Medoro Files Technical Report on Echandia Property

TORONTO , Jan. 7 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce that it has received a National Instrument 43-101 compliant technical report on Colombia Gold plc's Echandia property located in the Marmato region of Colombia (the "Echandia Report"). The Echandia Report contains a mineral resource estimate of 1.08 million ounces of gold in the measured and indicated category with an additional 0.27 million ounces of gold in the inferred category. The estimate was based on 17,144 meters of diamond drilling in 96 holes and using a cutoff grade of 0.3 g/t.

"Medoro is very pleased with the estimates in this report and believes that this report further supports the Company's strategy to acquire, consolidate and then develop the gold mining district of Marmato in Colombia ," said John Hick , CEO of Medoro Resources Ltd.

The Measured and Indicated Resource Estimate from the Echandia Report is as follows:

    
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    Cut-off grade       Tonnage      Gold       Gold      Silver      Silver
     g/t gold            000's        g/t      ounces       g/t       ounces
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        0.3             48,572       0.69   1,080,000      9.12   14,238,000
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    The following is the Inferred Resource Estimate from the Echandia Report:

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    Cut-off grade       Tonnage      Gold       Gold      Silver      Silver
     g/t gold            000's        g/t      ounces       g/t       ounces
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
        0.3             10,637       0.80     274,000      9.04    3,092,000
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The Echandia Report describing the resource estimate will be filed on www.sedar.com and the company's website by Friday, January 8, 2010 .

Qualified Person:

The Echandia Report was prepared by Scott E. Wilson Consulting, Inc. of Englewood, Colorado and is as of November 9, 2009 .

Scott E. Wilson, of Scott E. Wilson Consulting, Inc. is the independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorizes. The samples were prepared by Inspectorate (ISO 9001:2000 and 9002:2004) certified) at sample preparation facilities in Medellin, Colombia , and Reno Nevada, and were assayed at their laboratories in Reno and Lima, Peru . Gold was assayed by fire assay with gravimetric or AAS finish. Silver was assayed by AAS finish or analyzed by ICP with a suite of multi-elements. Additional laboratories used were SGS in Medellin, Colombia (preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada (analysis) using the same analytical methods. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

Medoro's Acquisition of Colombia Gold plc:

Medoro has completed the mailing of its offer to acquire all of the shares of Colombia Gold to all of that company's shareholders. The offer is open for acceptance until January 18, 2010 . Subject to the terms of the offer, Medoro intends to take-up and pay for all Colombia Gold shares tendered immediately after expiry of the offer on January 18, 2010 .

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration and development company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia . The Company owns the rights to interests in the Zona Alta in the Marmato region, located in Colombia , and recently announced the execution of: (i) a non-binding letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A.; and (ii) a support agreement regarding an offer to acquire the securities of Colombia Gold plc, each of which has properties located in the Marmato District of Colombia . Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in other gold exploration areas outside of South America . Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.com.

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, except as required by law.

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.

%SEDAR: 00020446E

For further information: John Hick, President & CEO, [phone], [email protected]