Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. Medoro owns most of the prolific Marmato gold district and the producing Mineros Nacionales underground gold mine located in Zona Baja at Marmato. The Company is conducting an exploration and infill drilling program at its Marmato Project to expand and upgrade its already substantial gold resources there as the basis for its plan to develop a large open pit gold mine to realize the large potential of the Marmato Project. The Company’s Marmato Project currently hosts measured and indicated gold resources of approximately 7.5 million ounces, and an inferred resource of approximately 2.2 million ounces.
In March 2010, Medoro signed a binding agreement to acquire all of the assets of Frontino Gold Mines Limited. Frontino and Marmato are considered to be the two most historically important gold producing districts in Colombia. Frontino has been in production for approximately 155 years, during which time it has produced over 4.5 million ounces of gold. In June 2010, the Company announced that its preliminary due diligence investigations in respect of the asset purchase agreement to acquire the assets of Frontino Gold Mines Ltd. had been positive and that the Company’s Board of Directors had resolved to proceed with the acquisition. The Company also announced that it had amended its agreement with Gran Colombia Gold S.A., its joint venture partner in respect of the proposed Frontino asset acquisition, whereby Medoro will retain a 5% carried interest in Frontino Gold Mines Ltd. (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%. This acquisition is scheduled to close two weeks from the end of July 2010, subject to certain conditions, including legal and technical due diligence and requisite regulatory approvals.
Contact Details
Office Address
Medoro Resources Ltd.
220 Bay St., Ste. 1400
Toronto, ON, Canada M5J2W4
Phone: (416) 603-4653
Fax: (416) 360-7783
Executives
President, CEO and Director
John W. Hick
CFO
Nelson Lee