🕐27.09.10 - 20:27 Uhr
Medoro Resources Ltd.: Marmato Town Relocation Underway
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Medoro Resources Ltd.
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MRS
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Recent News
September 27, 2010
Medoro Resources Ltd.: Marmato Town Relocation Underway
TORONTO, ONTARIO--(Marketwire - Sept.
27, 2010) - Medoro Resources Ltd.
(TSX
VENTURE:MRS) is pleased to announce that it has been informed by the Marmato
municipal authorities and the Department of Caldas (Colombia) that they have
approved the building of new infrastructure related to the relocation of the
town to the El Llano area, located 3 kilometres to the east of Marmato.
As part of this process, a new school with a capacity for 1,200 students,
including 26 classrooms, washrooms, physics and chemistry laboratories, a
cafeteria, sport field, computer sciences rooms, library, and auditorium.
The cost of the facility is currently estimated at US$1.7 million.
Once
construction is completed, the existing school in Marmato will be relocated
to El Llano.
For the building of the new school, the municipality has
already donated the necessary land.
Also, the bidding process for the construction of a new health facility for
El Llano has commenced.
This facility, which will replace the current one in
Marmato, will be designed to provide first-level response for medical
emergencies and surgeries as well as administrative offices, a childbirth
room and other related services.
It is expected that construction will
commence within six months.
The municipality of Marmato has already donated
the necessary land.
Funding for this phase, amounting to US$700,000, will be
provided by the Caldas Government and the Marmato municipality.
The second
phase funds, estimated at US$1.0 million, have not yet been funded, but
Medoro, as part of its social and relocation plans, has agreed to fund a
portion of this cost, in conjunction with the municipal and departmental
governments.
In addition to the construction of a new school and hospital, the
municipality has advised the Colombian Interior Ministry of its plans for
the construction of a new municipal administrative headquarters in El Llano,
including the mayors office, municipal council headquarters and secretarys
offices.
The mayor has also requested that the general commanders office of the
national police build a new police station with a capacity for 25 officers
and related equipment in El Llano to replace the current one in Marmato, at
an estimated cost of US$500,000.
The municipality has already donated the
necessary land.
Additionally, in support of the relocation, the Caldas Government has been
paving and rebuilding portions of the roadway in the area.
The work
commenced in July, 2010 with an estimated cost of US$1.5 million.
As a result of geological instability in certain areas of Marmato as a
result of historical mining activities, the mayors office has decided to
relocate 15 high risk housing units to El Llano, at a cost of US$250,000.
The land for this relocation will be contributed by the municipality.
Medoro has been developing a socialization plan for the Marmato Project and
of the relocation of the town since January 2010.
The company has had more
than 100 meetings with the community in which more than 4,000 people have
participated, in order to better inform the community about its social plan
including the relocation of the town as well as its proposed environmental
management plan related to the development of a large scale mining project.
Commenting on these developments, Serafino Iacono, Interim Chief Executive
Officer stated, "We are extremely pleased to see the support and commitment
of officials at the municipal and departmental levels, and the community in
general, as we move forward with this project.
Our vision is not just about
moving the town so that we can build a mine, it is about resolving problems
that have been created by hundreds of years of small scale mining, and
building a better future for everyone."
About Medoro Resources Ltd.
Medoro Resources Ltd.
is a gold exploration, development and mining company
with a primary emphasis on Colombia.
Medoro owns most of the prolific
Marmato gold district and the producing Mineros Nacionales underground gold
mine located in Zona Baja at Marmato.
The Company is conducting an
exploration and infill drilling program at its Marmato Project to expand and
upgrade its already substantial gold resources there as the basis for its
plan to develop a large open pit gold mine to realize the large potential of
the Marmato Project.
The Companys Marmato Project currently hosts measured
and indicated gold resources of approximately 7.5 million ounces, and an
inferred resource of approximately 2.2 million ounces.
Medoro has a 5% interest in the Frontino Gold Mines assets through a joint
venture with Gran Colombia Gold Corp., which operates the joint venture and
holds the other 95%.
The 5% interest is a carried interest for one year,
during which time Medoro has a back-in right option to increase its interest
to 50% by paying 50% of the net purchase price, Finders Fees and any capital
expenditures incurred by the joint venture up until the exercise of such
option, plus a premium of 25% thereon.
If Medoro does not exercise its
back-in right, its 5% interest would be a participating interest subject to
dilution if Medoro does not contribute it ongoing share of expenditures.
The
Frontino Gold Mines assets cover a large land position of 2,907 hectares in
the northeast of the Department of Antioquia, Colombia.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions
in Venezuela where it is continuing its efforts to obtain an exploitation
permit to allow development of these gold properties when circumstances in
Venezuela allow.
Medoro owns interests in gold exploration properties in
Mali in respect of which it is seeking possible joint venture partners to
further explore these properties.
Additional information on Medoro Resources Ltd.
can be found on the
Companys website at www.medororesources.com and by reviewing the Companys
profile on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may include,
but is not limited to, statements with respect to the future financial or
operating performance of Medoro and its projects, and transactions involving
Medoro.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Medoro to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking
statements contained herein are made as of the date of this press release
and Medoro disclaims, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if managements
estimates or opinions should change, or otherwise.
There can be no assurance
that forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements.
Accordingly, the reader is cautioned not to place undue reliance
on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Medoro Resources Ltd.
Peter Volk
Vice President and General Counsel
(416) 603-4653
www.medororesources.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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