Drilling Report

Medoro Resources Announces Drilling Results

    TORONTO, Jan. 29 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today further diamond drilling results from its Lo Increible gold
properties located in the El Callao mining district in Venezuela. Highlights
include Hole 07-247 at El Tapon which had multiple intercepts including
14.8 metres at a gold grade of 15.1 grams per tonne (g/t) and 11.5 metres
grading 9.5 g/t.
    The program, consisting of 15 holes at La Cruz, five holes at La Sofia,
six holes at El Tapon, four holes at Tibaire, two at Los Gritos and six holes
at the new La Loca zone, was designed to expand and upgrade current resources.
A review of structural data for both the La Sofia and El Tapon zones is
currently in progress, aimed at obtaining a better understanding of the
geological control of high grade shoots which may be located at fold hinges or
shear intersections.
    Significant intervals (exceeding 10 gram-metres) are summarized below.

    -----------------------------------------------------------------------
    Hole No.      From         To        Interval      Grade      Zone
                   (m)         (m)         (m)         (g/t)
    -----------------------------------------------------------------------
    LI07_203      166.3       171.2         4.9         3.8      La Cruz
    LI07_209       20.0        33.2        13.2         4.0      La Cruz
    LI07_218       86.5        96.6        10.1         1.2      La Cruz
    LI07_229       27.0        38.0        11.0         3.8      La Cruz
    LI07_232       38.5        42.0         3.5         2.9      La Cruz
    LI07_236      179.3       183.6         4.3         6.1      La Cruz
    LI07_240      195.8       206.9        11.1         5.5      La Cruz
    LI07_248       30.0        33.0         3.0         3.7      La Cruz
    and            75.0        81.0         6.0         4.1      La Cruz
    -----------------------------------------------------------------------
    LI07_228       57.0        65.9         8.9         2.7      La Sofia
    LI07_233       73.5        80.0         6.5         3.4      La Sofia
    LI07_239      122.4       129.0         6.6         2.5      La Sofia
    -----------------------------------------------------------------------
    LI07_201      132.9       140.4         7.5         2.5      El Tapon
    and           181.8       188.5         6.7         1.7      El Tapon
    LI07_215      101.5       104.9         3.4         3.0      El Tapon
    LI07_241      139.3       141.6         2.3         5.2      El Tapon
    LI07_247      105.3       109.5         4.2         5.3      El Tapon
    and           115.0       117.9         2.9        13.0      El Tapon
    and           127.6       139.0        11.5         9.5      El Tapon
    and           141.0       155.8        14.8        15.1      El Tapon
    -----------------------------------------------------------------------
    LI07_205       86.4        92.4         6.1         8.6      La Loca
    LI07_208       75.5        78.9         3.4        11.3      La Loca
    LI07_211-B     94.0       102.5         8.5         3.9      La Loca
    LI07_217       99.5       108.0         8.5         2.9      La Loca
    -----------------------------------------------------------------------
    Intervals approximate true width. Grades are uncut.
    -----------------------------------------------------------------------

    These results confirm that La Cruz continues at depth and also extend the
structure further to the east. Infill drill holes at La Sofia and El Tapon
confirm the current geological model and extend mineralization to the
northeast. At La Loca, the reported holes intersected a NS-striking structure
that has been confirmed to extend vertically for at least 100 metres over a
strike extent of at least 150 metres.
    In 2008, the company is planning a further 28,000 metres of diamond
drilling to add resources outside of the existing zones, test potential of
near-surface mineralization at La Cruz, define high-grade shoots along the
La Cruz structure and provide additional information in the more structurally
complex areas.
    At the Lo Increible properties, gold mineralization occurs as lode-gold
shear-hosted quartz-carbonate veins. Mineralization is associated to the
east-northeast to east trending Lo Increible shear, and it shares with the
nearby Choco 10 mine similar lithologies, structural features and style.
    The company currently has three drill rigs on the property, of which one
is dedicated to upgrading the resources at the La Cruz, La Sofia and El Tapon
zones. The second rig is evaluating three additional prospects, among others,
that have been identified within Lo Increible 4A and 4B - Tibaire, La Lapa,
La Loca and Los Gritos.
    Dr Mike Armitage C.Eng. C. Geol. is the Qualified Person for this project
and is independent of the company. He has conducted the verification for this
project. Medoro has used Triad Laboratories in Venezuela as the primary
laboratory. Split HQ core samples of 4 to 5 kg were crushed and pulverized to
250 grams. A 50 gram sample was split for fire assay analysis using AAS
finish, and gravimetric finish if Au was greater than 2.0 g. A comprehensive
quality control program, which includes blanks, standards duplicates and cross
checks was employed. This QC program included the use of certified standard
reference samples.

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company holds a 100% interest in the Lo Increible 4A and 4B
concessions in Venezuela and interests in seven gold exploration areas in the
Republic of Mali. Additional information on the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney), +44
(0) 20 7050 6500.

    Glossary:

    AAS: Atomic Absorption Spectrometer.
    Split HQ: A standard form of core size.

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

   
For further information: Jose Francisco Arata, [phone]
(MRL)