Oct. 28, 2010, 7:01 a.m. EDT

Purchase of Medoro Resources Common Shares by CEO and President

TORONTO, ONTARIO, Oct 28, 2010 (MARKETWIRE via COMTEX) -- Medoro Resources Ltd. /quotes/comstock/11t!e:mrs (CA:MRS 2.08, +0.08, +4.00%) announced today that its Interim Chief Executive Officer and President, Serafino Iacono, has purchased 600,000 common shares of the Company, at an average price of $1.70 per share, on the open market on October 27, 2010. Since his appointment as Interim Chief Executive Officer and President of the Company in late September 2010, Mr. Iacono has purchased an aggregate of 700,000 common shares of the Company.

Mr. Iacono commented, "My investment in Medoro reflects my commitment and confidence in the company's strategy and our objective to develop the Marmato deposit."

Medoro Resources is presently focused on developing the Marmato deposit and has retained SRK Consulting to look at mining options and a related mineable resource estimate. The Company will continue to update the market on developments at Marmato.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.

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