Medoro Resources Receives Final Approval to Graduate to Toronto Stock Exchange

TORONTO, ONTARIO -- (Marketwire) -- 10/18/10 -- Medoro Resources Ltd. (TSX VENTURE: MRS) is pleased to announce that the Company has received final approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares and warrants (expiring on November 3, 2011) on the TSX. Trading of Medoro's common shares and warrants will commence effective at the opening of the TSX on Wednesday, October 20, 2010 under the symbols 'MRS' and 'MRS.WT', respectively.

Serafino Iacono, the Company's Interim President and Chief Executive Officer, said, 'We are extremely pleased to have graduated to the TSX as it will provide the Company with access to new capital and financing.'

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 also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.

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.

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.

Peter Volk

Vice President & General Counsel

(416) 603-4653
www.medororesources.com