Medoro Intersects 120.50 Metres of 1.043 g/t Au and 57.90 Metres of 2.221 g/t Au at Its Marmato Project in Colombia Further good gold grades over significant widths continue to confirm the resource potential at Marmato
Further good gold grades over significant widths continue to confirm the resource potential at Marmato
TORONTO, ONTARIO -- (Marketwire) -- 09/08/10 -- Medoro Resources Ltd. (TSX VENTURE: MRS) is pleased to announce drill results from a further 20 drill holes from its exploration and in-fill drilling program at the Marmato Project in Colombia. These results continue to provide further confidence in Medoro's geological resource model. These drill holes are part of the ongoing approximately 100,000 metre drilling program, which is aimed at expanding and upgrading the current measured and indicated gold resource estimate of 7.5 million ounces, with an additional 2.2 million ounce inferred resource estimate.(1)
Highlighted intersections include the following holes:
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From To Intersection Grade g/t Grade g/t
Drill Hole (metres) (metres) (metres) Au Ag
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MT-1262 72.60 130.50 57.90 2.221 11.6
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and 354.72 430.00 75.28 1.375 5.1
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MT-1272 344.50 465.00 120.50 1.043 7.2
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MT-1274 42.00 104.00 62.00 1.197 5.2
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Note: gold grades cut to 20.0 g/t
All of the above holes were planned as either in-fill holes or step-out holes and were drilled from surface in the Zona Alta and Echandia areas of the Marmato Project.
John Hick, President and CEO of Medoro, commented: 'We are very pleased with the consistently good results from this drilling program, which demonstrate good gold grades over significant widths. The results continue to confirm our interpretation of the deposit. Marmato is a significant bulk tonnage gold project in Colombia which is distinguished by its access to excellent infrastructure, an existing operational mine and mill and topography which will allow for the construction of bulk tonnage mine.'
'Furthermore, the underground gold mine in Zona Baja gives us the advantage of being able to drill previously inaccessible areas and to drill deeper areas of the deposit, which is open to depth, more efficiently. The underground part of the program has now started with one rig, and another three rigs will be added in September. The gold zone is open to the southeast and the northwest and to depth, and we look forward to further expanding the resources in these areas as the drilling program progresses,' he added.
This drilling program commenced in January 2010 and is scheduled to finish in mid-2011. The drilling program will include both surface and underground drilling. There are now 10 drill rigs in operation on surface, plus one more underground. Another three underground drill rigs are already in Colombia and should be at site before the end of September, which will bring the total number of rigs to 14.
The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The Marmato Project currently has a measured and indicated mineral resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t Au, and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t Au, plus additional silver resources, all as set out in the NI 43-101 technical report(1) in respect of the Marmato Project resource estimate, which was filed on SEDAR on April 22, 2010 (the 'Technical Report'; see the Company's press release dated April 22, 2010).
The table below sets out the full drilling results for the 20 drill holes referred to in this press release representing a total of 7,080 m of drilling. A total of 82 drill holes have been completed and reported on to date for a total of 27,946 m of drilling. All of the results to date, together with a map showing the locations of the drill holes, are available on the Company's website at www.medororesources.com.
The total number of metres drilled to date is 37,235 m in 108 holes, including twin holes, 16 holes for which the Company is awaiting assay results and 10 drill holes which are currently in progress.
