Issuance of Shares for Debt

Medoro Announces Issuance of Shares for Debt

 

    TORONTO, April 2 /CNW/ - Medoro Resources Ltd. (TSX-VEN/AIM: MRL)

announced that on March 31, 2004 it reached agreement with three consultants

to the Company to have a portion of their accrued fees paid through the

issuance of shares.

    Under these agreements, accrued obligations as of February 29, 2004

amounting to $42,285 incurred by the company's predecessor, Gold Mines of

Sardinia PLC, have been converted into an aggregate of 84,568 common shares of

the company. This issuance was done at $0.50, the Market Price of the shares

on the TSX Venture Exchange on the day that agreement was reached.

    The company has proposed similar arrangements to other creditors and may

have further announcements in the near future.

    The issuance of the shares is subject to regulatory approval by the TSX

Venture Exchange.

 

         The TSX Venture Exchange does not accept responsibility for

                  the adequacy or accuracy of this release.

   

    For further information: Peter Volk, Assistant Secretary,               

1 [phone], info(at)medororesources.com

    (MRL.)