Medoro Resources Announces 2010 Year End Results
TORONTO, ONTARIO -- (Marketwire) -- 03/29/11 -- Medoro Resources Ltd. (TSX: MRS)(TSX: MRS.WT) announced today the release of its audited consolidated financial results for the year ended December 31, 2010, together with its Management's Discussion and Analysis for the corresponding period.
For the year ended December 31, 2010, Medoro reported revenues of $28 million, compared with nil for the year ended December 31, 2009. The revenues for 2010 were entirely due to Mineros Nacionales S.A., which was acquired by the Company in February 2010. Mineros Nacionales owns the Zona Baja license at the Marmato Project and operates the Mineros Nacionales underground gold mine. During the year ended December 31, 2010, Mineros Nacionales sold 21,395 ounces of gold at a weighted average price of US$1,244.90 per ounce and 32,556 ounces of silver at a weighted average price of US$20.53 per ounce.
For the year ended December 31, 2010, the Company reported a net loss of $41.5 million or $0.30 per share, compared to a net loss of $9.9 million or $0.18 per share for the year ended December 31, 2009. The increase in net loss of $31.6 million was primarily a result of the $30.1 million write-down of the Company's Venezuela properties, an increase in general and administrative costs by $5.8 million, employment related costs of $1.0 million, offset by a gross profit of $5.2 million from the Company's operations at Mineros Nacionales.
The financial statements and MD&A will be posted on the Company's website at www.medororesources.com and on SEDAR at www.sedar.com.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with its primary focus being the development of a large-scale, open-pit mine at Marmato in Colombia. Medoro also has a 5% interest in the former Frontino Gold Mines Ltd. properties in Colombia 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, as well as interests in gold exploration properties in Mali.
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.
Contacts:
Medoro Resources Ltd.
Greg DiTomaso
Investor Relations
(647) 436-2592