Private Placement

Medoro Resources Announces Completion of Private Placement

    TORONTO, Nov. 22 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has completed a private placement of 3,308,809 units
at a price of $0.68 per unit, for gross proceeds of $2,249,990.36. Each unit
consists of one common share of the company and one common share purchase
warrant exercisable at a price of $1.00 for a period of two years from the
date of closing.
    All securities issued as part of this placement are 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 expanding
exploration opportunities.
    In accordance with applicable AIM requirements, information regarding
directors and officers of the company who have participated in the private
placement is set out below:

   
    Director/        Units    Common    Common      % of    Common    Common
    Officer      purchased    Shares    Shares     total     Share     Share
                  pursuant purchased held post    issued  Purchase  Purchase
                    to the  pursuant   private   capital  Warrants  Warrants
                   private    to the placement      post purchased held post
                 placement   private             private  pursuant   private
                           placement           placement    to the placement
                                                           private
                                                         placement

    J.F. Arata      73,500    73,500   234,214    0.404%    73,500    73,500
    M. de la Campa 147,411   147,411   149,197    0.257%   147,411   147,411
    G. Pozzo       147,058   147,058   432,771    0.746%   147,058   147,058

    N.B.:  All securities noted above are held in companies over which the
           applicable director or officer exercises direction or control.
   

    The private placement is being made in compliance with the rules of the
TSX Venture Exchange. Application has also been 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. It is anticipated that the
common shares will be admitted to trading on AIM as of November 27, 2007.

    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
(MRS. MRL)