Medoro Resources Grants Stock Options

Medoro Resources Grants Stock Options

    TORONTO, July 21 /CNW/ - Medoro Resources Ltd. (TSX-V:MRS/AIM:MRL)
announced today that it has granted a total of 3,825,000 stock options to its
directors, officers and employees at an exercise price of C$0.51. Of the
options that were granted to the company's directors, 820,000 were granted to
each of Jose Francisco Arata, Miguel de la Campa and Serafino Iacono, and
150,000 to each of Giuseppe Pozzo, Michael Beckett and Neil Woodyer. All
options granted cannot be traded prior to November 20, 2006 and are
exercisable until July 19, 2011.

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company has acquired a 100% interest in the Lo Increible 4A and
4B concessions in Venezuela. 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. MRL)