Medoro Resources Announces Third Quarter Results

Medoro Resources Announces 2006 Third Quarter Results
 
    TORONTO, Nov. 29 /CNW/ - Medoro Resources Ltd. (TSX-V:MRS, AIM: MRL)
announced today results for the quarter ended September 30, 2006.
    For the quarter, Medoro reported net earnings of $495,000 or $0.01 per
share as compared to a loss of $4.1 million or $0.23 per share in the third
quarter of last year. The current net earnings largely reflects the gain on
the sale investments of $1,464,000 and interest income, foreign exchange gains
and other income of $344,000 partially offset by corporate and operating costs
of $1,313,000 whereas the prior year period included a $3.5 million investment
writedown. For the nine months ended September 30, 2006 the company reported a
loss of $349,000 or $0.01 per share as compared to a loss of $5.0 million or
$0.31 per share for the same period last year. At September 30, 2006 the
company had cash and short-term investments of $15.8 million and no debt.
Complete financial statements are available on the Company's website or on
SEDAR at www.sedar.com.
    At the Lo Increible property, the company has been conducting a
10,000-metre drilling campaign designed to provide the basis for reclassifying
the existing historical resources and identify additional reserves and
resources. The first phase of drilling will be in-fill drilling at the La
Cruz, La Sofia and El Tapon prospects on 12.5 and 25-metre spacing with the
objective of upgrading the existing 390,000 ounces of indicated resources and
505,000 of inferred resources respectively. Included in this phase will be a
number of deep holes to test the down-dip potential of the mineralization at
the three prospects. Initial drill results are expected in the near future.
 
    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, (416)
603-4653, rdoyle(at)medororesources.com
(MRS.)