Private Placement

Medoro Resources Announces Amended Private Placement

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    TORONTO, March 6 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has agreed with GMP Securities L.P. to offer, on a
"best-efforts" private placement basis, and subject to the parties executing a
formal agency agreement, up to 50,000,000 units at a price of C$0.40 per unit,
for gross proceeds of up to C$20,000,000. 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 resale
restrictions for a period of four months from the closing date. 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.
    This private placement replaces the "non-brokered" private placement
previously announced by the company on February 27, 2008. 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.

    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)