Medoro Resources Announces Private Placement

Medoro Resources Announces Private Placement

    TORONTO, Feb. 27 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it intends to complete a private placement of up to
25,000,000 units at a price of C$0.40 per unit, for gross proceeds of up to
C$10,000,000. Each unit will consist of one common share of the company and
one-half of one common share purchase warrant, with each whole warrant being
exercisable at a price of $0.60 for a period of two years from the date of
closing. The private placement is expected to close in March 2008, subject to
finalisation of subscription agreements and receipt of regulatory approval.
    All securities issued as part of this placement will be subject to a
four-month hold period. The funds raised will principally be used for the
company's 2008 exploration and drilling program in Venezuela and Mali, as well
as for other general and corporate purposes.
    The private placement will be made in compliance with the rules of the
TSX Venture Exchange. Application will also be made for the common shares
issued pursuant to the private placement and the common shares issuable upon
exercise of the warrants to be admitted to AIM on or around the time of
completion.

    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 nine 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/Robin
Birchall), [phone].

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

For further information: Peter Volk, General Counsel and Secretary, (416)
603-4653, pvolk(at)medororesources.com
(MRL)