Acquisition

Medoro Resources Ltd
23 March 2004


Medoro Resources Ltd ('Medoro' or the 'Company')





Medoro Announces Acquisition of Italian Properties

TORONTO, Tuesday, March 23, 2004 - Medoro Resources Ltd. (TSXV/AIM: MRL)
announced today the acquisition of 100 percent of the share capital in Miniere
di Pestarena srl, an Italian company with exploration rights covering the 141
hectare Pestarena and 245 hectare Lavanchetto concessions located in the
Piedmont Region in north western Italy.

Historical data shows that approximately 190,000 ounces of gold was recovered
from a mine on the concessions between 1938 and 1961. The average grade of gold
mined during the period from 1938 to 1949 was in the order of 11 grams per tonne
(g/t), with a gold-silver ratio of 2:1. Average grade declined thereafter to
approximately 5 g/t by 1961 when the mine was shut down. Since 1949, little
systematic exploration has occurred on the concessions. Medoro intends to
explore for new high grade zones which could provide feed for the company's
Furtei mill in Sardegna.

The mine is accessible by a decline ramp located at 1,031 metres above sea level
(asl) and by a main adit at 870 metres asl. The main adit is 3,500 metres long,
reasonably dry and well maintained. Old workings are also well preserved and
production could be re-established.

Consideration for the acquisition consists of the payment of €600,000 in cash
and the issuance of 4.0 million new Medoro common shares. The company is also
committed to spend at least €1.7 million over the next two years on an
exploration program on the properties. Additionally, the completion of the
exploration program will cause the release by the Italian government of
approximately €740,000, which will be remitted to the vendor of the properties.

The new common shares will be issued upon receipt of regulatory approval by the
TSX Venture Exchange.

FOR FURTHER INFORMATION
Peter Volk, Assistant Secretary
001 [phone]
[e-mail]



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