2008 First Quarter Results, AIM De-Listing

Medoro Resources Announces 2008 First Quarter Results, AIM De-Listing

    TORONTO, May 29 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today results for first quarter ended March 31, 2008. For the
quarter, Medoro reported a net loss of $2.2 million or $0.04 per share as
compared to a net loss of $1.0 million or $0.02 per share for the same period
in the previous year. The increase in net loss of $1.2 million was primarily a
result of an increase in non cash foreign exchange loss of $1.0 million
attributable to future income tax liabilities. During the first quarter the
company completed a brokered private placement of 30,810,000 units at a price
of $0.40 per unit, for gross proceeds of $12.3 million. At March 31, 2008 the
company had cash and cash equivalents of $9.9 million and no debt.
    The company also announces that at the Annual and Special Meeting held on
May 27, 2008 all resolutions were passed, including the motion to de-list from
the AIM market. As a result, the last day of dealings of the company's shares
on AIM will be June 5, 2008. Cancellation of the admission to trading on AIM
will occur on June 6, 2008 and will be effected by a dealing notice being
issued at 7.00am.
    The company is continuing its diamond drilling program at its Lo
Increible gold property in Venezuela. The program is intended to increase and
enhance existing resources at La Cruz, La Sofia and Tapon. The company expects
to prepare an updated resource estimate in the fourth quarter of this year. A
drilling program has commenced at its Sindo property in Mali, with three holes
completed to date.
    Complete financial statements and Managements Discussion and Analysis are
available on the company's website as well as the SEDAR website at
www.sedar.com.

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company 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 the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney), +44
(0) 20 7050 6500.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

For further information: Robert Doyle, Chief Executive Officer, (416)
603-4653, rdoyle(at)medororesources.com
(MRS. MRL)