Offer Update

Medoro Resources Amends Terms of Offering

 

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION

    IN THE UNITED STATES/

 

    TORONTO, Feb. 3 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced

today that it has amended its agreement with GMP Securities L.P. in connection

with the previously announced offering of common shares to increase the size

of the offering. The offering will be completed on a 'best-efforts' private

placement basis, and subject to the parties executing a formal agency

agreement, for up to $10 million through the sale of 100,000,000 common shares

at $0.10 per share. GMP shall have the option to sell an additional 60,000,000

common shares at $0.10 per share for additional proceeds of $6 million. The

financing is subject to regulatory approval and is expected to close on or

before February 16, 2006. All shares issued will be subject to a four-month

hold period.

    The funds will be used for general corporate and working capital

purposes, which may include costs associated with identifying potential

acquisitions.

    The Company intends to apply to have the common shares listed on the TSX

Venture Exchange and admitted to trading on the Alternative Investment Market

(AIM) of the London Stock Exchange plc.

 

    Medoro Resources is a gold exploration and development company focused on

gold opportunities in Italy and elsewhere in Europe. In addition to its

financial assets, the company has a 30% interest in the Monte Ollasteddu gold

prospect in Italy.

 

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

 

    The securities being offered have not been, nor will they be, registered

under the United States Securities Act of 1933, as amended, and may not be

offered or sold within the United States or to, or for the account or benefit

of, U.S.persons absent U.S. registration or an applicable exemption from U.S.

registration requirements. This release does not constitute an offer for sale

of securities in the United States.

 

 

    For further information: Peter Volk, Secretary, [phone],

info(at)medororesources.com

    (MRL.)