Medoro Resources Completes Acquisition of Colombia Gold plc

Echandia and Zona Alta properties combined host a NI 43-101 Measured and Indicated Resource Estimate of approx. 3.4 million Ounces of Gold

TORONTO , Feb. 8 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce that it has acquired all of the issued and outstanding ordinary shares of Colombia Gold plc pursuant to its previously announced offer. A total of 33,333,238 common shares of Medoro were issued to former shareholders of Colombia Gold pursuant to the offer. With this acquisition, Medoro has acquired 100% of Colombia Gold's interests in the Echandia concession (the "Echandia property") which adjoins Medoro's Zona Alta property.

    
    Highlights:

    -   With this acquisition, the second part of Medoro's three-stage
        strategy to consolidate and develop the historically prolific gold
        district of Marmato is complete.

    -   The combined NI 43-101 compliant measured and indicated resource
        estimate for the Echandia property and the Zona Alta property,
        acquired from Colombia Goldfields in October 2009, is approximately
        3.4 million ounces of gold. (See the resource estimate summary table
        below.)

    -   In addition, the combined NI 43-101 inferred resource estimate for
        both properties is approximately 1.3 million ounces of gold.
    

As a final step in consolidating the Marmato gold district, Medoro has signed a non-binding letter of intent to acquire all the issued and outstanding common shares of Mineros Nacionales S.A. for consideration of US$35 million, of which the Company has already paid a deposit of US$5 million. Mineros Nacionales owns a license over the Marmato Zona Baja on which it operates an underground gold mine and mill.

"Following the Mineros Nacionales acquisition, this would be the first time the Marmato gold district will be explored and developed as a whole. A unified approach to exploration and development of this region will significantly improve the potential to increase and upgrade the gold resources on these consolidated properties," said John Hick , CEO of Medoro Resources Ltd.

The Company has five drill rigs in operation on the Zona Alta property at present, conducting an exploration and infill drilling program. The drilling program commenced in mid-January 2010 and as of the end of January approximately 1,300 metres had been drilled.

    
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           ZONA ALTA MEASURED AND INDICATED GOLD MINERAL RESOURCE
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                              Measured Resource
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    Cut off        Type        Tonnes (000s)   Grade Au g/t    Ounces (000s)
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    0.30           Gold           13,065           0.87              364
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                             Indicated Resource
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    0.30           Gold           75,142           0.81            1,955
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                    Total Measured and Indicated Resource
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    0.30           Gold           88,207           0.82            2,319
    -------------------------------------------------------------------------

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                  ZONA ALTA INFERRED GOLD MINERAL RESOURCE
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    0.30           Gold           27,609           1.21            1,075
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            ECHANDIA MEASURED AND INDICATED GOLD MINERAL RESOURCE
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                              Measured Resource
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    0.30           Gold            8,744           0.76              215
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                             Indicated Resource
    -------------------------------------------------------------------------
    0.30           Gold           39,828           0.68              865
    -------------------------------------------------------------------------
                    Total Measured and Indicated Resource
    -------------------------------------------------------------------------
    0.30           Gold           48,572           0.69            1,080
    -------------------------------------------------------------------------
                   ECHANDIA INFERRED GOLD MINERAL RESOURCE
    -------------------------------------------------------------------------
    0.30           Gold           10,637           0.80              274
    -------------------------------------------------------------------------
    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 above information. He is a Certified
    Professional Geologist and member of the American Institute of
    Professional Geologists and a Registered Member of the Society of Mining
    and Metallurgy and Exploration Inc. Quality assurance and quality control
    procedures for assays and sampling were followed in accordance with the
    requirements of NI 43-101.
    

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 and Echandia properties in the Marmato region, located in Colombia , and has executed a non-binding letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A., which has the Zona Baja property located in the Marmato District. 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]; Linda Dorrington, Director, Investor Relations, [phone], [email protected]