Acquisition(s)

Medoro Announces Approval for Pestarena Acquisition;

Final Issuance of Shares for Debt

 

    TORONTO, May 5 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced

today that it has received TSX Venture Exchange approval to its previously

announced acquisition of Miniere di Pestarena srl, an Italian company with

exploration rights covering the 141 hectare Pestarena and 245 hectare

Lavanchetto concessions located in the Piedmont Region in north western Italy.

    As partial consideration for the acquisition, the company has issued 4.0

million Medoro common shares to the vendors. These shares are subject to a

hold period expiring on September 4, 2004, during which they cannot be traded.

No other shares are issuable under this transaction.

    The Company also announced that, further to its news releases of April 2

and 19, 2004, it has today issued an aggregate of 140,624 shares in final

payment for $70,313 in accrued liabilities owed to four consultants to the

Company. The shares are subject to a hold period expiring on July 30, 2004,

during which they cannot be traded. TSX Venture Exchange approval has been

obtained to this issuance.

    Application will be made for admission of the 4,140,624 shares to trading

on the Alternative Investment Market of the London Stock Exchange and

quotation is expected on May 12, 2004.

 

         The TSX Venture Exchange does not accept responsibility for

                  the adequacy or accuracy of this release.

     

    For further information: Peter Volk, Assistant Secretary,

[phone], info(at)medororesources.com

    (MRL.)