations in exchange for (euro) 6 million in cash, the assumption
of (euro) 2 million in liabilities and C$1 million in common shares of
Sargold. Due diligence is nearing completion and the company has granted
Sargold a further 5 days to execute a definitive agreement.
At the Monte Ollasteddu prospect, diamond drilling is underway with three
holes completed and four holes in progress, for a total of 610 metres in the
initial 3,000 metre programme. The drilling is testing three separate
mineralised structures in the western half of the prospect previously
identified by soil and rock chip sampling. Drilling to date has intersected
encouraging widths of quartz-sulphide veining in all of the drill holes and
visible gold recorded in some veins.
For further information: Peter Volk, Assistant Secretary,
1 (416) 603-4653, info(at)medororesources.com
(MRL.)
END
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