They are located next to LC...apparently they see fit to continue drilling and exploration.

Medoro Resources Ltd. (TSX VENTURE:MRS) announced today that it intends to complete, on a "best efforts" private placement basis, an offering of up to 50,000,000 common shares at a price of C$0.12 per share, for gross proceeds of up to C$6,000,000. The private placement is expected to close prior to the end of June, 2009, subject to finalisation of subscription agreements and receipt of regulatory approval. GMP Securities L.P. will be the sole agent in respect of the private placement, which is subject to the parties executing a formal agency agreement.

Medoro has also granted an option to GMP Securities L.P., exercisable up to 48 hours prior to closing, to increase the size of the private placement through the issuance of up to an additional 7,500,000 common shares for additional gross proceeds of up to $900,000.

All securities issued as part of this placement will be subject to a four-month hold period from the closing date. The funds raised will principally be used for the company's 2009 exploration and drilling program in Venezuela, for the performance of due diligence investigations and procedures on potential or announced acquisition targets in Colombia, as well as for other general and corporate purposes.

The private placement will be made in compliance with the rules of the TSX Venture Exchange.

Medoro Resources is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company recently announced the execution of an arrangement agreement to acquire the securities of Colombia Goldfields Ltd., 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 eleven gold exploration areas in the Republic of Mali. Additional information on Medoro Resources can be found by visiting the company's website at www.medororesources.comwww.medororesources.com.

http://pr-canada.net/index.php?optio...