1st Quarter Results

Medoro Resources Announces 2006 First Quarter Results

    TORONTO, May 30 /CNW/ - Medoro Resources Ltd. (TSX-V:MRS, AIM: MRL)
announced today results for the quarter ended March 31, 2006.

    For the quarter ended March 31, 2006, Medoro reported a loss of $140,000
or $0.00 per share as compared to a loss of $512,000 or $0.01 per share in the
first quarter of last year. The current loss largely reflects corporate costs
of $318,000 as compared to $505,000 in the same period last year, partially
offset by interest and other income and an unrealized gain on the translation
of foreign currency balances of $178,000. At March 31, 2006 the company had
cash and short-term investments of $14.1 million and no debt. Complete
financial statements are available on the Company's website or on SEDAR at
www.sedar.com.

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. Further information is available on our website at
www.medororesources.com.

 
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

 

    For further information: Robert Doyle, Executive Vice President,
[phone], pvolk(at)medororesources.com

    (MRS.)