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Total
Azimuth Inclination depth From To Length
Drill Hole (degrees) (degrees) (metres) (metres) (metres) (metres)
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MT-1260 215 -60 563.10 261.00 281.00 20.00
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and 473.00 511.00 38.00
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MT-1261 215 -75 445.00 46.00 71.00 25.00
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and 247.00 262.00 15.00
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and 313.24 320.00 6.76
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and 327.66 351.00 23.34
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and 366.00 385.45 19.45
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MT-1262 215 -65 431.29 72.60 130.50 57.90
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and 156.37 181.00 24.63
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and 189.40 216.78 27.38
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and 334.52 349.62 15.10
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and 354.72 430.00 75.28
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MT-1263 215 -65 292.60 157.00 164.30 7.30
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and 195.75 242.70 46.95
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and 260.95 292.60 31.65
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MT-1264 215 -75 352.04 7.00 25.15 18.15
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and 299.00 307.00 8.00
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MT-1265 215 -60 451.30 60.00 125.40 65.40
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and 146.62 177.00 30.38
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MT-1266 215 -65 508.71 52.60 90.00 37.40
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and 206.90 221.50 14.60
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and 385.00 396.71 11.71
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MT-1267 215 -45 451.39 0.00 9.12 9.12
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and 94.00 153.90 59.90
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and 213.10 283.10 70.00
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and 300.50 364.00 63.50
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MT-1268 215 -60 201.05 6.70 32.80 26.10
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and 42.00 63.57 21.57
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and 70.00 101.40 31.40
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and 131.00 177.60 46.60
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and 188.40 194.70 6.30
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MT-1269 215 -55 218.54 128.60 172.50 43.90
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MT-1270 215 -60 233.47 6.87 14.00 7.13
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and 40.00 61.00 21.00
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and 71.00 90.50 19.50
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and 199.00 208.90 9.90
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MT-1270-A 215 -60 544.06 5.45 15.15 9.70
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and 40.00 115.10 75.10
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MT-1271 33.7 -48 125.05 65.00 86.40 21.40
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MT-1272 215 -50 623.31 67.80 84.55 16.75
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and 178.75 195.85 17.10
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and 207.55 255.20 47.65
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and 261.55 280.00 18.45
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and 298.00 306.00 8.00
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and 320.00 331.00 11.00
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and 344.50 465.00 120.50
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and 552.00 623.31 71.31
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MT-1273 215 -45 262.12 84.00 93.00 9.00
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and 115.00 195.00 80.00
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and 202.00 262.12 60.12
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MT-1274 215 -60 300.00 42.00 104.00 62.00
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and 118.60 132.00 13.40
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MT-1275 215 -50 609.90 45.00 56.00 11.00
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and 76.50 88.63 12.13
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and 336.00 343.94 7.94
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and 411.35 423.00 11.65
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and 530.00 537.00 7.00
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MT-1279 215 -60 45.30 2.00 39.00 37.00
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MT-1284 215 -65 80.50 50.30 61.15 10.85
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MT-1284-A 215 -65 341.00 51.20 62.50 11.30
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and 203.00 209.50 6.50
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Gold
grade Gold
Total cut to grade Silver
Azimuth Inclination depth 20 g/t uncut grade
Drill Hole (degrees) (degrees) (metres) (g/t) (g/t) (g/t)
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MT-1260 215 -60 563.10 0.327 7.1
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and 0.342 4.3
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MT-1261 215 -75 445.00 1.559 5.8
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and 0.402 3.2
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and 0.378 4.4
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and 0.646 6.3
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and 0.334 3.4
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MT-1262 215 -65 431.29 2.221 2.498 11.6
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and 2.128 19.4
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and 0.490 2.7
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and 0.335 2.4
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and 1.375 5.1
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MT-1263 215 -65 292.60 0.349 1.4
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and 0.390 3.3
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and 1.064 5.7
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MT-1264 215 -75 352.04 0.347 6.2
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and 0.516 1.4
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MT-1265 215 -60 451.30 0.645 5.0
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and 0.310 2.0
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MT-1266 215 -65 508.71 0.824 4.8
