Drilling Report

Medoro Resources Announces Initial Drilling Results

    TORONTO, March 8 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today initial diamond drilling results from its Lo Increible gold
properties in Venezuela. The Lo Increible properties are located in the El
Callao mining district, a major gold production district in the Guyana Shield.
    In total, results from 32 diamond drill holes were reported. The program
was designed in part to provide more current drilling information to upgrade
the historical resource to National Instrument 43-101 compliant resources as
well as upgrade the classification of the resources, in terms of measured,
indicated and inferred. Drilling confirmed the historical data in La Cruz
where two sub-parallel shear-hosted mineralized bodies have been better
defined. Mineralization remains open to the north-east and an upper zone has
been intercepted to the south-west at La Sofia (holes No. LI06-012, LI06-013,
LI06-014, LI06-015, and LI06-016) and El Tapon (holes No. LI06-037 and
LI06-039). Highlights of this program include hole No. LI06-014 which
encountered 48.6 metres grading 2.5 grams per tonne (g/t) and LI06-023 which
intercepted 8.5 metres with a gold grade of 7.1 g/t.
    Intervals exceeding 1.0 g/t Au for holes numbered are summarized below.

    La Cruz
    -------------------------------------------------------------------------
    Hole No.                    From        To          Int.        Au
    LI06-                       (m)         (m)         (m)        (g/t)
    -------------------------------------------------------------------------
    002                         121.4       125.0       3.7         9.3
    004                         126.1       132.7       6.7         4.9
    005                          79.0        82.5       3.5         7.0
    006                         117.5       124.1       6.6         3.3
    008                          30.5        35.0       4.5         8.6
    and                          97.0        98.5       1.5        10.0
    010                         105.0       109.0       4.0         2.8
    and                        111.65       115.6       4.0         3.1
    011                           3.0         5.0       2.0         7.8
    018                          26.0        31.0       5.0         2.4
    and                          84.0        98.0      14.0         1.8
    020                         165.3       166.4       1.1         9.5
    023                         126.1       134.5       8.5         7.1
    028                         142.1       157.0      15.0         2.5
    033                         261.3       266.0       4.7         4.0
    -------------------------------------------------------------------------
    Lengths approximate true width. Results are pending for holes 001, 017,
    019, 021, 022, 024, 036, 039 and 040. No significant intercepts were
    recorded in holes 025, 026 and 032.
    -------------------------------------------------------------------------


    La Sofia
    -------------------------------------------------------------------------
    Hole No.                    From        To          Int.        Au
    LI06-                       (m)         (m)         (m)        (g/t)
    -------------------------------------------------------------------------
    013                         136.5       148.0      11.5         1.2
    014                         105.4       154.0      48.6         2.5
    015                         131.0       166.0      35.0         5.0
    016                          45.0        53.0       8.0         5.6
    31A                         134.5       149.0      14.5         1.2
    034                          48.6        58.5       8.9         2.6
    -------------------------------------------------------------------------
    Lengths approximate true width.

    District geology includes greenschist facies mafic volcanics,
intermediate to felsic volcanoclastics and epiclastic sediments. In the Lo
Increible properties the gold mineralization occurs as lode-gold shear-hosted
quartz-carbonate veins. Mineralization is associated to the east-northeast to
east trending Lo Increible shear, and it shares with the nearby Choco 10 mine
similar lithologies, structural features and style.
    Medoro has used Triad Laboratories in Venezuela as the primary
laboratory. Split HQ core samples of 4 to 5 kg are crushed and pulverized to
250 grams. A 50 gram sample is split for fire assay analysis using AAS finish,
and gravimetric finish if Au is greater than 2.0 g. A comprehensive quality
control program, which includes blanks, standards duplicates and cross checks
was employed. This QC program included the use of certified standard reference
samples. The drill program has been conducted under the supervision of Henry
M. Meixner, an independent contractor who has been retained by Medoro in
connection with the drill program. Mr. Meixner is a "qualified person" for the
purposes of National Instrument 43-101, and has verified the data disclosed in
this news release.

    Medoro Resources (TSX-V: MRS/AIM: MRL) is a gold exploration and
development company focussed on acquiring properties of merit for potential
joint ventures with senior producers. The company acquired a 100% interest in
the Lo Increible 4A and 4B concessions in Venezuela. Additional information on
Medoro Resources can be found by visiting the company's website at
www.medororesources.com.

    Henry M. Meixner, P. Geo., and an independent contractor of Medoro is a
"qualified person" as defined under the AIM rules. This announcement has been
prepared under Mr. Meixner's supervision.

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