Proposal to De-list from AIM

Medoro Resources Announces Proposal to De-list from AIM

    TORONTO, May 2 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it proposes to request that the London Stock Exchange plc
cancel the admission of its common shares from AIM. Cancellation is subject to
passing of a special resolution at an Annual and Special Meeting of
Shareholders to be held at 10:00 am (Toronto time) on May 27, 2008 at the
offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 2800, Commerce
Court West, Toronto, Ontario, Canada. In order to be passed, 75% of the votes
cast at the meeting in person or by proxy must be voted in favour of the
resolution. Should such resolution be passed, it is anticipated that the
cancellation of trading on AIM will be effected on or around June 5, 2008. A
circular convening the meeting will be sent to Medoro shareholders shortly and
can now be accessed through www.sedar.com.

    Rationale for Cancellation

    When the company was first established, much of the liquidity in its
shares arose from activity on AIM; however, over the past four years, that has
shifted dramatically so that the vast majority of the trading and liquidity
arises from the company's listing on the TSX Venture Exchange.
    Due to the relatively low number of the Company's shareholders holding
shares on the Jersey shareholder register (Jersey being where the AIM
shareholder register is maintained), and the low volume of trading in shares
on AIM, as compared to the regulatory and financial commitment required to
maintain an AIM listing, the board of Medoro considers it in the best interest
of the Company to seek a cancellation of its shares from trading on AIM. The
relatively low profile of the Company and inactive trading on AIM do not, in
the Board's view, justify the costs and inconvenience of maintaining a second
listing on AIM.
    As an alternative market will continue to exist for the trading in the
shares, given the Company's continued listing on the TSXV, shareholders
currently trading or holding AIM listed shares on the Jersey shareholder
register, will continue to be able to trade their shares on the TSXV and
should therefore not be materially prejudiced by the proposed cancellation
from AIM. Shareholders who have traded on AIM or hold their shares on the
Jersey shareholder register are advised to consult their stockbroker, bank
manager, solicitor, accountant or other independent professional adviser for
the procedure to follow to transmit their shares to the Canadian shareholder
register, or to contact the company's UK transfer agents at Capita Registrars,
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU or by phone on 0871
664 0300 (Calls cost 10 pence per minute plus network extras), [phone]
3399 (from outside the UK), [phone] or ssd(at)capitaregistrars.com
for the procedure to follow. For those not familiar with the Canadian
securities system, public information on the Company can be accessed through
www.sedar.com, an independent website on which all regulatory filings must be
made.

    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 eleven 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

    This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.


For further information: Robert Doyle, Chief Executive Officer, (416)
603-4653, [e-mail]
(MRS. MRL)