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and 0.635 3.2
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and 1.010 3.2
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MT-1267 215 -45 451.39 0.362 13.9
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and 0.720 4.3
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and 0.867 6.9
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and 0.324 2.9
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MT-1268 215 -60 201.05 1.010 9.3
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and 1.708 7.0
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and 0.557 3.4
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and 0.811 3.1
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and 0.854 3.5
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MT-1269 215 -55 218.54 1.319 16.5
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MT-1270 215 -60 233.47 0.494 5.9
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and 0.328 4.1
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and 0.489 6.6
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and 0.409 4.1
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MT-1270-A 215 -60 544.06 1.228 5.0
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and 0.374 4.6
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MT-1271 33.7 -48 125.05 0.461 13.1
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MT-1272 215 -50 623.31 0.432 7.9
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and 0.703 5.6
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and 0.808 4.1
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and 1.418 7.2
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and 0.406 2.3
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and 0.441 3.3
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and 1.043 3.421 7.2
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and 0.366 5.2
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MT-1273 215 -45 262.12 1.214 13.7
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and 0.342 3.6
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and 0.647 0.694 4.4
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MT-1274 215 -60 300.00 1.197 1.386 5.2
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and 0.438 2.8
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MT-1275 215 -50 609.90 0.825 8.6
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and 0.899 8.4
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and 0.691 6.6
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and 0.348 7.3
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and 0.346 3.3
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MT-1279 215 -60 45.30 0.388 4.2
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MT-1284 215 -65 80.50 0.643 10.4
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MT-1284-A 215 -65 341.00 0.608 10.5
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and 1.449 10.6
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The drill holes were inclined at 45 to 75 degrees from horizontal and the intersection lengths do not represent the true widths. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were cut to 20.0 g/t, and uncut grades are also reported for comparison where applicable. Silver grades are uncut. Assay results are reported in the table above a minimum average grade of 0.3 g/t gold. Voids from old mine workings were identified and assigned a zero grade.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there.
Medoro has a 5% interest in the Frontino Gold Mines assets through a joint venture with Gran Colombia Gold Corp., which operates the joint venture and holds the other 95%. The 5% interest is a carried interest for one year, during which time Medoro has a back-in right option to increase its interest to 50% by paying 50% of the net purchase price, Finders Fees and any capital expenditures incurred by the joint venture up until the exercise of such option, plus a premium of 25% thereon. If Medoro does not exercise its back-in right, its 5% interest would be a participating interest subject to dilution if Medoro does not contribute it ongoing share of expenditures. The Frontino Gold Mines assets cover a large land position of 2,907 hectares in the northeast of the Department of Antioquia, Colombia.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.
(1)Qualified Persons/ Quality Assurance/Quality Control
Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognised by the Canadian regulatory authorities. Dr. Redwood verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the Technical Report, entitled 'Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic of Colombia' dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Marmato Project, please refer to the Technical Report.
Mr. Wilson verified the data disclosed in the technical report, including the sampling, analytical and test data underlying the information contained therein. Verification included a review and validation of the applicable assay databases, reviews of assay certificates and a review of check and replicate assays.
Sample Preparation, Assays, QA/QC
In the case of the drilling results referred to herein, the samples were prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample preparation facility in Medellin, Colombia, and were assayed at their laboratory in Santiago, Chile. Gold was assayed by fire assay with atomic absorption spectrophotometer ('AAS') finish. Samples over 10 g/t were assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 100 g/t were assayed by fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
In the case of the resource estimate and Technical Report by Scott E. Wilson Consulting Inc., the samples were prepared by Inspectorate America Corporation (ISO 9001:2000 and 9002:2004 certified) at sample preparation facilities in Medellin, Colombia, and Reno Nevada, and were assayed at their laboratories in Reno and Lima, Peru. Gold was assayed by fire assay with gravimetric or atomic absorption spectrophotometer ('AAS') finish. Silver was assayed by AAS finish or analyzed by ICP with a suite of multi-elements. Additional laboratories used were SGS Lakefield Research Ltd. in Medellin, Colombia (preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada (analysis) using the same analytical methods. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
This news release contains 'forward-looking information', which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Medoro Resources Ltd.
John Hick
President & CEO
(416) 603-4653
(416) 360-7783 (FAX)
Medoro Resources Ltd.
Linda Dorrington
Director, Investor Relations
(416) 603-4653
(416) 360-7783 (FAX)
www.medororesources.com